Apple continues its investment in affordable housing in California with a new partnership aimed at funding new developments in San Francisco. Since 2019, Apple has been supporting affordable housing projects in its home state, committing $2.5 billion and investing nearly half of that by 2021.
"We believe everyone deserves a place to call home," said Kristina Raspe, Apple's vice president of Global Real Estate and Facilities, in a statement. "We are proud that Apple's $2.5 billion initiative is supporting more affordable housing options across the state."
The new partnership involves Apple teaming up with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home. Together, they are launching the Bay Area Housing Innovation Fund to provide loans for new affordable housing developments.
"Increasing access to safe and affordable housing is essential for thriving communities here," continued Raspe. "We are excited to help launch the Bay Area Housing Innovation Fund as part of our long-term commitment to our home state."
The Bay Area Housing Innovation Fund will start with four projects, creating over 400 new homes in the greater San Francisco region within the next two years. With an initial investment of $50 million, the initiative aims to promote new methods of funding housing development.
"We cannot effectively address the homelessness and affordability crises in the Bay Area if we continue building and funding affordable housing in the same way," said Rebecca Foster, CEO of the San Francisco Housing Accelerator Fund. "We must think outside the box to significantly reduce costs and timelines."
"This fund is designed to showcase what is possible when we have clear goals, a shared commitment to meet these targets, and a simplified financing structure," Foster continued. "We are so grateful to Apple for helping to anchor this fund and bringing their innovative thinking to this important community work."
Apple's investment in this new initiative brings the company's total to $1.6 billion of its planned $2.5 billion allocation. So far, it has contributed to projects benefiting over 60,000 Californians, supporting more than 90 developments and 10,000 housing units.
Additionally, Apple reports that it has helped over 35,000 Bay Area residents at risk of losing their homes and assisted more than 2,500 first-time homebuyers.