The housing availability and affordability crisis surrounding California currently might get some relief with Apple committing a sum of $2.5 billion in its efforts tackle the issue, as per the company’s announcement made recently.
According to the CEO of Apple, Tim Cook, this region was home to Apple long before the company became what it is today, which makes their contribution to help with the problem a deep civic responsibility.
Apple’s solution comes in the form of its investment which it plans to do in some major areas of housing in the region.
An affordable housing investment fund will be worth $1 billion out of the total sum Apple has committed. For a first- time homebuyer mortgage assistance fund, another billion is allotted from the remaining $1.5 billion.
From the land that the company owns will be made available for affordable housing with a contribution of $300 million and for the Bay Area housing fund, Apple will team up with the Housing Trust Silicon Valley and has allotted the sum of $150 million.
Through Destination: Home, the support from Apple will be of $50 million for vulnerable populations.
The governor of California Gavin News om, , as well as community-based organizations and the wider state of California will all be collaborating with Apple in the above mentioned initiatives.
Developers may get huge help from Apple’s mix of investment, hopefully making the idea of affordable housing a practical plan. Once the plan to build affordable housing is executed, new home buyers and those struggling for resources will also get huge help from the funds Apple has offered.
What also needs to be noted is that for all of this to work it might take up to two years according to the company.