The Silicon Valley Housing Trust announced on Tuesday the launch of Apple’s $150 million Affordable Housing Fund.
This fund is funded by a $150 million grant to the Housing trust with the goal of building more affordable housing in the Bay Area. These funds are part of Apple’s $2.5 billion commitment to try and alleviate California’s affordability crisis.
"This is exactly what we mean when we talk about creating bolder measures and greater equity in the region," said Kevin Zwick, CEO of Housing Trust Silicon Valley. "This grant creates opportunities to do what couldn't be done otherwise, and we're excited by the impact this fund will have."
Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California, said this fund will “inspire innovative solutions from around the Bay Area, and we can't wait to see the solutions our affordable housing industry proposes moving forward."
Apple released its plan in November 2019 and said costs for both renters and homeowners have skyrocketed in recent years, and the availability of affordable housing has not kept pace with the region’s growth. Apple added that 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low.
“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
The $2.5 billion plan will be broken down in the following categories:
- $1 billion in an affordable housing investment fund
- $1 billion in first-time homebuyer, mortgage assistance fund
- $300 million in Apple-owned and available land in San Jose for affordable housing
- $150 million Bay Area housing fund
- $50 million to support vulnerable populations