The first wave of Apple-funded affordable housing projects is about to get underway in Silicon Valley.
Housing Trust Silicon Valley revealed this week that Apple has given it a $150 million grant to help projects in the Bay Area. The non-profit organization is using money from Apple’s $2.5 billion commitment to help the affordable housing crisis in Silicon Valley and they’re ready to hand out some big checks.
With the creation of the Apple Affordable Housing Fund, qualified developers can request access to Apple’s funds for help on projects. The fund gives construction companies flexible capital to continue to make progress on construction.
Apple pitches in on affordable housing
Kevin Zwick, CEO of Housing Trust Silicon Valley, told the Mercury News that as many as 50 developments in the Bay Area could qualify for the funding. Only 6 to 9 projects will get the first wave of $50 million worth of loan. $10 million is the max a single project can get.
“This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” Zwick said in a statement. “This grant creates opportunities to do what couldn’t be done otherwise, and we’re excited by the impact this fund will have.”
Housing Trust Silicon Valley will look for projects that have already been approved by local cities that need extra money to start construction. Developers have until March 26 to submit their proposals. The fund is just one small way Apple’s money will be put to use with news of more projects likely to come soon. When Apple revealed the $2.5 billion commitment in November it said it’s working in partnership with Governor Gavin Newsom, the state of California, and community-based organizations.
“Affordable housing means stability and dignity, opportunity and pride,” said Apple CEO Tim Cook. “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.”