This year, Apple will spend more than $400 million on affordable housing projects and first-time homebuyer assistance programs in California. The investment is part of Apple’s multi-year $2.5 billion pledge to combat California’s housing crisis.
With the $400 million, Apple will partner with Housing Trust Silicon Valley to create more than 250 new affordable housing units in the North, East and South Bay regions. Apple will create a mortgage and down payment assistance fund with California Housing Finance Agency (CalHFA), and the company will work with Destination: Home to support vulnerable populations. With CalHFA, Apple will also create an affordable housing investment support program, meant to foster the development of very low- to moderate-income housing.