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Apple to spend more than $400 million of $2.5 billion California housing fund this year

REUTERS/Mike Segar/File Photo

Apple Inc on Monday said it has allocated more than $400 million of $2.5 billion it pledged last year to stem California’s housing crisis.

The iPhone maker in November committed the funding to address what Chief Executive Tim Cook called a housing “affordability crisis that is existential” for many residents of the company’s home state.

The majority of the first $400 million to be spent this year is going toward two programs Apple is working on with the California Housing Finance Agency. Under the first, Apple has provided funding to help state officials extend their ability to finance affordable housing projects with tax-exempt bonds.

Under the second, Apple has worked through the agency to help provide mortgage and down payment assistance to hundreds of first-time home buyers to date. The mortgage assistance program is aimed at low- and moderate-income first-time home buyers.

13 July 2020

News Source Reuters

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