Apple Commits $2.5 Billion for Affordable Housing in California

Monday, November 4, 2019 - 1:30PM

Apple Inc. today announced a $2.5 billion commitment to help address the affordable housing crisis in California, including a $1 billion investment in an affordable housing investment fund through the state that will provide an open line of credit for the state and others to develop and build new very low- to moderate-income housing. The Cupertino, Calif.-based company also pledged $1 billion through the state in first-time homebuyer mortgage assistance, $300 million in San Jose, Calif.,-area land owned by Apple that will be made available for affordable housing, funding of $150 million with Housing Trust Silicon Valley for a housing fund for the San Francisco Bay Area and a $50 million donation to Destination: Home to support vulnerable populations.

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