Apple has committed to help with the housing crisis in California by donating $2.5B in total.
Tech giant Apple has sent $400 million in funding towards homeowner assistance programs and housing projects. The money will be used to support first time homebuyers and to build affordable housing units to those living in California.
Notable projects for 2020 include down payment and mortgage assistance, as well as housing investment support in line with the CalHFA, or California Housing Finance Agency and the Housing Trust Silicon Valley.
After a lengthy discussion, both Housing Trust and Apple agree to move forward with the projects that span the South, East and North Bay regions. 250 new units are planned throughout, with most reserved for the homeless, formerly homeless, those with developmental disabilities and veterans.
Also, Apple has funded numerous down payment assistance and mortgage to first time buyers, and benefits for firefighters, veterans and teachers. CalHFA supports moderate- and low-income buyers in the program.