Apple Injects $400M to Ease Housing Crisis In California
Apple's contribution to support affordable new housing during the pandemic couldn't come at a more critical time.
The presence of high tech companies has made parts of California unaffordable for many of its residents, creating a severe housing crisis. But Apple Inc. is one tech giant that’s putting in serious money to ameliorate the problem.
Recently, it announced that it’s allocating more than $400 million for affordable housing projects and homeowner assistance programs, as part of the $2.5 billion commitment it made in November 2019 to address the housing shortage. The allocation will support first-time homebuyers and fund new affordable housing units for some of the state’s most vulnerable populations.
Apple is partnering with various groups in this endeavor, including Housing Trust Silicon Valley, California Housing Finance Agency (CalHFA) and Destination: Home.
Apple and Housing Trust Silicon Valley are working in tandem to support affordable housing developments in the North, East, and South Bay regions. The projects will create more than 250 new units, including many reserved for veterans, the homeless or formerly homeless and those with developmental disabilities.
Partnering with CalHFA, Apple is providing mortgage and down payment assistance to first-time home buyers, with additional benefits for teachers, veterans, and firefighters. In conjunction with CalHFA, Apple is launching a first-of-its-kind-in-California affordable housing investment support program to develop new very low- to moderate-income housing.
Working with Destination: Home, a public-private group that supports the homeless, Apple is helping to fund the construction of over 1,000 new units for Silicon Valley’s rising homeless population. This includes a new project in Santa Clara that will create 80 new units for seniors currently homeless or those at risk of becoming so. According to Apple’s Newsroom, its support of Destination has expanded the capacity of the organization’s homelessness prevention system, allowing 1,500 families annually to keep their homes — an increase of 67% from a year ago.
Apple’s contribution during the pandemic has been critical, says Destination: Home’s CEO Jennifer Loving: “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.”
Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, echoes that point: “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.”