Back in November 2019, Apple announced that it would spend $2.5 billion to ease the housing crisis in California. In the latest news, the Housing Trust Silicon Valley announced that it is launching the Apple Affordable Housing Fund. Apple will fund the Apple Affordable Housing Fund with a $150 million grant.
The Housing Trust Silicon Valley will build “more affordable housing in the greater Bay Area” using the $150 million fund by Apple. They will make the loans available to only the qualified developers working on the project. The Housing Trust Silicon Valley on their website asked the developers to submit the requests for proposals so that the work may start soon.
According to Amie Fishman, Executive Director of the Non-Profit Housing Association of Northern California, this fund will improve the living quality and provide affordable living solutions in the California Bay Area. He also added, “We can’t wait to see the solutions our affordable housing industry proposes moving forward.”
Tim Cook Apple’s CEO said, “Affordable housing means stability and dignity, opportunity and pride. When these fall out of reach, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
In recent years the property prices in the Bay Area have gone too high. It is one of the most expensive places to live in the USA. With the $150 million grant, the housing society will address homelessness in Silicon Valley.
