In November, Apple announced plans to spend $ 2.5 billion to combat the California housing crisis and today, the Trust Trust Silicon Valley has announced the launch of the Apple Affordable Housing Fund funded with a $ 150 million investment. dollars from Apple.
Apple has pledged $ 1 billion to affordable real estate investments, 1 billion in mortgage assistance for those who buy the house for the first time e land owned worth $ 300 million for affordable housing projects.
Using the $ 150 million provided by Apple, the Silicon Valley Housing Trust will build “cheaper accommodation in the large bay area”Through loans made available to qualified people who work on projects that require single and flexible capital to move on to the construction phase.
“Today’s announcement shows what our region can achieve when we combine large investments, skills and opportunities in the affordable housing sector and the proven financial models led by the Silicon Valley Housing Trust“Said Amie Fishman, executive director of the Northern California nonprofit. “This Fund will inspire innovative solutions from across the Bay Area and we look forward to seeing the solutions that our economic housing sector proposes to advance.“.
All housing developed using Apple Affordable Housing Fund money will have long-term accessibility restrictions and will support individuals and families with lower income levels up to 120 percent of the area’s average income.
California property prices, especially in the Bay Area where Apple operates, they have skyrocketed in recent years and is one of the most expensive places to live in the United States. For this reason, in recent years many local families have been forced to abandon their homes. Apple, together with local associations, is trying to partially solve this problem.