As part of its $2.5 billion pledge to address housing affordability in California, Apple has formed a partnership with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home to establish the Bay Area Housing Innovation Fund. In the next two years, the fund intends to support four initiatives in the San Francisco Bay Area, resulting in the construction of more than 400 residences with an initial investment of $50 million to facilitate the development of affordable housing by offering targeted, advantageous financing. By eliminating the obstacles that typically impede developers, this initiative enables the delivery of high-quality units at a quicker and more cost-effective pace.
The Bay Area Housing Innovation Fund's first project, in collaboration with Mercy Housing, broke ground in late July in San Francisco's Mission District, providing 145 units of permanent supportive housing for seniors at risk of homelessness. In California, Apple has allocated over $1.6 billion to affordable housing initiatives, which have benefited over 60,000 residents. Through various partnerships, including with Housing Trust Silicon Valley and California Housing Finance Agency, Apple is contributing to the development and preservation of over 10,000 housing units across 90 developments statewide while also assisting thousands of residents and first-time homebuyers in securing stable housing.
