Apple's $2.5 billion investment in affordable housing is building new communities

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in General Discussion edited July 2022
As part of its continued financial contributions to creating affordable homes, Apple is celebrating the new communities that are being formed from its partnerships with Californian housing organizations.




Apple has been contributing increasing sums to help with California's housing issues, starting with $400 million in 2020, then over $1 billion by 2021. Now the company says that it has committed $2.5 billion, of which over $1.3 billion is directed to what it describes as a diverse array of projects.

"We're incredibly proud to see families and neighbors moving into new homes as a result of our partnership with affordable housing organizations across California," Kristina Raspe, Apple's vice president for Global Real Estate and Facilities, said in a statement. "Apple is committed to finding real solutions that can help our communities thrive, and these new projects represent tangible progress toward making that promise a reality for so many of our fellow Californians."

Apple's partnership with the California Housing Finance Authority (CalHFA) has seen the company assist with mortgage and down-payments for thousands of low or moderate-income first-time home buyers.

The fund has launched an affordable housing investment program that so far has supported almost 2,000 new home units across California. Those include 315 in Los Angeles, almost 340 in Berkeley, and over 230 for families in Chico's Cedar Village.

Apple has singled out the newly opened Veterans Square housing complex in Pittsburgh, California, where it claims "a new community is blossoming."

Opened in March 2022, Veterans Square is a 30-unit building created both for veterans and for individuals who the housing organizations have identified as having the greatest need for homes. "For the vast majority [of the new homeowners], it is a world away from the streets they recently called home," says Apple.

"I didn't know if I was going to get in, so I prayed about it," 85-year-old veteran JC told Apple. "I love my apartment. They even put me on the first floor because it's easier with my walker. That meant a lot to me."

Veterans Square is a result of Apple's collaboration with Housing Trust Silicon Valley, a community development financial institution. Working for both organizations is Marcus Ferdinand, 39, who is the building's service coordinator - and counselor for the residents.

Veterans Square building coordinator Ferdinand (left) and resident JC (right)
Veterans Square building coordinator Ferdinand (left) and resident JC (right)


"I remember growing up in a community where there were a lot of problems," Ferdinand told Apple. "I just never thought it was the way life should be for people."

"I feel like everyone has the potential to lead a life that they enjoy -- and for some of us, it's just harder to get there," he continued. "And so if I can help someone to get to that point, it makes it all worthwhile."

Through its separate work with Destination: Home, Apple provided financial and rental assistance to over 20,000 families during the coronavirus pandemic. This partnership has also helped Destination: Home fund almost 1,700 housing units for extremely low-income families in the Bay Area.

Read on AppleInsider

Comments

  • Reply 1 of 8
    Xedxed Posts: 3,259member
    Taking only the $400M and $1B values (rounded down) for 2020 and 2021, respectively, and rounding up to 2000 homes, that's $700k per home just to build.
    Soli
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  • Reply 2 of 8
    crowleycrowley Posts: 10,453member
    Xed said:
    Taking only the $400M and $1B values (rounded down) for 2020 and 2021, respectively, and rounding up to 2000 homes, that's $700k per home just to build.
    If you assume all the money was spent on new homes, and all those homes have been completed, which the article makes pretty clear is not the case.
    edited July 2022
    FileMakerFeller
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  • Reply 3 of 8
    Xedxed Posts: 3,259member
    crowley said:
    Xed said:
    Taking only the $400M and $1B values (rounded down) for 2020 and 2021, respectively, and rounding up to 2000 homes, that's $700k per home just to build.
    If you assume all the money was spent on new homes, and all those homes have been completed, which the article makes pretty clear is not the case.
    As I suggest, the situation is much worse than the best possible scenerio.
    Soli
     1Like 0Dislikes 0Informatives
  • Reply 4 of 8
    genovellegenovelle Posts: 1,481member
    Unfortunately many will say it not enough. They are quite happily silent when nothing is being done. As long as their situation is good. 
     0Likes 0Dislikes 0Informatives
  • Reply 5 of 8
    crowleycrowley Posts: 10,453member
    Xed said:
    crowley said:
    Xed said:
    Taking only the $400M and $1B values (rounded down) for 2020 and 2021, respectively, and rounding up to 2000 homes, that's $700k per home just to build.
    If you assume all the money was spent on new homes, and all those homes have been completed, which the article makes pretty clear is not the case.
    As I suggest, the situation is much worse than the best possible scenerio.
    Huh?  No, you've assumed that every penny of the first two years of commitment has been spent on the homes that have been confirmed built.  That's not the best possible scenario, that's a massive assumption, and an incorrect one given even a cursory reading of Apple's statement.
    ronnFileMakerFeller
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  • Reply 6 of 8
    crowleycrowley Posts: 10,453member
    Here:

    In partnership with CalHFA, Apple has provided mortgage and down payment assistance to thousands of low- and moderate-income first-time homebuyers, and launched an affordable housing investment program that has unlocked funding to support nearly 2,000 units across the state. They include 315 units at Avenue 34 in Los Angeles, almost 340 units at Redwood Gardens in Berkeley, and more than 230 units for families in Chico’s Cedar Village, including for those impacted by the 2018 Camp Fire.
    See the "and"?  There are more things happening here.  The cost per unit of the housing will be much less than your calculation.
    ronn
     1Like 0Dislikes 0Informatives
  • Reply 7 of 8
    sunman42sunman42 Posts: 352member
    Xed said:
    Taking only the $400M and $1B values (rounded down) for 2020 and 2021, respectively, and rounding up to 2000 homes, that's $700k per home just to build.
    Most affordable homes are in multi-tenant dwellings, like the one pictured. And almost none of those is built solely for low-income tenants. Instead, a certain number are reserved for low-income and/or currently unhoused people. Veterans' Square may be different, but most housing projects are mixed-income these days — where required by law.
    ronn
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