Axios: Apple Will Spend $2.5 Billion to Alleviate California Housing Crisis

Here’s the breakdown of Apple’s commitment to the state of California:

$1 billion affordable housing investment fund, “a first-of-its-kind affordable housing fund that will provide the state and others with an open line of credit to develop and build additional new, very low- to moderate-income housing faster and at a lower cost.”
$1 billion first-time homebuyer mortgage assistance fund: “will provide aspiring homebuyers with financing and down payment assistance. Apple and the state will explore strategies to increase access to first-time homeownership opportunities for essential service personnel, school employees and veterans.”
$300 million worth of Apple-owned land in San Jose will be made available for development of new affordable housing.
$150 million Bay Area housing fund, a public-private partnership “with partners including Housing Trust Silicon Valley, to support new affordable housing projects. The fund will consist of long-term forgivable loans and grants.”
$50 million to support vulnerable populations, through a donation to support Destination: Home’s efforts to address homelessness in Silicon Valley.

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