Housing Trust Silicon Valley – a nonprofit community loan fund that works to create a strong affordable housing market in the greater Bay Area – is launching the Apple Affordable Housing Fund, funded by a $150 million grant from Apple with the goal of building more affordable housing in the greater Bay Area.
The Apple Affordable Housing Fund is part of the comprehensive $2.5 billion commitment Apple made in November 2019 to help address the housing availability and affordability crisis in California. Housing Trust, which has a long history of successful public-private partnerships, will make loans to qualified developers to access these funds for projects that need unique and flexible capital to move into the construction phase. Developers are encouraged to submit a request for proposal on Housing Trust’s web site before the deadline of March 24, 2020.
“This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” said Kevin Zwick, CEO of Housing Trust Silicon Valley, in a statement. “This grant creates opportunities to do what couldn’t be done otherwise, and we’re excited by the impact this fund will have.”
“Today’s announcement shows what our region can accomplish when we combine big investments, affordable housing industry expertise and opportunity, and the proven financial models led by Housing Trust Silicon Valley,” said Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California, in a statement. “This Fund will inspire innovative solutions from around the Bay Area, and we can’t wait to see the solutions our affordable housing industry proposes moving forward.”
Developers are encouraged to review the threshold and preference criteria on the Housing Trust website and submit their most compelling proposals. The Apple Affordable Housing Fund will support a mix of incomes, from individuals and families at the lowest level incomes up to the “missing middle” – and all affordable homes developed will have long-term affordability restrictions. Additionally, the Apple Affordable Housing Fund is encouraging transit-oriented projects that incorporate sustainable methods, efficient use of resources and aspects that support resident and community equity. For more information and to submit an RFP please visit this page: https://housingtrustsv.org/applefundrfp/
ABOUT HOUSING TRUST SILICON VALLEY
Housing Trust Silicon Valley (Housing Trust) is a nonprofit community loan fund based in San Jose that works to improve the quality of life of low-income people in the greater Bay Area by increasing affordable housing opportunities. Since 2000, Housing Trust has invested over $317 million in programs that help everyone from those experiencing homelessness to renters to first-time homebuyers – creating over 19,000 affordable housing opportunities serving over 36,000 of our neighbors. It is the first nonprofit Community Development Financial Institution (CDFI) to receive a Standard & Poor’s rating, AA- because of its strong capacity to meet financial commitments. For more information visit www.housingtrustsv.org
MacDailyNews Note: Last November, Apple announced a comprehensive $2.5 billion plan to help address the housing availability and affordability crisis in California. As costs skyrocket for renters and potential homebuyers — and as the availability of affordable housing fails to keep pace with the region’s growth — 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.
“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO, in November 2019. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”