Apple has just announced that it is allocating more than $ 400 million in affordable housing projects and assistance programs for homeowners in California this year. The amount is part of the investment of $ 2.5 billion in the fight against the housing crisis in the American state, announced last year.
According to the company, the financing “will support thousands of Californians” based on the projects developed. More precisely, Apple will operate in three lines of support / investment this year, in partnership with Housing Trust Silicon Valley, the California Housing Finance Agency (CalHFA) and the Destination: Home.
Apple’s global vice president of real estate, Kristina Scrape, said that the company’s actions became even more necessary amid the pandemic of the new Coronavirus (COVID-19):
At a time when so many members of our community face unprecedented challenges, we believe that it is essential to ensure that their hopes for the future are supported by tangible programs and results. As municipalities and the state have been forced to discontinue many of their long-term affordable housing investments in the midst of the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the California housing crisis.
Housing Trust Silicon Valley
After evaluating the proposals earlier this year, Apple and the Housing Trust Silicon Valley will begin the first four projects funded through a public-private partnership, supporting popular housing developments covering the northern, eastern and southern regions of the Bay. San Francisco.
According to Maçã, the projects will create more than 250 new low-income housing units, many of them reserved for veterans, homeless people or people who have already been on the street, as well as citizens with disabilities.
Apple provides CalHFA with mortgage and prepayment assistance as an incentive for people looking to own a home, with additional benefits for teachers, veterans and firefighters. CalHFA’s assistance program supports low-income buyers, “reflecting California’s diversity” – over 65% of beneficiaries identify themselves as Hispanic, Black, Asian or Native American.
Also in conjunction with CalHFA, Apple is launching, this month, an unprecedented program to support real estate investment in California that “will increase the availability of financing for the construction of housing for people with very low or moderate income”. The program is expected to become a tool for the state of California to invest in more affordable homes in the next five years.
In addition, Maçã is also supporting the additional construction of popular houses through its partnership (also public-private) with Destination: Home, which supports socially vulnerable populations in Silicon Valley. The CEO of Destination: Home, Jennifer Loving, commented the partnership:
Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic made our work to end the street situation much more urgent. We were able to invest immediately in several new housing developments that will provide a permanent home for vulnerable residents across the region and reinforce our Residents’ Prevention System at a time when we see an unprecedented number of families at risk in need.
The Cupertino giant’s investment helped finance the construction of more than 1,000 homes in the region, including a new project in Santa Clara aimed at elderly people who are currently homeless or at risk of homelessness.