Apple today announced that it is launching a scheme worth $2.5 billion to address the housing crisis in California. Apple wants to tackle the issue of skyrocketing house prices in its home state.
Apple’s commitment includes $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time buyers, and $300 million worth of Apple land opened up to affordable housing projects.
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In a statement, Apple said it is partnering with Governor Gavin Newsom, the state of California and community organizations.
Specifically, the $1 billion affordable housing fund will provide an “open line of credit” for Californai to build housing for very low to moderate income households. The billion dollars allocated to mortgage assistance will help first time buyers get on the property ladder with financing and down payment assistance. Apple is also looking at ways to specifically help workers in essential emergency services, schools and veterans.
Returns from Apple’s loans will be reinvested over the next five years.