With Apple’s assistance, lots more Californians are able to get housing.

Rendering of a new housing development proposed in San Francisco. Apple is backing the project. (Source: Apple)
Apple continues its investment in affordable housing with a new partnership aimed at funding new developments in San Francisco. Apple has supported affordable housing in California since 2019. Apple committed to spending $2.5billion at that time, and had invested nearly half of that amount by 2021. Apple’s Vice President of Global Real Estate and Facilities, Kristina Raape, said in a press release that “we believe everyone deserves to have a home.” We’re proud Apple’s $2.5 Billion initiative is supporting affordable housing options throughout the state. Apple has teamed up with San Francisco Housing Accelerator Fund as well as Sobrato Philanthropies and Destination:Home to form a new partnership. Together, they are launching the Bay Area Housing Innovation Fund to provide loans for new affordable housing developments. Raspe continued, “Increasing access to affordable and safe housing is essential for communities to thrive here. We’re excited to launch the Bay Area Housing Innovation Fund in support of our long-term commitments to our home state.” The Bay Area Housing Initiative will begin with four projects, which will create over 400 new houses in the greater San Francisco area in the next two-years. The Initiative will promote new ways of funding housing development, starting with a $50-million investment. Rebecca Foster, CEO of San Francisco Housing Accelerator Fund, said that we cannot effectively tackle the homelessness and affordability crisis in the Bay Area by continuing to build and fund affordable housing the same way. “We need to think outside the box in order to reduce costs and timelines.” This fund is intended to show what is possible with clear goals, a commitment to achieve these targets and a simplified funding structure. Apple has been a great partner in establishing this fund and bringing innovative thinking to the community work. We are so grateful. Apple’s investment brings its total to $1.6billion of the $2.5billion planned allocation. Apple has so far contributed to projects which have benefited over 60,000 Californians. This includes more than 90 developments and 10,000 housing units. Apple also says that it helped over 35,000 Bay Area Residents who were in danger of losing their homes. Apple has also helped over 2,500 new homeowners buy their first home.