REUTERS: Apple announced on Wednesday (July 14) that it had contributed more than $1 billion to a US$2.5 billion fund targeted at tackling California’s housing affordability crisis. Apple, whose home in Northern California has some of the highest housing costs in the country, established the fund in 2019, pledging $1 billion to a state-run affordable housing investment fund, another $1 billion to first-time home buyer assistance, and the rest to programs aimed at developing new affordable housing and nonprofit groups in the San Francisco Bay Area.
According to Apple, the funds have helped to build affordable housing in 25 of California’s 58 counties, including remote counties like Amador.
Apple did not reveal precise data, but said it has helped “thousands” of low- and moderate-income first-time home buyers with mortgage and down payment assistance through the California Housing Finance Authority, up from a few hundred a year ago.
Almost two-thirds of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian, according to Apple. According to Apple, almost 10% of borrowers were also eligible for teacher, military veteran, or fireman benefits./n
