Apple plows $1.3 billion to help solve California's affordable housing crisis
Apple is once again advertising how it plays the Good Samaritan for Governor Newsom's State of California whose homelessness and affordable housing issues are reaching crisis proportions.
Back in 2019, CEO Tim Cook met with Government Newsom and pledged $2.5 billion for building affordable homes, of which it has now deployed a $1.3 billion war chest, says Apple's press release.
The success story example it gives is of the Veterans Square housing complex in Pittsburg, California which opened this spring in partnership with the California Housing Finance Authority (CalHFA), Destination: Home, and Housing Trust Silicon Valley.
The affordable housing project hosts 30 units presently occupied by veterans and other people in need as identified by the state, much to the delight of Apple's vice president for Global Real Estate and Facilities, Kristina Raspe:
Besides directly investing in affoprdable housing construction, In partnership with , Apple says that it has partnered with the CalHFA over "mortgage and down payment assistance to thousands of low- and moderate-income first-time homebuyers, and launched an affordable housing investment program that has unlocked funding to support nearly 2,000 new units across the state."
These range from 315 units at Avenue 34 in LA and 340 more units at Redwood Gardens in Berkeley, to over 230 affordable housing units for families in Chico’s Cedar Village, "including for those impacted by the 2018 Camp Fire," boasts Apple.