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Apple is teaming up with real estate firm Sobrato’s philanthropy and two other California organizations to form a fund with an initial investment of $50 million to support affordable housing projects in the San Francisco Bay Area.
The iPhone maker said the Bay Area Housing Innovation Fund is part of Apple’s 2019 commitment to donate $2.5 billion to affordable housing across California.
The growth of the technology industry on the West Coast of the United States (mainly California) has led to a sharp increase in housing prices and increased living pressure on residents.
Many tech workers have already relocated or are considering moving to other states and working remotely, while calling on the tech industry to intervene in the housing crisis.
Created by Apple in partnership with Sobrato Philanthropies, the San Francisco Housing Accelerator Fund, and Destination: Home, the fund will provide targeted, concessional loans to promote affordable housing development.
The program will initially support four projects in the greater San Francisco Bay Area, building more than 400 homes over the next two years.
Including this latest effort, Apple has allocated more than $1.6 billion to the state’s affordable housing programs, directly benefiting more than 60,000 California residents, the tech giant said.
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