Apple has committed to $2.5 billion to help launch the Bay Area Housing Innovation Fund to expedite the construction of new affordable homes across California.
The company is teaming up with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home, to launch the fund.
The Bay Area Housing Innovation Fund, which will make targeted, favorable loans to advance affordable housing development, will support four projects in the greater San Francisco Bay Area—creating more than 400 homes within the next two years.
Under this funding program, construction on a new 145-unit, permanent supportive housing for seniors experiencing or at imminent risk of experiencing homelessness will break ground in San Francisco’s Mission District.
Apple has now allocated more than $1.6 billion to supporting affordable housing initiatives in California, directly benefitting more than 60,000 Californians.
