Apple has deployed more than US$1 billion for affordable housing across California over the past 18 months, it revealed on Wednesday. It’s part of its overall US$2.5 billion commitment to housing in the state.
Apple Working in Partnership to Improve California Housing
Apple is working in partnership with Destination: Home, the California Housing Finance Agency (CalHFA), and Housing Trust Silicon Valley. Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, commented:
California’s communities have shown their resilience in the face of immense challenges this past year. As we look to a brighter future ahead, Apple is committed to continuing our work with partners across the state to support these communities and help combat the housing crisis in meaningful ways. As we expand our efforts and move forward with our comprehensive plan to address housing in the state, we’re proud our work has made a tangible impact on the lives of so many Californians.
Mortgage Support and New Developments
Apple and CalfHFA have provided mortgage and down payment assistance to thousands of low- and moderate-income first-time homebuyers, two-thirds of whom identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. The program has also provided benefits for teachers, veterans, and firefighters. Nearly 10 percent of borrowers fall into those categories.
[Apple Commits $2.5 Billion Towards Tackling California Housing Crisis]
Furthermore, construction is underway on new affordable housing developments in both the South Bay and East Bay regions of Northern California. These are funded through a public-private partnership between Apple and Housing Trust Silicon Valley. The partnership has committed to funding a total of 10 projects across the greater Bay Area that are expected to create more than 800 new units of affordable housing. A large number of these units are reserved for homeless senior citizens, veterans, people with developmental disabilities, and other vulnerable communities.