Apple announced a commitment of $2.5 billion to help tackle California’s housing crisis on Monday. The funding commitment is expected to take two years to be fully utilized.
Apple Makes Major Bid to Tackle California Housing Crisis
Apple’s spending commitment includes a $1 billion affordable housing investment fund and a $1 billion first-time homebuyer mortgage assistance fund. The company will also make $300 million worth of land it owns available for affordable housing. Furthermore, it will contribute $150 million Bay Area housing fund and $50 million to Destinations, to help tackle homelessness in Silicon Valley.
Apple CEO Tim Cook commented:
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. 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 is working In partnership with California Governor Gavin Newsom, the state of California and community-based organizations on the program: Governor Newsom said:
This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead. The sky-high cost of housing — both for homeowners and renters — is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing. This partnership with Apple will allow the state of California to do just that.