Apple spent $1.3 billion recently to help remedy the California housing crisis, the company said Monday, following up on its pledge three years ago to spend $2.5 billion on an array of projects.
The Cupertino tech giant highlighted its new Veterans Square unit in Pittsburg, California, among other developments.
Apple spends $1.3 billion of California affordable housing fund
In 2019, Apple said it had a $2.5 billion plan to help remedy the California housing crisis. After some major investments, the company showcased how its efforts are aiding people’s new beginnings throughout the state.
Apple has deployed more than $1.3 billion of its commitment to a diverse array of projects in conjunction with the California Housing Finance Authority, Housing Trust Silicon Valley and Destination: Home, the company said in a press release Monday.
“We’re incredibly proud to see families and neighbors moving into new homes as a result of our partnership with affordable housing organizations across California,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities.
“Apple is committed to finding real solutions that can help our communities thrive, and these new projects represent tangible progress toward making that promise a reality for so many of our fellow Californians,” she added.
In partnership with California Housing Finance Authority, the iPhone-maker offered mortgage and down-payment assistance to thousands of low- and moderate-income first-time homebuyers.
It also launched an affordable housing investment program that has provided funding to support nearly 2,000 new units across the state. They include 315 units at Avenue 34 in Los Angeles. There are nearly 340 units at Redwood Gardens in Berkeley. And you can find more than 230 units for families in Chico’s Cedar Village, some of which are helping victims of the Camp Fire that ravaged Northern California in 2018.
Affordable housing at Veterans Square
Apple spotlighted a housing complex in Pittsburg, California, named Veterans Square. It’s a 30-unit building for both veterans and those deemed to have the greatest need for housing. It opened in March.
The Veterans Square building was made possible through Apple’s partnership with Housing Trust Silicon Valley. It’s a community development financial institution that provides early capital to developers of affordable housing.
Together, Apple and Housing Trust Silicon Valley provided funding to support 10 affordable housing projects across the San Francisco Bay Area. They are in San Francisco, San Jose, Santa Cruz, Santa Rosa and beyond, with more projects on the horizon.
Marcus Ferdinand, 39, is Veterans Square’s service coordinator. But Apple said his role amounts to much more than that. He’s a counselor and friend to the residents. He ensures they’re cared for and helps them adjust to their new surroundings. He’s a great help, especially to the many residents who were unhoused before moving into the building.
“Partnerships like this one with Apple are vital,” said Ferdinand. “Outside of them, there isn’t much for people who don’t have a steady income or access to family resources — it’s heartbreaking. But I’m so happy to be a part of this and to help our residents begin again.”