Apple’s $2.5 billion investment in affordable housing is building new communities


California State

William Gallagher | Contributed

As part of its continued financial contributions to creating affordable homes, Apple is celebrating the new communities that are being formed from its partnerships with Californian housing organizations.

Apple has been contributing increasing sums to help with California’s housing issues, starting with $400 million in 2020, then over $1 billion by 2021. Now the company says that it has committed $2.5 billion, of which over $1.3 billion is directed to what it describes as a diverse array of projects.

“We’re incredibly proud to see families and neighbors moving into new homes as a result of our partnership with affordable housing organizations across California,” Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, said in a statement. “Apple is committed to finding real solutions that can help our communities thrive, and these new projects represent tangible progress toward making that promise a reality for so many of our fellow Californians.”

Apple’s partnership with the California Housing Finance Authority (CalHFA) has seen the company assist with mortgage and down-payments for thousands of low or moderate-income first-time home buyers.

The fund has launched an affordable housing investment program that so far has supported almost 2,000 new home units across California. Those include 315 in Los Angeles, almost 340 in Berkeley, and over 230 for families in Chico’s Cedar Village.

Apple has singled out the newly opened Veterans Square housing complex in Pittsburgh, California, where it claims “a new community is blossoming.”

Opened in March 2022, Veterans Square is a 30-unit building created both for veterans and for individuals who the housing organizations have identified as having the greatest need for homes. “For the vast majority [of the new homeowners], it is a world away from the streets they recently called home,” says Apple.

“I didn’t know if I was going to get in, so I prayed about it,” 85-year-old veteran JC told Apple. “I love my apartment. They even put me on the first floor because it’s easier with my walker. That meant a lot to me.”

Veterans Square is a result of Apple’s collaboration with Housing Trust Silicon Valley, a community development financial institution. Working for both organizations is Marcus Ferdinand, 39, who is the building’s service coordinator – and counselor for the residents.

“I remember growing up in a community where there were a lot of problems,” Ferdinand told Apple. “I just never thought it was the way life should be for people.”

“I feel like everyone has the potential to lead a life that they enjoy — and for some of us, it’s just harder to get there,” he continued. “And so if I can help someone to get to that point, it makes it all worthwhile.”

Through its separate work with Destination: Home, Apple provided financial and rental assistance to over 20,000 families during the coronavirus pandemic. This partnership has also helped Destination: Home fund almost 1,700 housing units for extremely low-income families in the Bay Area.

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