Apple Pledges $1B to Tackle California's Housing Crisis
Tech giant Apple has pledged significant funds to tackle California's housing crisis. The company is investing $1 billion in an affordable housing fund and providing additional support to address homelessness and help first-time buyers.
Apple's commitment includes a $150 million fund, launched with partners like Housing Trust Silicon Valley. This fund offers an open line of credit to develop and build new, very low- to moderate-income housing faster and at a lower cost. Additionally, Apple is creating a $1 billion first-time homebuyer mortgage assistance fund, working with the state to increase access for essential service personnel, school employees, and veterans.
The tech company is also supporting existing initiatives. It will donate $50 million to Destination: Home to address homelessness in Silicon Valley. Furthermore, Apple will make available land it owns in San Jose, worth approximately $300 million, for affordable housing development.
Apple's investments aim to create a significant impact on California's housing landscape. By providing funds for development, assistance for first-time buyers, and supporting existing initiatives, the company is taking a multi-faceted approach to addressing the state's housing crisis.
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