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Apple says it has deployed $1 billion from $2.5 billion California housing fund

Apple says it has deployed $1 billion from $2.5 billion California housing fund
Apple says it has deployed $1 billion from $2.5 billion California housing fund   -   Copyright  Thomson Reuters 2021
By Reuters

(Corrects name of California Housing Finance Agency)

-Apple Inc on Wednesday said it had committed more than $1 billion out of a $2.5 billion fund aimed at addressing California’s affordable housing crisis.

Apple, whose Northern California home has one of highest housing costs the United States, created the fund in 2019, saying that $1 billion would go toward a state-run affordable housing investment fund, another $1 billion toward first-time home buyer assistance and the remainder toward programs aimed at building new affordable housing and nonprofit groups in the San Francisco Bay Area.

Apple said Wednesday that the funding has supported the creation of affordable housing in 25 of California’s 58 counties, including rural counties such as Amador.

Apple did not disclose specific figures but said that it had provided mortgage and down payment assistance to “thousands” of low- and moderate-income first-time home purchasers through the California Housing Finance Agency, up from several hundred a year before.

Apple said that nearly two-thirds of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. About 10 percent of borrowers were also benefits for teachers, military veterans or firefighters, Apple said.