Render of a proposed new housing development in San Francisco, backed by Apple. (Source: Apple)
Apple is continuing its investment in affordable housing in California with a new partnership that aims to fund new developments in San Francisco.
Apple has been supporting affordable housing in its home state since 2019. At that point, it committed to spending $2.5 billion, and by 2021 had invested almost half of that.
“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, and we’re proud that Apple’s $2.5 billion initiative is supporting more affordable housing options across the state.”
The new partnership sees Apple teaming up with the San Francisco Housing Accelerator Fund, plus Sobrato Philanthropies, and Destination: Home. Together they are launching a Bay Area Housing Innovation Fund, which is to make loans to help new affordable housing developments.
“Increasing access to safe and affordable housing is essential for thriving communities here,” continued Raspe, “and we’re 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 Initiative is to begin with four projects that create over 400 new homes in the greater San Francisco region, in the next two years. Starting with a $50 million investment, the Initiative plans 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,” continued Foster. “We’re 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 $2.5 billion planned allocation. So far it has contributed to projects that have benefitted over 60,000 Californians, with more than 90 developments, and 10,000 housing units.
Separately, Apple says that it has also helped over 35,000 Bay Area residents who were at risk of losing their homes. Then it has also assisted over 2,500 first-time owners to buy their homes.
