(IANS) Apple on Monday said it will spend more than $400 million toward affordable housing projects and homeowner assistance programmes in California this year, marking a major milestone in the company”s multi-year $2.5 billion commitment to combat the housing crisis in the state.
The funding will support thousands of Californians with first-time homebuyer assistance or new affordable housing units, the iPhone maker said.
Projects launching this year include the first affordable housing developments funded in partnership with Housing Trust Silicon Valley, which will create more than 250 new units of affordable housing across the Bay Area.
This is in addition to a mortgage and down payment assistance fund and an affordable housing investment support programme, both created in conjunction with the California Housing Finance Agency (CalHFA).
Apple is also supporting additional construction of affordable housing units through its partnership with Destination: Home, which supports Silicon Valley”s most vulnerable populations.
“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 programmes and results,” Kristina Raspe, Apple”s vice president for Global Real Estate and Facilities, said in a statement.
“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.”
After soliciting proposals earlier this year, Apple and Housing Trust Silicon Valley are moving forward with the first four projects funded through their public-private partnership, supporting affordable housing developments that span the North, East, and South Bay regions.
The geographically diverse projects will create more than 250 new units of affordable housing, many of them reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities, Apple said.
In November 2019, Apple committed $2.5 billion to combat the housing crisis in California across a series of initiatives over several years.