Apple on Monday said it would commit $2.5 billion to easing a housing shortage that has driven up prices across California.
“We want to make sure that it is a vibrant place where people can live and also raise a family,” Apple Chief Executive Tim Cook told Reuters in an interview. “And there’s no question that today that isn’t possible for many people, that the region suffers from an affordability crisis that is existential.”
Apple said the project-financing fund was the first of its kind. Real estate developers often secure bonds for affordable housing development but must service the debt during construction until the houses are built and start to generate revenue. Apple and state officials hope to provide bridge financing during construction at rates below those from commercial lenders.
“This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue,” California Governor Gavin Newsom said in a statement.
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