Apple Partners to Launch $50M Affordable Housing Fund in Bay Area

Apple, alongside Sobrato Philanthropies and two other California-based groups, is launching a $50 million fund to support affordable housing in the San Francisco Bay Area. This initiative is part of Apple's broader $2.5 billion commitment to combat California's housing crisis. The fund will initially support projects creating over 400 homes.

Apple is collaborating with the philanthropic wing of the real estate firm Sobrato and two other California organizations to establish a $50 million fund aimed at supporting affordable housing projects in the San Francisco Bay Area.

This initiative, the Bay Area Housing Innovation Fund, supports Apple's 2019 pledge of $2.5 billion towards affordable housing across California. The rapid growth of the tech sector in California has dramatically increased housing prices, causing significant strain on residents.

With many tech workers moving or considering relocation to other states, the tech industry is under pressure to address the housing crisis. The fund, a collaboration between Apple, Sobrato Philanthropies, San Francisco Housing Accelerator Fund, and Destination: Home, will offer targeted, favorable loans to foster affordable housing development. Initially, it will support four projects in the Bay Area, creating more than 400 homes within the next two years, benefiting over 60,000 Californians.

(With inputs from agencies.)