Apple Unveils $2 Billion Plan to Combat California Housing Crisis
Tech giant Apple has announced a series of initiatives to tackle the housing crisis in California. The company is set to make available a significant plot of land in San Jose, valued at around $300 million, for the development of affordable housing. Additionally, Apple is committing $50 million to support Destination: Home's efforts to combat homelessness in Silicon Valley.
Apple's commitment to affordable housing extends beyond land donation. The company is investing $1 billion in a fund to provide an open line of credit for developing and building affordable housing across California. Furthermore, Apple is creating a $1 billion fund to assist first-time iPad users, with a particular focus on essential service personnel, school employees, and veterans.
In the San Francisco Bay Area, Apple is partnering with various organisations to support new social housing projects. The company is contributing to a $150 million affordable housing bond alongside the Housing Accelerator Fund, the California Housing Accelerator, and the East Bay Housing Organizations. Additionally, Apple is launching a $150 million affordable housing fund in partnership with Housing Trust Silicon Valley.
Apple's multifaceted approach to the housing crisis in California is expected to have a significant impact. The company's land donation, financial investments, and partnerships aim to increase the supply of affordable housing, assist first-time iPad users, and address homelessness in the region.
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