Big Tech, Apple is has deployed over $1 billion for projects in a bid to support affordable housing initiatives across California.
Apple’s financial commitment has already helped thousands of people in the state become homeowners for the first time. In addition, Apple is providing capital to facilitate the construction of thousands of new affordable units and supporting at-risk communities.
This major milestone in the company’s $2.5 billion commitment to combat the housing crisis in the state demonstrates the importance of innovative housing solutions.
Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, said: “California’s communities have shown their resilience in the face of immense challenges this past year. As we look to a brighter future ahead, Apple is committed to continuing our work with partners across the state to support these communities and help combat the housing crisis in meaningful ways. As we expand our efforts and move forward with our comprehensive plan to address housing in the state, we’re proud our work has made a tangible impact on the lives of so many Californians.”
Apple’s affordable housing commitments are designed to address housing scarcity and affordability across several distinct approaches, targeting various populations and filling existing gaps in the space.
In partnership with Destination: Home, the California Housing Finance Agency (CalHFA), and Housing Trust Silicon Valley, the $1 billion in funding has helped support new housing development and construction, assisted first-time buyers purchase homes, and expanded programs to reduce homelessness.