Back in 2019, Apple announced that it would be spending $2.5 billion to help tackle the California housing crisis and address the issue of skyrocketing home prices in the state. Apple has published a new press release today with an update on this initiative, saying that it has deployed $1 billion in affordable housing support across California.
Apple says that its $1 billion in funding has provided capital for new projects and housing challenges across 25 California counties. The company is “accelerating its support for affordable housing commitments” to adequately address the housing crisis.
Apple is accelerating its support for affordable housing initiatives and over the past 18 months has deployed more than $1 billion for projects across California. Apple’s financial commitment has already helped thousands of people in the state become homeowners for the first time. In addition, Apple is providing capital to facilitate the construction of thousands of new affordable units and supporting at-risk communities. This major milestone in the company’s $2.5 billion commitment to combat the housing crisis in the state demonstrates the importance of innovative housing solutions.
Apple is working with different organizations around California:
- With Apple’s support, the Homelessness Prevention System has provided financial and rental assistance to more than 15,000 families.
- In conjunction with CalHFA, Apple has provided mortgage and down payment assistance to thousands of low- and moderate-income first-time homebuyers.
- The program has also provided additional benefits for teachers, veterans, and firefighters — which comprise nearly 10% of borrowers.
- Apple has also partnered with CalHFA to launch an affordable housing investment program.
- Construction is underway for several new affordable housing developments in the South Bay and East Bay regions of Northern California, funded through a public-private partnership between Apple and Housing Trust Silicon Valley.
Regarding the ongoing investments, Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, said:
“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.”
You can read the full press release on Apple’s website right here.
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