Yesterday Apple announced their $2.5 billion dollar plan to help the increasing issue of affordable housing in California. Affordable housing in California is not easy to find. A recent MReport stated that the cost to rent or buy has increased drastically over the past several years, which led to thousands of people leaving the region. Apple stated that over 300,000 people have left the Bay area this year alone. Also, homeownership is at a seven year low. Tim Cook, Apple’s CEO stated, “Apple calls this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community”.
WHAT IS THE PLAN?
The money from the plan will be broken down into several parts. $1 billion will be put in an affordable housing investment fund. Next, they will use $1 billion for a mortgage assistance fund. Apple is giving $300 million dollars worth of land in San Jose to build affordable housing. They are donating $150 million to a Bay Area housing fund. Finally, $50 million of the plan will be put towards aiding vulnerable populations in California. It will take around two years to utilize the funding. Additionally, the capital from the affordable homes will go towards future projects in the area.
To read the full Report click here.
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