California & Apple Team Up to Fight Housing Crisis with $1B Fund
California and Apple have joined forces to tackle the housing crisis. A $1 billion affordable housing investment fund has been established, with Apple contributing $300 million of its owned land. The Silicon Valley Community Foundation, which operates the Housing Trust Silicon Valley, is leading the effort alongside a $150 million Bay Area housing fund.
The initiative includes a $1 billion first-time homebuyer mortgage assistance fund, prioritising essential services personnel, school employees, and veterans. Additionally, a $50 million fund has been allocated to support Destination: Home's homelessness efforts in Silicon Valley. The Housing Trust Silicon Valley, in collaboration with the Apple-led $150 million housing fund, will oversee these investments.
Through these funds, California aims to create more affordable housing options and assist first-time homebuyers. Apple's contribution of land and financial support, along with the Silicon Valley Community Foundation's expertise, signals a significant commitment to addressing the housing crisis in the Bay Area.
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