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Tech giant Apple announced that it will spend $ 400 million to combat the California housing crisis in 2020 as part of a multi-year commitment of $ 2.5 billion.
Apple is partnering on affordable housing projects and homeowner assistance programs with organizations including the California Housing Finance Agency (CalHFA) and Destination: Home, a public-private partnership in Santa Clara County.
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Apple said its funding will create more than 250 affordable housing units in the bay area surrounding its Cupertino, California headquarters.
Apple CEO Tim Cook in Austin, Texas on November 20, 2019. (Photo by MANDEL NGAN / AFP via Getty Images)
“As cities and states have been forced to pause many of their long-term investments in affordable housing amid the current public health crisis, Apple is proud to follow through on our comprehensive plan to combat the crisis in housing in California, “said Apple’s Kristina Raspe. vice president of Global Real Estate and Facilities, said in a statement.
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Apple said its support for Destination: Home has helped fund 1,000 units of affordable removals, including 70 units for seniors at risk of becoming homeless.
| Heart | Security | Latest | Change | Change% |
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| AAPL | APPLE INC. | 394.16 | +10.48 | + 2.73% |
“Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness much more urgent,” said Jennifer Loving, CEO of Destination: Home, in a statement. “We were able to immediately invest their funding in several new housing developments that will provide a permanent home for vulnerable residents across the region and reinforce our Homelessness Prevention System at a time when we see an unprecedented number of families in risk they need it. “
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Many Californians struggled with homelessness before the pandemic. Nearly a third of the nation’s homeless people were in California as of January 2019, according to the University of Southern California’s Homeless Policy Research Institute.
Apple’s commitments emerge as consumer interest in what corporations stand for grows. Similarly, Amazon was pressured to partner with a homeless shelter on its urban Seattle campus.
FOX Business’s Susan Li contributed to this report.
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