Apple collaborates on new fund for affordable housing in Bay Area

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Apple collaborates on new fund for affordable housing in Bay Area

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Tim Cook CEO of Apple | Apple

Apple is collaborating with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home to launch the Bay Area Housing Innovation Fund. This initiative aims to provide targeted loans to advance affordable housing development as part of Apple’s $2.5 billion commitment to address housing affordability in California.

“We believe everyone deserves a place to call home, and we’re proud that Apple’s $2.5 billion initiative is supporting more affordable housing options across the state,” said Kristina Raspe, Apple’s vice president of Global Real Estate and Facilities. “Increasing access to safe and affordable housing is essential for thriving communities here, 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 fund will begin with an initial $50 million investment, supporting four projects in the greater San Francisco Bay Area, which are expected to create over 400 homes within two years. The focus is on removing barriers that typically hinder affordable housing developers, aiming for faster delivery and lower costs than industry averages.

“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,” explained 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. We’re so grateful to Apple for helping to anchor this fund and bringing their innovative thinking to this important community work.”

Next week, Mercy Housing will break ground on a new affordable development in San Francisco’s Mission District, marking the first project under this fund. The project will offer 145 units of permanent supportive housing for seniors at risk of homelessness. Another project is anticipated to commence in Santa Cruz later this year.

Including this new investment, Apple has allocated over $1.6 billion towards affordable housing initiatives in California, benefiting more than 60,000 residents. Through various partnerships, over 10,000 units across more than 90 developments are being built or preserved statewide. Additionally, Apple has helped over 35,000 Bay Area residents avoid losing their homes and assisted more than 2,500 first-time homebuyers.

Beyond its collaboration with the three anchor partners of the Bay Area Housing Innovation Fund, Apple also works with organizations such as Housing Trust Silicon Valley, California Housing Finance Agency, United Way of Greater Los Angeles, and various developers across California.

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