Apple allocates $400 million to combat housing crisis in California

Apple has allocated over $400 million in affordable housing projects and homeowner assistance programs in California, United States. The funding is part of the company’s $2.5 billion commitment, spent over multiple years, to reduce housing crisis in the state.
As per the United States Interagency Council on Homelessness, there were approximately 151,278 homeless people recorded in California in 2019 and the situation has gotten worse in the global COVID-19 pandemic. Thus, Apple’s funding will be used for housing development projects in partnership with Housing Trust Silicon Valley, Destination:Home and California Housing Finance Agency (CalHFA).
The company’s vice president for Global Real Estate and Facilities, Kristina Raspe said:
“At a time when so many members of our community are facing unprecedented challenges, we believe it’s critical to make sure that their hopes for the future are supported through tangible programs and results”.
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Apple Combating Homelessness

To mitigate the adverse economic effects of COVID-19 pandemic like higher unemployment and salary cuts which lead to people losing or on the verge of losing their homes, Apple’s funding will help construction partners to launch various housing projects to help the people in need. Raspe explained:
“As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California.”
Here is a list of all the housing projects supported by the iPhone manufacture this year.

Housing Trust Silicon Valley

As part of the “first affordable housing developments”, this public-private partnership will construct more than 250 new affordable homes around Bay Area. Many of the affordable housing units will be reserved for the following demographics:

  • people with development disabilities
  • veterans
  • the homeless
  • formerly homeless individuals/families

Destination:Home

A new project for senior citizens will be launched by Apple and Destination:Home. 80 new housing units will be exclusively built for seniors who are currently homeless and are at risk of homelessness.

This duo has already constructed more than 1000 affordable and supportive houses in Silicon Valley. The Destination:Home with Apple’s support has also successfully helped 1500 families from losing shelter under its Homelessness Prevention System.

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California Housing Finance Agency 

In partnership with the CalHFA, the Cupertino tech giant has established mortgage and down payment assistance fund which has benefited many first time homeowners from low to moderate-income groups. The fund offers additional benefits for veterans, firefighters and teachers.

This month, the two partners will also be launching an affordable housing investment support program that is established to build very low to moderate-income housing units for a lower cost. Built over a course of 5 years, the lower cost homes are expected to play an instrumental role in resolving housing crisis in California.
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In the recent past, Apple has emerged as not only a blooming tech giant but also a socially and environmentally responsible company which is fighting to end systemic racism in its community. With initiatives like manufacturing face shields for frontline workers and investing in sample kits in COVID-19 pandemic, partnership with HBCUs, Racial Equity and Justice Initiative, powering Apple stores with renewable energy, and working to resolve California’s housing crisis are some exemplary practices by Cupertino tech giant.
Jennifer Loving, CEO of Destination:Home expressed that:
“Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness that much more urgent. We were able to immediately invest their funding into several new housing developments that will provide a permanent home to vulnerable residents across the region and reinforce our Homelessness Prevention System at a time when we’re seeing an unprecedented number of at-risk families in need.”
Read the complete press release here.
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