In November 2019, Apple announced that they were donating $2.5 billion to try and alleviate the affordability crisis in California. The fund was broken up in the following categories: $1 billion in an affordable housing investment fund, $1 billion in first-time homebuyer, mortgage assistance fund, $300 million in Apple-owned and available land in San Jose for affordable housing, $150 million Bay Area housing fund, and $50 million to support vulnerable populations. According to a recent MReport, because housing costs have risen in the region, the availability of affordable housing has not been able to keep up. The report also stated that roughly 30,000 people left San Francisco in 2019. Homeownership in the Bay Area is at a seven-year low. The Silicon Housing Trust announced on Tuesday that Apple is launching their $150 million Affordable Housing Fund.
WILL THE FUND MAKE A DIFFERENCE?
The fund was created to build more affordable housing in the Bay Area. “This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. In addition, Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California, said this fund will “inspire innovative solutions from around the Bay Area, and we can’t wait to see the solutions our affordable housing industry proposes moving forward.” There is a lot of support for the fund and believe it will truly make a difference for the crisis in the region.
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