$150 Million Apple Fund Launches With Goal of Building Affordable Housing in California Bay Area

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.

A property built in San Jose with funds from Housing Trust Silicon Valley

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.

Top Rated Comments

(View all)
Avatar
22 weeks ago
It’s a good idea, but OMG, that building is hideous. Inexpensive doesn’t have to be vomit inducing
Score: 8 Votes (Like | Disagree)
Avatar
22 weeks ago


It's hard to believe Apple is doing this out of the kindness of their hearts... does anyone know if there is some subversion here for Apple to heavily profit from this?

Yes. Evil Apple makes it a little easier for its employees to afford to live here.

They are so evil.


The frustrating thing about being a Bay Area resident is knowing how wealthy I would be anywhere else. When I tell people from other states what I make, they assume I must own a huge house and drive a Maserati. But I’m actually a renter barely getting by.

Of course you wouldn’t likely be earning what you now earn anywhere else?
Score: 6 Votes (Like | Disagree)
Avatar
22 weeks ago
Only $2.5 billion?! Come on Apple, you can do better.
/s
Score: 6 Votes (Like | Disagree)
Avatar
22 weeks ago


It's hard to believe Apple is doing this out of the kindness of their hearts... does anyone know if there is some subversion here for Apple to heavily profit from this?

It's called good will. Tech companies are absolutely loathed by long-time locals in the Bay Area for what they've done to the housing market.
Score: 5 Votes (Like | Disagree)
Avatar
22 weeks ago
The frustrating thing about being a Bay Area resident is knowing how wealthy I would be anywhere else. When I tell people from other states what I make, they assume I must own a huge house and drive a Maserati. But I’m actually a renter barely getting by.
Score: 5 Votes (Like | Disagree)
Avatar
22 weeks ago
i'm confused. can someone please quantify 'affordable' for me? is it 'bay area affordable' or just regular 'california affordable'?
Score: 5 Votes (Like | Disagree)

Top Stories

Apple-Acquired Dark Sky Officially Shuts Down Android App

Saturday August 1, 2020 3:43 pm PDT by
Apple in March purchased weather app Dark Sky, and at that time, Dark Sky's developers said that the app's Android version would be discontinued on July 1, 2020. However, instead of shuttering the app on that date, the app's developers announced that the discontinuation would be delayed for another month. Now that it's August, Android users are no longer able to access the app, and...

Apple May Launch This Year's 'iPhone 12' Lineup in Two Stages, With 6.1-inch Models Debuting First

Monday August 3, 2020 3:14 am PDT by
Apple last week confirmed that its "‌iPhone‌ 12" launch will be delayed this year due to the ongoing global health crisis and restrictions on travel. Apple last year started selling iPhones in late September, but this year, Apple projects supply will be "available a few weeks later," suggesting a release sometime in October. We're expecting a total of four OLED iPhones in 5.4, 6.1, and...

Top Stories: Try the 5.4-Inch iPhone 12 Display Size, Blockbuster Earnings, Tim Cook at Antitrust Hearing

Saturday August 1, 2020 6:00 am PDT by
Another busy week of Apple news and rumors has wrapped up, with a lot of focus on Tim Cook's appearance at a Congressional antitrust hearing and a blockbuster earnings report. Subscribe to the MacRumors YouTube channel for more videos. We continued to hear rumors about the upcoming iPhone 12 lineup, including a rare admission from Apple that the lineup will launch "a few weeks later" than...

Just How Small Will the 5.4-Inch iPhone 12 Screen Be? Try It Out for Yourself

Tuesday July 28, 2020 12:57 pm PDT by
As rumors of the iPhone 12 have continued to build over the past few months, the one model that has the most excitement around it is the smallest 5.4" model. The iPhone 12 is believed to be coming in 5.4", 6.7", and 6.1" sizes. Dummy models have shown how much smaller the 5.4" is compared to the rest of the iPhone lineup. The upcoming 5.4" iPhone falls in-between the size of the original...

Unreleased iPod Touch with Mac Pro Glossy Black Finish Shared Online

Sunday August 2, 2020 11:32 am PDT by
Twitter user @DongleBookPro has today posted images of what seems to be a first-generation iPod Touch prototype with a 2013 Mac Pro-style glossy black finish. The Twitter user claims that the iPod Touch prototype pictured has "the same coating as the 2013 Mac Pro." Had the finish been selected for the final product, it also would have been similar to the metallic glossy black finish that...

Apple Confirms This Year's iPhone 12 Models Will Be a Little Bit Late

Thursday July 30, 2020 2:34 pm PDT by
During today's earnings call covering the third fiscal quarter of 2020 (second calendar quarter) Apple CFO Luca Maestri confirmed that Apple is expecting to release this year's iPhones later than usual. Maestri said that Apple last year started selling iPhones in late September, but this year, Apple projects supply will be "available a few weeks later." Multiple rumors have suggested that ...

Battery Likely for Upcoming Apple Watch Series 6 Filed in Certification Listings

Saturday August 1, 2020 5:46 am PDT by
A battery likely for the upcoming Apple Watch Series 6 has been filed at the Korea Testing and Research Institute and discovered by a Twitter user @yabhishekhd. Certification for a 1.17Wh battery with a capacity of 303.8mAh was issued on June 23 by the KTR, a Korean regulatory body that approves and tests new hardware ahead of public sale. The battery seems to be destined for a future...

Apple Watch Series 6 to Feature Blood Oxygen Monitoring Sensor

Friday July 31, 2020 1:56 am PDT by
The Apple Watch Series 6 will add blood oxygen monitoring to its features list when it's launched later this year, according to a new report from DigiTimes. Apple Watch 6 will feature biosensors that can monitor sleeping conditions, detect blood oxygen and measure pulse rates, heartbeats and atrial fibrillation, and will also incorporate MEMS-based accelerometer and gyroscope, all allowing the ...

Apple Marks Return of NHL With New 'Hockey Tape' Ad Shot on iPhone 11 Pro

Saturday August 1, 2020 2:33 am PDT by
Apple today marked the return of NHL hockey with a new "Shot on iPhone" ad on its YouTube channel in Canada. Titled "Hockey Tape," the 30-second video features Vegas Golden Knights players Marc-André Fleury and Mark Stone having some on-ice fun with the iPhone 11 Pro, which they attach to the boards, a hockey stick, and a skate with hockey tape. "See the game like never before with Ultra ...

Emails Reveal Why Steve Jobs and Phil Schiller Blocked In-App Purchase of Kindle Books

Friday July 31, 2020 6:25 am PDT by
Internal Apple emails, made public by the House Judiciary Committee's antitrust inquiry, have revealed information about why Apple blocked in-app purchases of Kindle books on iOS devices, reports The Verge. Two sets of emails between Steve Jobs, Phil Schiller, Eddy Cue, and various other senior Apple executives, disclose the exact thinking behind how Apple approached Kindle on iOS. The...