Apple allocates more than $ 400 million to fight California housing crisis
After soliciting proposals earlier this year, Apple and Housing Trust Silicon Valley are excited to move forward with the first four projects funded under their public-private partnership, supporting affordable housing developments that span across northern, eastern and southern parts of the bay. The geographically diverse projects will create more than 250 new affordable housing units, many of which are reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities.
In partnership with CalHFA, Apple has provided mortgage and down payment assistance to hundreds of first-time homebuyers to date, with additional benefits for teachers, veterans and firefighters. CalHFA’s Assistance Program supports low- and moderate-income first-time homebuyers and reflects the diversity of the state – historically, over 65% of borrowers identify as Hispanic, Black, Asian, Pacific Islander or American Indians.
Also in collaboration with CalHFA, Apple is launching an Affordable Housing Investment Support Program this month, the first of its kind in California, that will increase the availability of financing to develop and build new ultra-low-income housing in moderate at a lower cost. The program is expected to become an essential tool for the State of California to produce additional affordable housing units over the next five years.