Apple allocates $400 million to build affordable housing in the Bay Area

Apple is making good on its promise.

What you need to know

• Apple is investing $400 million towards affordable housing in the Bay Area.
• The investment comes as part of the company's $2.5 commitment to fight the housing crisis.
• 250 units will be built and first-time homebuyer programs will be supported.

Back in November of 2019, Apple announced an ambitious $2.5 billion project to help combat the housing crisis in California. Today, the company announced where $400 million of those funds would be going this year.

In a press release posted to the Apple Newsroom website, Apple announced that it would be allocating $400 million toward affordable housing projects and homeowner assistance programs throughout the state. They are specifically targeting the funds to first-time homebuyer assistance programs and affordable housing.

Kristina Raspe, Apple's vice president for Global Real Estate and Facilities, says that the company, despite the current public health crisis, is pushing forward aggressively with their commitment to the program.

"At a time when so many members of our community are facing unprecedented challenges, we believe it's critical to make sure that their hopes for the future are supported through tangible programs and results. As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California."

Apple's partnerships with Housing Trust Silicon Valley and the California Housing Finance Agency (CalHFA) will create 250 new units of affordable housing throughout the Bay Area. The programs will benefit a wide range of citizens including veterans, the homeless, residents with developmental disabilities, teachers, firefighters, as well as Hispanic, Black, Asian, Pacific Islander, and American Indian citizens.

Jennifer Loving, Destination: Home's CEO, says that the project could not come at a more crucial time for some of the area's most vulnerable.

"Apple's contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness that much more urgent. We were able to immediately invest their funding into several new housing developments that will provide a permanent home to vulnerable residents across the region and reinforce our Homelessness Prevention System at a time when we're seeing an unprecedented number of at-risk families in need."

You can read the full press release at the Apple Newsroom website.

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