Apple says it’s accelerating its support for affordable housing initiatives and over the past 18 months has deployed more than US$1 billion for projects across California.
Apple’s financial commitment has already helped thousands of people in the state become homeowners for the first time, says Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. In addition, the company is providing capital to facilitate the construction of thousands of new affordable units and supporting at-risk communities. This major milestone in the company’s $2.5 billion commitment to combat the housing crisis in the state demonstrates the importance of innovative housing solutions, Raspe adds.
Apple’s affordable housing commitments are designed to address housing scarcity and affordability across several distinct approaches, targeting various populations and filling existing gaps in the space. In partnership with Destination: Home, the California Housing Finance Agency (CalHFA), and Housing Trust Silicon Valley, the $1 billion in funding has helped support new housing development and construction, assisted first-time buyers purchase homes, and expanded programs to reduce homelessness.
After announcing its commitment in November 2019, Apple quickly started working with partners to allocate and disburse funds across the state — deploying more than $500 million by the end of 2020 in an effort to combat the heightened housing challenges posed by the COVID-19 pandemic. To date, Apple has supported affordable housing efforts across 25 California counties, from Alameda and Amador to Ventura and Yolo. Apple says the funds have assisted thousands of first-time homebuyers, supported the development of thousands of new affordable units, and helped keep thousands of Bay Area families housed during the pandemic.