Apple Pledges $2.5 Billion for Housing Affordability

"Apple said it will direct $2.5 billion toward affordable housing in California, the latest tech giant to pledge money to one of the state’s most pressing problems," report Andrew Khouri.

In January, Microsoft announced $500 million for affordable housing in the Seattle area. Google announced $1 billion in June for affordable housing in the Bay Area. Facebook was the most recent to pledge a huge sum of money for affordable housing, with a $1 billion promise made in October.

Now Apple joins the club and raises the stakes. "Apple will spread its money out in a variety of ways, including a $2-billion investment in partnership with the state of California," according to Khouri. Of that total, the company will invest $1 billion into an investment fund that finances very low- to moderate-income housing. Another $1 billion "will allow the state to help more first-time home buyers with financing and down payment assistance," according to Khouri.

"In addition to the $2 billion that will be invested in partnership with the state, Apple said it will use $300 million worth of its land in San Jose for affordable housing development." Another $150 million will be donated to a Bay Area-specific affordable housing fund, and the final $50 million will go to Destination: Home, a Silicon Valley nonprofit that does street outreach to homeless populations.

Additional coverage of Apple's housing contributions, published by the the New York Times, is provided by Kevin Granville and David Yaffe-Bellany.