What you need to know
- Apple has hit a major milestone in its California affordable housing initiative.
- The company says $1 billion has been deployed in the last 18 months.
- It's all part of the company's $2.5 billion commitment to tackle the state's housing crisis.
Apple has today announced it has hit the $1 billion milestone as part of its commitment to help solve the housing crisis in California.
The company stated:
Apple is accelerating its support for affordable housing initiatives and over the past 18 months has deployed more than $1 billion for projects across California. Apple's financial commitment has already helped thousands of people in the state become homeowners for the first time. In addition, Apple is providing capital to facilitate the construction of thousands of new affordable units and supporting at-risk communities. This major milestone in the company's $2.5 billion commitment to combat the housing crisis in the state demonstrates the importance of innovative housing solutions.
Apple says the money has helped support new developments and construction, assisted first-time buyers in purchasing homes, and helped expand programs to reduce homelessness. The company says that more than $500 million was deployed by the end of 2020 to "combat the heightened housing challenges posed by the COVID-19 pandemic."
Apple says that 25 counties have benefited from the project, highlighted some of the families in the report. Apple says it has supported the Homelessness Prevention System, providing financial and rental assistance to more than 15,000 new families, whilst funding the construction of over 1,100 new units of "deeply affordable and supportive housing for the community's most vulnerable populations across Silicon Valley."
Apple says work has beung on new developemtns in Northern California for another 800 units, you can read the full announcement here.
