Apple on Monday announced a $2.5 billion, two-year plan to help address issues related to housing availability and affordability in California. The plan includes investments in building affordable housing, a first-time homebuyer mortgage assistance fund, and the commitment of Apple-owned real estate in San Jose for development of affordable housing.
Apple’s initiatives start with a $1 billion affordable investment fund that will provide the state of California and others with an open line of credit, to help develop and build low- to moderate-income housing. The company is also setting up with a state a $1 billion first-time homebuyer mortgage assistance fund to help assist homebuyers with financing and down payment assistance, with an emphasis on helping “essential service personnel, school employees and veterans.” Apple also plans to make $300 million in San Jose real estate it already owns available for the development of affordable housing.
Depending on how the projects go, Apple expects the funding commitment to California to be fully used over the next two years. Apple said it’s also working with private developers who can work on similar projects more immediately.
What’s more, Apple is also launching a $150 million affordable housing fund comprising long-term forgivable loans and grants, in partnership with Housing Trust Silicon Valley, and is donating $50 million to support Santa Clara county homelessness charity Destination: Home.