Tim Cook and Gavin Newsom looking at mapsSource: Apple

What you need to know

  • Apple announced a $2.5 billion fund in November 2019.
  • $150 million of that is set aside for the Bay Area.
  • That money has now been allocated to the Apple Affordable Housing Fund.

Apple announced back in November last year that it was setting up a $2.5 billion fund to help with the housing problem in California. Part of that fund saw $150 million set aside for the Bay Area specifically, and it's now been allocated.

Housing Trust Silicon Valley – a "nonprofit community loan fund that works to create a strong affordable housing market in the greater Bay Area," has launched the Apple Affordable Housing Fund using that $150 million.

The Apple Affordable Housing Fund is part of the comprehensive $2.5 billion commitment Apple made in November 2019 to help address the housing availability and affordability crisis in California. Housing Trust, which has a long history of successful public-private partnerships, will make loans to qualified developers to access these funds for projects that need unique and flexible capital to move into the construction phase. Developers are encouraged to submit a request for proposal on Housing Trust's web site before the deadline of March 24, 2020.

Developers can now submit proposals for the use of the fund.

"The Apple Affordable Housing Fund will support a mix of incomes, from individuals and families at the lowest level incomes up to the "missing middle" - and all affordable homes developed will have long-term affordability restrictions," a press release said.

Apple CEO Tim Cook said that affordable housing meant stability and pride for homeowners when the company announced its fund in November.

"Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community," said Tim Cook, Apple's CEO. "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."