Apple is proceeding in its $2.5 billion commitment to help fight the housing crisis in California, with the allocation of more than $400 million going towards affordable housing projects and homeowner assistance programs in the state in 2020.Apple initially announced its $2.5 billion plan in November, seeking to ease the rising costs for renters and homebuyers in California. The aim was to help people buy houses, including in areas like San Francisco where house prices are escalating and homeownership is at a seven-year low.In keeping with its plan, Apple revealed on Monday it had ring-fenced more than $400 million for the initiative, which will go to supporting first-time homebuyers and the construction of new affordable housing units. This includes a project funded in partnership with the Housing Trust Silicon Valley to create 250 new units of affordable housing across the Bay Area, and mortgage and downpayment assistance funds created in conjunction with the California Housing Finance Agency.Read more
