Apple, Sobrato’s philanthropy arm, and two other California-based companies are launching a $50 million fund to help affordable housing developments in the San Francisco Bay Area.
The Bay Area Housing Innovation Fund is part of Apple’s 2019 vow to give $2.5 billion to affordable housing in California, the company announced on Wednesday.
The expansion of the IT sector on the American West Coast, particularly in California, has resulted in large increases in housing prices and a strain on residents.
Many tech professionals have migrated or are considering moving to other states to work remotely, while calling on the tech industry to act in the housing problem.
The fund, which Apple is collaborating on alongside Sobrato Philanthropies, San Francisco Housing Accelerator Fund, and Destination: Home, will provide targeted, favorable loans to boost affordable housing development.
It will initially fund four projects in the wider San Francisco Bay Area, constructing more than 400 houses over the next two years.
Apple has allocated more than $1.6 billion to affordable housing efforts in California, including its most recent endeavor, directly impacting over 60,000 Californians, according to the tech giant.
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