Apple has announced it will commit $2.5 billion to help address the housing availability and affordability crisis in California.
Shared within an announcement published to the official Apple Newsroom, the program will see $1 billion be assigned to the affordable housing investment fund, $1 billion to the first-time homebuyer mortgage assistance fund, $150 million to the Bay Area housing fund, and $350 million more going into the community.
“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. “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.”
“This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead,” said Gavin Newsom, governor of California. “The sky-high cost of housing — both for homeowners and renters — is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing. This partnership with Apple will allow the state of California to do just that.”