Apple has become the latest tech giant to allocate funds to address the lack of affordable housing options in California with a $2.5 billion plan to assist both homeowners and renters.
The company’s commitment will be divided into a $1 billion affordable housing investment fund that will provide an open line of credit to develop and build new, very low- to moderate-income housing in the state; $1 billion first-time homebuyer mortgage assistance fund for public safety workers, school employees and veterans; $300 million in Apple-owned land in San Jose that will be available for affordable housing construction; a $150 million affordable housing fund with partners including Housing Trust Silicon Valley to support new affordable housing projects in the Bay Area; and $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.
In making its announcement, Apple noted that nearly 30,000 people left San Francisco between April and June of this year1 and homeownership in the Bay Area is at a seven-year low.
“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.” Apple’s commitment to the state of California includes: