Apple in November announced a $2.5 billion plan to help address the California housing crisis. Apple plans to help battle skyrocketing costs for renters and potential homebuyers. On Thursday, Housing Trust Silicon Valley announced the launch of the Apple Affordable Housing Fund, funded by a $150 million grant from Apple.
Apple’s plan includes a pledge of $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time homebuyers, and $300 million in land owned by Apple for use in affordable housing projects.
“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.”
“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.”
The Apple Affordable Housing Fund will support a mix of incomes, from individuals and families at the lowest level incomes up to the “missing middle” – and all affordable homes developed will have long-term affordability restrictions. Additionally, the Apple Affordable Housing Fund is encouraging transit-oriented projects that incorporate sustainable methods, efficient use of resources and aspects that support resident and community equity.
Property prices in California have skyrocketed, especially in the Bay Area where Apple is located. The area is one of the most expensive areas to live in the United States.