Previously announced in 2019 prior to the COVID-19 pandemic, Apple has been carrying out its  plan of providing $2.5 billion dollars to support affordable housing initiatives in the state of California. Now, four years later, $1.5 billion has already been spent and the funds are having a tremendous impact on communities. 

Created by Apple CEO Tim Cook, the corporate fund focuses primarily on housing projects in their final stages of development that have hit financial roadblocks near the end of their planning phase, rather than trying to design entirely new buildings from scratch. Additionally, the company has partnered with local non-profit organizations focused on affordable housing in order to have a more personal community interaction and impact. Such groups, which include Destination: Home, Housing Trust Silicon Valley, California Housing Finance Agency (CalHFA), and United Way of Greater Los Angeles, have worked with Apple to find a wide range of programs that support regional affordable housing. For instance, in San Jose, several Apple funded projects have recently opened their doors, including a 94-unit building designed specifically for homeless elderly individuals, another 82-unit structure nearby, and a third smaller apartment complex in Pittsburgh, a smaller city close by. 

These efforts extend past simply constructing buildings however, as Apple also has funded first-time homeowner help programs. Investment has especially focused on Destination: Home, as the non-profit also provides small amounts of financial assistance to nearly 24,000 individuals who are at high risk of homelessness. This is supplemented by the CalHFA Bond Recycling Program, which is an innovative way to gain additional funding and has brought in several hundred million dollars. 

Aside from the more targeted project funding, the final piece of Apple’s plan for the $2.5 billion was a full $1 billion devoted to a statewide affordable housing investment fund, which extends over some of the other projects, but on a much broader scale. For instance, $300 million was saved for breaking up Apple-owned land and opening it for affordable housing development. Other programs include mortgage assistance for first-time homeowners through efforts already being made by the state that specifically target veterans and essential workers, along with support for long-term loan forgiveness and grants to both new homeowners and non-profits. 

While the work continues, with construction frequently finishing in different locations, Apple’s funding has been greatly needed and appreciated by both those helped and local organizations alike. According to Housing Trust Silicon Valley CEO Kevin Zwick, “thanks to Apple’s contribution, Housing Trust will be able to provide the missing piece of the puzzle, long-term financing, to create thousands of new homes for a wide range of people.”