Apple allocates more than $400 million to combat California housing crisis

After soliciting proposals earlier this year, Apple and Housing Trust Silicon Valley are excited to move forward with the first four projects funded through their public-private partnership, supporting affordable housing developments that span the North, East, and South Bay regions. The geographically diverse projects will create more than 250 new units of affordable housing, many of them reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities.

In partnership with CalHFA, Apple has provided mortgage and down payment assistance to hundreds of first-time home buyers to date, with additional benefits for teachers, veterans, and firefighters. CalHFA’s assistance program supports low- and moderate-income first-time home buyers, and reflects the state’s diversity — historically, over 65 percent of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian.

Also in conjunction with CalHFA, Apple this month is launching a first-of-its-kind-in-California affordable housing investment support program that will increase the availability of funding to develop and build new, very low- to moderate-income housing at a lower cost. The program is expected to become a critical tool for the state of California to produce additional affordable housing units over the next five years.