Apple has announced recently that it is going to launch a scheme which is worth $2.5 billion for addressing the issues of the housing crisis in the state of California. Apple has said that it is trying to tackle the issues of the house prices skyrocketing in the state which is its home state.
The commitment of Apple includes $1billion investment in affordable housing, $1 billion assistance in mortgage for the first time buyers and Apple land worth $300 million which is being offered for the housing projects that are going to be affordable.
In their statement, Apple has said that it is going to partner with Gavin Newsom who is the Governor of the state and the community organizations for this project.
The $1 billion fud for affordable housing is going to specifically provide an open option for credit for the state to build their housing for the very low income to the moderate income households.
The billion dollars which have been allocated to the mortgage assistance is going to assistance to the first time buyers through financing and assisting their down payment. Apple has also looked at ways for specifically helping the workers in the essential emergency services, veterans and schools.
The returns form the loans of Apple are going to be reinvested for the next five years.
Apple has also planned to commit $200 million for a new initiative which is targeted at the housing for lower income and vulnerable people who are in Bay Area. $150 million of this figure is going to be for the long-term loans and grants for the ones who are in the need of it and the rest is going to be donated as charity to the home charity named Destination.