Tim Cook and Gavin Newson

Apple CEO Tim Cook and California Governor Gavin Newsom

Today, Apple is helping to launch not another new gadget or smartphone, but rather a push towards building more affordable housing.

Apple first announced the initiative back in November of last year, part of a larger $2.5 billion fund to help bring affordable housing to certain areas in California. Now, Housing Trust Silicon Valley has announced that it has launched the Apple Affordable Housing Fund, worth $150 million in a grant pledged by Apple, to bring affordable housing to the greater Bay Area in the state.

This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “This grant creates opportunities to do what couldn’t be done otherwise, and we’re excited by the impact this fund will have.

Housing Trust Silicon Valley will use the $150 million grant provided by Apple to build more affordable housing in the greater Bay Area, which will require loans that are made available to qualified developers. Developers will need to submit their proposals by March 24, 2020, to be considered.

Today’s announcement shows what our region can accomplish when we combine big investments, affordable housing industry expertise and opportunity, and the proven financial models led by Housing Trust Silicon Valley,” said Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California. “This Fund will inspire innovative solutions from around the Bay Area, and we can’t wait to see the solutions our affordable housing industry proposes moving forward.

There will be permanent long-term affordability restrictions in place for any housing units that are build using Apple’s Affordable Housing Fund. The housing units will be developed specifically to support a range of income requirements from those who want to live there, and support a range of families and individuals. They will support those in the lowest ranges of income, up to 120 percent of the area’s median income.

Back in November, Apple pledged $2.5 billion to fund affordable housing in California. It pledged $1 billion in mortgage assistance for those who qualify as first-time homebuyers, $1 billion in investments related to affordable housing, and $300 million worth of Apple-owned land to be used for affordable housing projects.

Apple has also said it will donate up to $50 million to Destination: Home and the organization’s efforts to tackle homelessness in Silicon Valley.