Apple will give financial aid to housing crisis in California
Apple to donate $2.5 Billion for the Housing Crisis in California
Approximately 30,000 people left San Francisco between April and June of this year, and homeownership in the Bay Area is at a seven-year low.
Because of this, Apple declared a full $2.5 billion plan to help address the housing availability and affordability crisis in California. As costs increases for renters and potential homebuyers, community members have a difficult choice to leave behind the community they have long called home. Also, the availability of affordable housing fails to keep pace with the region’s growth.
Apple has called Silicon Valley their home.
Long before the world knew about Silicon Valley, and before we have had technologies at hand, Apple has called this region their home. According to Tim Cook, CEO of Apple, they 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. That is why Apple is committed to being part of the solution.
In partnership with Governor Gavin Newsom, the state of California and community-based organizations, Apple is providing a significant investment that offers statewide housing support as well as funding for projects in Silicon Valley and the Bay Area.
$1 billion affordable housing investment fund
Apple’s dedication to the state of California covers:
$1 billion affordable housing investment fund:
A first-of-its-kind affordable housing fund, the $1 billion commitment to the state of California will provide the state and others with an open line of credit to develop and build additional new, low- to moderate-income housing faster and at a lower cost.
$1 billion first-time homebuyer mortgage assistance fund
$1 billion first-time homebuyer mortgage assistance fund:
First-time homebuyer funds will provide aspiring homebuyers with financing and down payment assistance. Apple, together with the state, will investigate strategies to increase access to first-time homeownership opportunities for essential service personnel, school employees, and veterans.
$300 million Apple-owned lands will be open for affordable housing
$300 million Apple-owned lands will be open for affordable housing:
Property owned by Apple will be made available for the development of new affordable housing.
$150 million Bay Area housing fund
$150 million Bay Area housing fund:
Apple is launching a new $150 million affordable housing fund in a public-private partnership. The fund will consist of long-term forgivable loans and grants.
$50 million to support vulnerable populations
$50 million to support vulnerable populations: Apple will donate $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley. Apple will concentrate its contribution on driving systemic change across the many factors concerning homelessness. Apple will also be distinguishing similar efforts in Northern and Southern California, focusing on approaches that both end and avert homelessness.
Apple’s housing initiative offers a comprehensive and multi-pronged approach
Apple’s housing initiative offers a comprehensive and multi-pronged approach to address some of the most urgent challenges facing affordable housing in California by putting its $2.5 billion investment to use across multiple initiatives and partners. This action is a significant step, and Apple will continue looking for ways to support communities and affordable housing.
0 Comments