A New Commitment to Affordable Housing
Apple announced a comprehensive $2.5 billion plan in November 2019 to help address the housing availability and affordability crisis in California. The initiative is designed to accelerate and expand new housing production; jump-start long-term development that would otherwise not be possible, help first-time homebuyers purchase homes; and support new housing and programs to reduce homelessness.
Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.Tim Cook, Apple CEO
Apple’s commitment includes the $150 million Apple Affordable Housing Fund to Housing Trust Silicon Valley. The fund is intended to support new affordable housing projects. Housing Trust, which has a long history of successful public-private partnerships and deployment of innovative financing for nonprofit developers, will implement the Apple Affordable Housing Fund by making loans to qualified developers to help accelerate affordable housing construction across the Bay Area.
How It Helps
Using the Apple Affordable Housing Fund, Housing Trust will deploy new solutions, accelerate construction timelines and house families faster by making loans to qualified developers for affordable housing in the greater Bay Area. The Apple Affordable Housing Fund sets out to accomplish these goals in two ways: by unsticking and accelerating developments that, with added support offered under this Fund, will be “shovel ready” on or before June 30, 2022, and by expanding the types of tools available to developers.
We are supporting proposals that are all but ready to proceed yet need unique and flexible capital to allow the project to move to the construction phase. Sponsor/Borrowers are encouraged to review the threshold and preference criteria that follows and submit their most compelling proposals.
The Apple Affordable Housing Fund supports a mix of incomes, from individuals and families at the lowest level incomes up to 120% of the area median income. All units developed using funds from the Apple Affordable Housing Fund will have long-term affordability restrictions.
Additionally, the Apple Affordable Housing Fund is looking to encourage transit-oriented projects that are responsive to the selection preferences detailed in the RFI below, including transit-oriented projects that incorporate sustainable building methods, efficient use of resources and unique aspects that support residents and the community.
RFI released: March 26, 2021
Last day for questions: April 12, 2021 by 11:59pm PST
Proposal deadline: April 20, 2021 by 11:59pm, PST