Apple commits more than $1 billion out of a $2.5 billion fund to address California’s affordable housing crisis.
Money will be divided between affordable housing projects and first-time home buyers
Apple, whose Northern California home has one of highest housing costs the United States, created the fund in 2019, saying that $1 billion would go toward a state-run affordable housing investment fund, another $1 billion toward first-time home buyer assistance and the remainder toward programs aimed at building new affordable housing and nonprofit groups in the San Francisco Bay Area.
Apple said Wednesday that the funding has supported the creation of affordable housing in 25 of California’s 58 counties, including rural counties such as Amador. Read more