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Apple Pledges $2.5B to Help Address California Housing Shortage
Cupertino, CA-based Apple plans to contribute $2.5 billion in the effort to fight California’s growing housing shortage. The tech titan earmarked $1 billion to a statewide fund in the form of an “open line of credit” that will allow the state to build new homes for low to moderate income households. Another $1 billion will go to a first-time homebuyer mortgage assistance fund.
There’s another $300 million slated for Apple-owned land in San Jose, which would be made available for affordable housing. Other components of the funding include a $150-million partnership with Bay Area nonprofits such as Housing Trust Silicon Valley to support new affordable housing projects; and $50 million for regional homelessness efforts.
Apple’s Tim Cook says, “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
*Pictured Tim Cook and California Governor Gavin Newsom, discussing the San Jose land Apple is making available for affordable housing.
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