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Apple’s commitment to the state of California includes:

The funding commitment to California is expected to take approximately two years to be fully utilized depending on the availability of projects. Capital returned to Apple will be reinvested in future projects over the next five years.

In addition to these initiatives, Apple is working to identify private developers who, with the right financing and investment, are ready to start construction on affordable housing projects in the Bay Area immediately.

Apple will also provide $200 million to support new lower-income housing and help some of the most vulnerable populations in the Bay Area: 

“We’re so grateful that Apple has made this significant philanthropic commitment towards solving Silicon Valley’s growing homelessness crisis,” said Jennifer Loving, Destination: Home’s CEO. “With this generous contribution, we’ll be able to scale two proven strategies for reducing homelessness in our community: the production of more permanently affordable housing for our most vulnerable residents and an expansion of prevention programs that help at-risk families remain stably housed. Apple’s contribution serves as an example of how Silicon Valley companies can work in partnership with the public and nonprofit sectors to address this huge challenge, and I hope others will follow their lead in the weeks and months ahead.”

One of the first projects Apple will fund as part of its philanthropic commitment to Destination: Home will be an expansion of the organization’s Homelessness Prevention System, a network of service providers offering employment assistance, legal aid, rent subsidy, case management and other support to reduce homelessness.

“We have worked closely with leading experts to put together a plan that confronts this challenge on all fronts, from the critical need to increase housing supply, to support for first-time homebuyers and young families, to essential philanthropy to assist those at greatest risk,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. “Apple is committed to being a good neighbor and helping to write the next chapter of the region that has been a great home of innovation and creativity for generations.”

By putting its $2.5 billion investment to use across multiple initiatives and partners, Apple’s housing initiative offers a comprehensive and multi-pronged approach to address some of the most urgent challenges facing affordable housing in California. This initiative is a major step, and Apple will continue looking for ways to support communities and affordable housing.