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.”

Apple Affordable Housing Fund launches with $150 million for projects

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Tim-Cook-Gavin-Newsom
Tim Cook discusses plans with Governor Gavin Newsom.
Photo: Apple

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.

Bernie Sanders has a big problem with Apple’s $2.5 billion housing crisis fund

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Bernie Sanders has a big problem with Apple's $2.5b housing crisis fund
Sanders thinks Apple helped create the problem it claims to be fighting.
Photo: CafePress

Democratic presidential candidate Bernie Sanders is less than impressed by Apple’s pledge of $2.5 billion to help support affordable housing in California.

Apple pledged the money Monday, saying it wants to be “part of the solution” when it comes to California’s sky-high housing prices. However, Sanders accuses Apple of “throwing pennies” at a crisis it “helped create.”