As President Trump and California state officials continue to spar over the Golden State’s homelessness problems, one of the world’s iconic tech brands has announced a $2.5 billion commitment to combat the issue.
“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called 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,” said Tim Cook, Apple’s CEO. “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.”
Apple said its plan was designed In partnership with Gov. Gavin Newsom, the state and community-based organizations.
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Apple’s plan includes:
- A $1 billion affordable housing investment fund that will provide the state and others with an open line of credit to develop and build additional new, very low- to moderate-income housing.
- A $1 billion first-time homebuyer mortgage assistance fund, designed to provide aspiring homebuyers with financing and down payment assistance. Apple and the state will explore strategies to increase access to first-time homeownership opportunities for essential service personnel, school employees and veterans.
- $300 million in Apple-owned land in San Jose, California, will be available for affordable housing.
Apple also will provide $200 million to support new lower-income housing in the Bay Area.
In a public-private partnership, Apple is launching a new $150 million affordable housing fund with partners including Housing Trust Silicon Valley to support new affordable housing projects. The fund will consist of long-term forgivable loans and grants.
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Apple also is donating $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.
One of Apple’s first projects will be an expansion of the organization’s Homelessness Prevention System, a network of service providers offering employment assistance, legal aid, rent subsidy, case management and other support to reduce homelessness.
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