Apple commits $2.5 billion toward building affordability housing in San Francisco area
Apple Inc. said Monday it has committed $2.5 billion to help combat what the technology giant called the "housing availability and affordability crisis" in California, as nearly 30,000 people left San Francisco between April and June and homeownership in the Bay Area is at a 7-year low. Apple said it has committed $1 billion to an affordable housing investment fund, to provide the state and other with a line of credit to develop new very low- to moderate-income housing; $1 billion for a first-time homebuyer mortgage assistance fund, to provide first-time buyers with financing and downpayment assistance; $300 million Apple-owned land in San Jose will be made available to develop affordable housing. The company will also provide $200 million to support lower-income housing in the Bay Area. The stock, which rose 0.6% in premarket trading, has rallied 25.4% over the past three months while the Dow Jones Industrial Average has gained 3.3%.
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