Apple Supports $50M Fund for Bay Area Affordable Housing

Apple teams up with Sobrato’s philanthropic arm and two other California groups to launch a $50 million fund for Bay Area affordable housing

Apple announced on Wednesday that the Bay Area Housing Innovation Fund is a component of its 2019 commitment to allocate $2.5 billion toward affordable housing in California.

The expansion of the technology sector on the American West Coast, particularly in California, has resulted in a substantial rise in housing prices and an increased burden on residents.

While urging the tech industry to address the housing crisis, numerous tech workers have relocated or are contemplating relocation to other states and are now working remotely.

Apple is collaborating with Sobrato Philanthropies, San Francisco Housing Accelerator Fund, and Destination: Home to establish the fund, which will provide targeted, advantageous loans to facilitate the development of affordable housing.

It will initially provide support for four initiatives in the greater San Francisco Bay Area, resulting in the construction of over 400 homes within the next two years.

Apple has allocated over $1.6 billion toward affordable housing initiatives in the state, including its most recent endeavor, which has directly benefited over 60,000 Californians, according to the tech behemoth.