Apple said it is increasing support for affordable housing initiatives and over the past 18 months has deployed more than $1 billion for projects 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.
“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,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. “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.
After announcing its commitment in November 2019, Apple quickly started working with partners to allocate and disburse funds across the state — deploying more than $500 million by the end of 2020 in an effort to combat the heightened housing challenges posed by the COVID-19 pandemic. To date, Apple has supported affordable housing efforts across 25 California counties, from Alameda and Amador to Ventura and Yolo. The funds have assisted thousands of first-time homebuyers, supported the development of thousands of new affordable units, and helped keep thousands of Bay Area families housed during the pandemic.
In conjunction with CalHFA, Apple has provided mortgage and down payment assistance to thousands of low- and moderate-income first-time homebuyers. Close to two-thirds of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. The program has also provided additional benefits for teachers, veterans, and firefighters — which comprise nearly 10 percent of borrowers.