Apple CEO Tim Cook and California Gov. Gavin Newson divulged the company’s plan to help the housing crisis. Apple pledges $2.5 billion for development, mortgages and other initiatives. Photo credit: Apple
California’s housing situation is getting worse and worse. Which is due to the wildfires that continue to ravage the forests and peoples homes. Hopefully, Apple has found a solution that will help millions of people.
Apple will pledge $2.5 billion to help with mortgages and the development of new properties.
Gov. Gavin Newsom in an Apple press release had this to say;
“The sky-high coast of housing – both for homeowners and renters – is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing.” “This partnership with Apple will allow the state of California to do just that.”
Cali now must figure out how to build more than 3 million homes by 2025.
The plan includes $1 billion that will be used to create a first-time homebuyer mortgage assistance fund. A
According to the National Low Income Housing
Apple’s CEO Tim Cook had this to say about the situation;
“Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
The Breakdown Of The $2.5 Billion In Aid
- $1 billion affordable housing investment fund
- $1 billion first-time homebuyer mortgage assistance fund
- $300 million worth of land Apple owns in San Jose, which will be available for affordable housing
- $150 million Bay Area housing fund, consisting of long-term forgivable loans and grants
- $50 million to support vulnerable people: Apple is donating $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley, and will look for similar philanthropies in the north and south of the state
(Cover photo courtesy of cur.org, Source NPR)