According to a press release published earlier today, Apple has provided over $1 billion USD in affordable housing support over the last 18 months to residents of the state of California.
The financial commitment is part of the $2.5 billion USD Apple pledged to aid in the battle against California’s housing crisis in November, 2019. This time last year, Apple earmarked $400 million USD for affordable housing projects for the next 12 months.
Designed to help with housing scarcity and affordability in the state, Apple’s funding is spread out over a number of different initiatives — development of new, affordable housing units, providing financial assistance to first-time home buyers, supporting at-risk communities, programs to reduce homelessness, and more.
“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,” said Apple’s Vice President of Global Real Estate and Facilities Kristina Raspe.
“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.”
Support from Apple also proved instrumental amidst the worsened housing situation brought on by the COVID-19 pandemic. Apple has teamed up with Destination: Home, the California Housing Finance Agency (CalHFA), and Housing Trust Silicon Valley to take on this gargantuan task.
Here’s a breakdown of the $2.5 billion USD in funding Apple originally announced in November, 2019, to be allocated and disbursed over several years:
- A first-of-its-kind $1 billion affordable housing investment fund with the state of California.
- A $1 billion first-time homebuyer mortgage assistance fund, with increased funding opportunities for essential services personnel, school employees, and veterans.
- $300 million in Apple-owned land made available for affordable housing.
- A $150 million Bay Area housing fund, in public-private partnership with Housing Trust Silicon Valley.
- $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.