Apple Has Deployed $1 Bln To Fund Affordable Housing Projects Across California

(RTTNews) - Tech giant Apple Inc. (AAPL) has said that it has deployed more than $1 billion in funding for housing projects across California over the last 18 months as part of its efforts to combat housing crisis in the state.

In partnership with the California Housing Finance Agency, Housing Trust Silicon Valley, and Destination, Apple's $1 billion funding has helped support new housing development and construction, assisted first-time buyers purchase homes, and expanded programs to reduce homelessness. It's Apple's biggest installment as part of a $2.5 billion initiative.

"California's communities have shown their resilience in the face of immense challenges this past year. As we look to a brighter future ahead, Apple is committed to continuing our work with partners across the state to support these communities and help combat the housing crisis in meaningful ways," said Kristina Raspe, Apple's vice president for Global Real Estate and Facilities.

"As we expand our efforts and move forward with our comprehensive plan to address housing in the state, we're proud our work has made a tangible impact on the lives of so many Californians.".

To date, Apple has supported affordable housing efforts across 25 California counties.

Apple's commitment includes a series of initiatives over several years, including a $1 billion affordable housing investment fund with the state of California, a $1 billion first-time homebuyer mortgage assistance fund, $300 million in Apple-owned land made available for affordable housing, a $150 million Bay Area housing fund, and $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.