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The Apple affordable housing fund first announced last year is now up and running, the company revealing how the first $400M will be spent as it seeks to address California’s growing housing crisis.
Apple said that it was partnering with two agencies to fund both construction of affordable homes, and help with down payments and mortgages…
‘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,’ said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. ‘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.’
Projects launching this year include the first affordable housing developments funded in partnership with Housing Trust Silicon Valley, which will create more than 250 new units of affordable housing across the Bay Area, as well as a mortgage and down payment assistance fund and an affordable housing investment support program, both created in conjunction with the California Housing Finance Agency (CalHFA).
Apple is also supporting additional construction of affordable housing units through its partnership with Destination: Home, which supports Silicon Valley’s most vulnerable populations […]
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