Skip to main content

Apple Slices $2.5B Into Housing Fund Projects

Nov 04, 2019
Photo credit: Getty Images/AndreyPopov

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:
Apple’s efforts follow Facebook’s announcement last month for $1 billion in housing-related funding and a similar $1 billion announcement by Google in May.

About the author
Nov 04, 2019
STRATMOR, Teraverde Deal A 'Merger Of Equals'

The recent merger of mortgage advisory firms came without the need to lay people off or make any major staffing changes.

May 23, 2024
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024
123 Newrez Employees Laid Off In Florida and Colorado

WARN Notices were filed the day after Computershare Mortgage Services, SLS acquisition closed.

May 07, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024
Yield Curve, Schmield Curve?

The yield curve is a harbinger, not the be-all, end-all for lenders.

May 02, 2024