Apple invests $400 million in affordable housing in California

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Apple housing initiative
Apple is helping fight homelessness by developing affordable housing.
Photo: Apple

Apple is investing more than $400 million in affordable housing projects and homeowner assistance programs in California, the company said Monday.

This sizable contribution is part of a multiyear commitment by Apple to spend $2.5 billion fighting the California housing crisis. The money will “support thousands of Californians with first-time homebuyer assistance or new affordable housing units.”

Specifically, it will help partner organization Housing Trust Silicon Valley create upward of 250 units of affordable housing. Apple’s money also will be used to provide mortgage and down payment assistance for people who need support. Finally, Apple is helping with construction of affordable housing units through a partnership with Destination: Home. This is intended to aid Silicon Valley’s most vulnerable populations.

“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, in a statement. “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.”

Apple’s anti-homelessness fund hasn’t always attracted praise. Former presidential candidate Bernie Sanders accused Apple of trying to “distract” from the fact that it helped create the California housing crisis.

Apple continues to embrace charitable giving under the leadership of CEO Tim Cook. He famously said Apple aims to be a “force for good” in the world. Helping support access to affordable housing in its home state is just one part of that.