Apple in November announced plans to spend $2.5 billion easing the housing crisis in California, and today, Housing Trust Silicon Valley announced that it is launching the Apple Affordable Housing Fund, which is funded by a $150 million grant from Apple.
Apple has pledged $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time homebuyers, and $300 million worth of Apple-owned land for affordable housing projects.
Using the $150 million provided by Apple, Housing Trust Silicon Valley will build "more affordable housing in the greater Bay Area" through loans made available to qualified developers working on projects that need unique and flexible capital to move into the construction phase." Developers are asked to submit requests for proposals on the Housing Trust's website by March 24, 2020.
"Today's announcement shows what our region can accomplish when we combine big investments, affordable housing industry expertise and opportunity, and the proven financial models led by Housing Trust Silicon Valley," said Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California. "This Fund will inspire innovative solutions from around the Bay Area, and we can't wait to see the solutions our affordable housing industry proposes moving forward."
All housing developed using money from the Apple Affordable Housing Fund will have long-term affordability restrictions, and will support a mix of incomes, from individuals and families at the lowest level incomes up to 120 percent of the area median income.
Property prices in California, especially in the Bay Area where Apple operates, have skyrocketed in recent years, and it is one of the most expensive places to live in the United States.
Along with pledging $2.5 billion to fund affordable housing, Apple has also said it will donate $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.
