$150 Million Apple Fund Launches With Goal of Building Affordable Housing in California Bay Area

MacRumors

macrumors bot
Original poster
Apr 12, 2001
48,743
10,148



Apple in November announced plans to spend $2.5 billion easing the housing crisis in California, and today, Housing Trust Silicon Valley announced that it is launching the Apple Affordable Housing Fund, which is funded by a $150 million grant from Apple.

A property built in San Jose with funds from Housing Trust Silicon Valley​

Apple has pledged $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time homebuyers, and $300 million worth of Apple-owned land for affordable housing projects.

Using the $150 million provided by Apple, Housing Trust Silicon Valley will build "more affordable housing in the greater Bay Area" through loans made available to qualified developers working on projects that need unique and flexible capital to move into the construction phase." Developers are asked to submit requests for proposals on the Housing Trust's website by March 24, 2020.
"Today's announcement shows what our region can accomplish when we combine big investments, affordable housing industry expertise and opportunity, and the proven financial models led by Housing Trust Silicon Valley," said Amie Fishman, Executive Director of Non-Profit Housing Association of Northern California. "This Fund will inspire innovative solutions from around the Bay Area, and we can't wait to see the solutions our affordable housing industry proposes moving forward."
All housing developed using money from the Apple Affordable Housing Fund will have long-term affordability restrictions, and will support a mix of incomes, from individuals and families at the lowest level incomes up to 120 percent of the area median income.

Property prices in California, especially in the Bay Area where Apple operates, have skyrocketed in recent years, and it is one of the most expensive places to live in the United States.

Along with pledging $2.5 billion to fund affordable housing, Apple has also said it will donate $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.

Article Link: $150 Million Apple Fund Launches With Goal of Building Affordable Housing in California Bay Area
 
  • Like
Reactions: Rocko99991

firewood

macrumors 604
Jul 29, 2003
7,817
1,061
Silicon Valley
Skyrocketed? I know of residential units within easy bicycling distance from Apple Park that haven't appreciated much over the past 3 years. Tons of new mixed use construction going on near Lawrence Expressway. One of them tore down one of the last remaining hobby electronics parts stores.
 

iOS Geek

macrumors 6502
Nov 7, 2017
465
1,044
Hope it helps!

I used to live in the Bay Area. Last I heard was something like less than $115k (somewhere around there) makes you low income, pretty much everywhere in the Bay Area. I used to live in East Contra Costa County. The town I was in was a small farm town at the time in the early 90s. It must have gone from "affordable farm town" to "money town", because I've heard that even there, you'll struggle on 6 figures and if you aren't 6 figures...you're basically screwed.
 
  • Like
Reactions: andrewr2123

benshive

macrumors demi-god
Feb 26, 2017
504
3,980
United States
Hope it helps!

I used to live in the Bay Area. Last I heard was something like less than $115k (somewhere around there) makes you low income, pretty much everywhere in the Bay Area. I used to live in East Contra Costa County. The town I was in was a small farm town at the time in the early 90s. It must have gone from "affordable farm town" to "money town", because I've heard that even there, you'll struggle on 6 figures and if you aren't 6 figures...you're basically screwed.
Sounds like a good plan could be to work for a company out there where you can work remotely. Collect the 6 figures while living somewhere with cheaper housing.
 

Freida

macrumors 68020
Oct 22, 2010
2,413
3,222
of course there has to be an american flag :D :D :D
- - Post merged: - -

Its actually quite pretty. In Europe these types of buildings are fairly common so get used to it. :)

It’s a good idea, but OMG, that building is hideous. Inexpensive doesn’t have to be vomit inducing
 

Duane Martin

macrumors 6502
Oct 15, 2004
364
740
Calgary, Alberta
Skyrocketed? I know of residential units within easy bicycling distance from Apple Park that haven't appreciated much over the past 3 years. Tons of new mixed use construction going on near Lawrence Expressway. One of them tore down one of the last remaining hobby electronics parts stores.
Thank you for clearly demonstrating the plural of “anecdote” is not “facts.”

Glad to see Apple recognizes how the standard of living affects their operations within the communities they locate. I wish more companies would acknowledge that their presence affects communities both positively and negatively then make the effort to mitigate the negative. In the end it is even good for the bottom line, a real win-win.
 

cmaier

Suspended
Jul 25, 2007
18,029
16,011
California
Skyrocketed? I know of residential units within easy bicycling distance from Apple Park that haven't appreciated much over the past 3 years. Tons of new mixed use construction going on near Lawrence Expressway. One of them tore down one of the last remaining hobby electronics parts stores.
I’m amazed at how much that Lawrence corridor has changed over the years. Back when I worked at AMD, if we wanted to go off campus for lunch we either went to the burrito joint on Duane, or St. John’s. Now there are restaurants everywhere, massive apartment complexes everywhere, etc.
 

