Apple has announced that they have a $2.5 billion plan to fix the housing issue in California.
Currently, the state is experiencing an ever-increasing price on its real estate. Apple’s $2.5B scheme involves $300M of Apple land for affordable housing projects, $1B first-time buyer mortgage assistance and $1B for affordable housing investments.
The Cupertino-based company has also mentioned that they will be working with community organizations and California Governor Gavin Newsom.
The budget for affordable housing involves opening a line of credit for households with low to moderate income. Mortgage assistance will help first-time buyers with down payment and financing. Apple states that they will be exploring new ways on how to help veterans, school workers and emergency services staff as well.
Lisa Jackson, Apple’s VP of Environment says they will be addressing challenges on all fronts and continue to explore new solutions in regards to housing efforts.