Apple announced this morning that they would be investing $2.5 billion towards easing the California housing crisis.
The investment will be a split $1 billion commitment towards first time home owner mortgage and $300 Million in Apple – Owned land which will be made available for affordable housing.
Another $200 million will go to support new, lower-income housing in the Bay Area including by way of a $150 million Bay Area housing fund, with partners like Housing Trust Silicon Valley.
This will consist of long-term forgivable loans and grants.
Another $50 million will be directed towards vulnerable populations, specifically to address homelessness in the Silicon Valley area. Apple says it will also look into similar efforts across both Northern and Southern California that are designed to prevent homelessness.
CEO Tim Cook had this to say,
“Community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home. Nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low,”
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