Apple is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, marking a major milestone in the company’s multiyear $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.
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, as well as a mortgage and down payment assistance fund and an affordable housing investment support program, 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 programs and results,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, 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.”
Apple’s support for Destination: Home has helped fund the construction of over 1,000 new units of deeply-affordable and supportive housing for the community’s most vulnerable populations across Silicon Valley. This includes a new project in Santa Clara that will create 80 new units, designed for seniors who are currently homeless or at risk of falling into homelessness. And with Apple’s support, Destination: Home has also been able to expand the capacity of the organization’s Homelessness Prevention System to keep 1,500 families annually from losing their homes — an increase of 67 percent from a year ago.
“Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness that much more urgent,” said Jennifer Loving, Destination: Home’s CEO, in a statement. “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.”
In November 2019, Apple committed $2.5 billion to combat the housing crisis in California across a series of initiatives over several years, including:
• A first-of-its kind $1 billion affordable housing investment fund with the state of California.
• A $1 billion first-time homebuyer mortgage assistance fund, with increased funding opportunities for essential services personnel, school employees, and veterans.
• $300 million in Apple-owned land made available for affordable housing.
• A $150 million Bay Area housing fund, in public-private partnership with Housing Trust Silicon Valley.
• $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.
MacDailyNews Take: Only Apple would does things like this, on such a scale, even though other companies could, but don’t.
This is yet another reason why U.S. consumers should support Apple, not some South Korean dishwasher maker, for one of myriad examples.
Apple leads. Hopefully, many more companies will follow Apple’s lead, as usual.