In November, Apple announced plans to spend $2.5 billion to alleviate California’s housing crisis, according tomedia. On March 5, local time, Housing Trust Silicon Valley announced that it would launch the Apple Affordable Housing Fund, a $150 million fund from Apple.
Apple has pledged $1 billion to build affordable housing, $1 billion in mortgage assistance for first-time buyers, and $300 million worth of its own land for affordable housing projects.
Housing Trust Silicon Valley will use Apple’s $150 million grant to provide loans to qualified developers working on project development to build more affordable housing in the Bay Area, which is understood to require unique and flexible funding to enter the construction phase. Developers are required to submit their applications on the Housing Trust’s website by 24 March 2020.
All homes developed with funds from Apple’s Affordable Housing Fund will have long-term payment limits, and individuals and families from the lowest income will be supported.
California house prices, especially in the San Francisco Bay Area, where Apple is located, have soared in recent years, and it has become one of the most expensive places to live in the United States.