Apple is continuing to do its part to improve the housing crisis in its home state of California, as it allocates over $400 million in funding to first-time buyers and affordable developments.
This move comes as part of a wider $2.5 billion commitment to the cause, which Apple intends to see through over many years. Of course, it could be argued that Apple and its big tech contemporaries are responsible for the increased cost of living in and around the infamous Silicon Valley area, and so giving something back is the least it could do. Even so, this is a significant investment that’s sure to help plenty of Californians find suitable housing.
“At a time when so many members of our community are facing unprecedented challenges, we believe it’s critical to make sure that their hopes for the future are supported through tangible programs and results,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. “As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California.”
This first step covers the funding of four major projects supporting affordable housing developments across the state. Apple is also providing mortgage and downpayment assistance to first-time buyers, teachers, veterans, and firefighters.
Financial support for Destination: Home has already helped fund over 1000 new affordable and supportive housing units in typically vulnerable parts of Silicon Valley. The organization is also working to prevent homelessness through home loss.
“Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness that much more urgent,” said Jennifer Loving, Destination: Home’s CEO. “We were able to immediately invest their funding into several new housing developments that will provide a permanent home to vulnerable residents across the region and reinforce our Homelessness Prevention System at a time when we’re seeing an unprecedented number of at-risk families in need.”