Apple allocates more than $400 million toward its $2.5 billion commitment to combat California’s housing crisis
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. “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 excited to move 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.
In partnership with CalHFA, Apple has provided mortgage and down payment assistance to hundreds of first-time home buyers to date, with additional benefits for teachers, veterans, and firefighters. CalHFA’s assistance program supports low- and moderate-income first-time home buyers, and reflects the state’s diversity — historically, over 65 percent of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian.
Also in conjunction with CalHFA, Apple this month is launching a first-of-its-kind-in-California affordable housing investment support program that will increase the availability of funding to develop and build new, very low- to moderate-income housing at a lower cost. The program is expected to become a critical tool for the state of California to produce additional affordable housing units over the next five years.
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. “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.