$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.

siliconvalleyhousingtrust

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

robinp Avatar
25 months 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)
cmaier Avatar
25 months 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)
benshive Avatar
25 months ago
Only $2.5 billion?! Come on Apple, you can do better.
/s
Score: 6 Votes (Like | Disagree)
lunarworks Avatar
25 months 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)
bsamcash Avatar
25 months 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)
swm Avatar
25 months 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)

Popular Stories

airpodsinear 1

AirPods Save Woman's Life With Feature Everyone Should Know

Friday January 21, 2022 2:13 am PST by
Apple's AirPods have been credited with saving a woman's life after a potentially fatal fall, People reports. When a 60-year-old florist in New Jersey tripped and hit her head in her studio, she lost consciousness and awoke heavily bleeding. With nobody around to call for help, she realized she had her AirPods in, and used a "Hey Siri" command to call 911. An operator was able to stay on the ...
maxresdefault

Review: M1 Max MacBook Pro After Three Months

Wednesday January 19, 2022 11:30 am PST by
It's now been a few months since the M1 Pro and M1 Max MacBook Pro models launched in October, and MacRumors video editor Dan Barbera has been using one of the new machines since they debuted. Over on the MacRumors YouTube channel, Dan has shared a three month review of his MacBook Pro to see how it has held up over time and how it's changed his workflow. Subscribe to the MacRumors YouTube ...
iphone se 2020 top

New iPhone SE Likely to Launch in April Based on Production Timeframe

Wednesday January 19, 2022 6:44 am PST by
Apple suppliers will begin producing display panels for the third-generation iPhone SE this month, with final assembly of the device likely to start in March, according to information shared by display industry consultant Ross Young. Based on this production timeframe, Young believes the third-generation iPhone SE is likely to launch in the second half of April, or perhaps in early May at...
iphone 13 earpods

Apple to Stop Including EarPods With Every iPhone Sold in France From Next Week

Friday January 21, 2022 3:21 am PST by
Apple will no longer include EarPods with every iPhone sold in France, starting on January 24, according to a notice posted by a French carrier (via iGeneration). Apple was previously required to include EarPods in the box with the iPhone due to a French law that required every smartphone sold in the country to come with a "handsfree kit," but the law has now been changed in favor of reducing the ...
Spring 2022 Apple Products Feature

New iPad Air, Macs, and iPhone SE With 5G Likely to Be Announced at Apple Event This Spring

Thursday January 20, 2022 8:32 am PST by
Earlier this week, Bloomberg's Mark Gurman tweeted that Apple "will be holding a spring event" to announce a new iPhone SE and other hardware. In a recent edition of his newsletter, Gurman said the event is likely to occur in March or April. Gurman did not elaborate on what "other hardware" will be announced at Apple's purported spring event, but rumors suggest at least four products are...
peloton tv workout cardio

Apple Floated as Potential Buyer of Peloton

Friday January 21, 2022 6:11 am PST by
Following months of bleak news about Peloton's "precarious state," including the revelation that it has halted production of its bikes and treadmills, Apple is being floated as a potential buyer of Peloton's troubled fitness business. Yesterday, CNBC reported that Peloton will temporarily stop production of its connected fitness products due to a "significant reduction" in consumer demand, a ...
apple watch series 7 aluminum colors yellowbg

Apple Watch Charging Bug Fixed in watchOS 8.4 Release Candidate

Thursday January 20, 2022 4:01 pm PST by
The watchOS 8.4 release candidate that was seeded to developers and beta testers this morning addresses an ongoing bug that could cause some Apple Watch chargers not to work properly with the Apple Watch. Back in December, we reported on a growing number of charging issues that Apple Watch Series 7 owners were facing. Since watchOS 8.3, there have been a number of complaints about...
appleprivacyad cleaned

iOS 15 Patched Security Hole That Potentially Exposed Users' Private Apple ID Information to Third-Party Apps

Thursday January 20, 2022 3:32 am PST by
Apple patched two significant security vulnerabilities when it released iOS 15 that could have potentially exposed users' private Apple ID information and in-app search history to malicious third-party apps and allowed apps to override user Privacy preferences, Apple has revealed in a recent support document update. With most iOS, macOS, tvOS, and watchOS updates, Apple provides a list of...
safari icon blue banner

macOS Monterey 12.2 and iOS 15.3 Release Candidates Fix Safari Bug That Leaks Browsing Activity

Thursday January 20, 2022 1:30 pm PST by
The macOS Monterey 12.2 and iOS 15.3 release candidates that came out today appear to address a Safari bug that could cause your recent browsing history and details about your identity to be leaked to malicious entities. As shared last week by browser fingerprinting service FingerprintJS, there is an issue with the WebKit implementation of the IndexedDB JavaScript API. Any website that uses...