Labeno

macrumors 6502
Jul 21, 2008
313
985
It's hard to believe Apple is doing this out of the kindness of their hearts... does anyone know if there is some subversion here for Apple to heavily profit from this?
 

iOS Geek

macrumors 6502
Nov 7, 2017
465
1,044
Sounds like a good plan could be to work for a company out there where you can work remotely. Collect the 6 figures while living somewhere with cheaper housing.
Exactly. The town I lived in was Brentwood. I do think I recall hearing recently that Brentwood is still "affordable" by Bay Area standards. But after looking up how it's changed...it's definitely a money town now. Some pretty nice and expensive houses there now.
 

rmoliv

macrumors 65816
Dec 20, 2017
1,266
2,294
That type of building and construction is quite common in most of Europe, but it looks kind of weird/out of place in the United States.
 
Last edited:

elemenohme

macrumors regular
Nov 6, 2014
167
78
Note that Apple is *loaning* the money and acting as a bank. According to the request for proposals, the loan term is 20 years with a 2% interest rate and a $10M maximum loan. That's not a lot of funds for a project (a 50-unit affordable housing project where I live costs about $18M to build), but it could be enough to get small projects that are are ready to go off the ground.
 
  • Like
Reactions: PC_tech and nutmac

cmaier

Suspended
Jul 25, 2007
18,029
16,011
California
It's hard to believe Apple is doing this out of the kindness of their hearts... does anyone know if there is some subversion here for Apple to heavily profit from this?
Yes. Evil Apple makes it a little easier for its employees to afford to live here.

They are so evil.
- - Post merged: - -

The frustrating thing about being a Bay Area resident is knowing how wealthy I would be anywhere else. When I tell people from other states what I make, they assume I must own a huge house and drive a Maserati. But I’m actually a renter barely getting by.
Of course you wouldn’t likely be earning what you now earn anywhere else?
 

Northern Man

macrumors 65816
Aug 25, 2013
1,466
2,202
The frustrating thing about being a Bay Area resident is knowing how wealthy I would be anywhere else. When I tell people from other states what I make, they assume I must own a huge house and drive a Maserati. But I’m actually a renter barely getting by.
So pack your bag tonight and hit the road...
 

Edsel

macrumors 6502
Mar 18, 2010
365
393
Over There
Parents had a friend who purchased a nice 3 story townhouse on Lake Street, San Fransisco in the 1960's for $10k. I wonder what it's worth today?
 
  • Like
Reactions: J.J. Sefton

firewood

macrumors 604
Jul 29, 2003
7,817
1,061
Silicon Valley
So pack your bag tonight and hit the road...
If you can find any other place that will pay you anywhere near as well...

The key to Silicon Valley is too live well below ones means (think ramen and sleeping on couches), until one can save enough cash from that 6 figure starting salary to move far away and buy that big house on 10 acres in some other state (not CA). I know several engineers who did well on that plan. But that lifestyle choice is certainly not for everybody.
 
  • Like
Reactions: PC_tech and RevTEG

RevTEG

macrumors 65816
Oct 28, 2012
1,103
810
San Jose, Ca
Skyrocketed? I know of residential units within easy bicycling distance from Apple Park that haven't appreciated much over the past 3 years. Tons of new mixed use construction going on near Lawrence Expressway. One of them tore down one of the last remaining hobby electronics parts stores.
I‘ve lived in San Jose for over 20 years now. Not far South of Lawrence Expressway. Sunnyvale housing and rentals have gone through the roof over the last 3/5 years. My business partner has property by the new Apple campus and across the 101 in Mountain View. People are selling for over the asking in those areas. San Jose area housing is averaging $4 per sq ft now. Even the older industrial areas off 101 and Oakland Rd have gone way up. Even Milpitas property has skyrocketed over the last few years.

Here in the Bay we call it the Apple Effect. it’s more than Apple, but they are buying up and renting millions of sq ft here. Apple acquired property across the freeway from SJC and the prices immediately went up in the area. by the way, you can even google recored sells in Mountain View. It‘S been all over the news, houses setting records for selling over the asking price because of being located close to the new Apple Campus.
 

Mr. Dee

macrumors 68020
Dec 4, 2003
2,405
3,381
Jamaica
I think Apple’s future in regards to growth is in health and likely social programs. In 10 to 25 years Apple could build its first community, just like it has stores all over the country and around the world. Eventually this could lead to things like Apple states that are governed using a fusion of local, federal government policies and Apple values. After Apple launches the self driving car around 2030, the next goal will be to build actual Apple branded homes and Apartments, gated communities, counties then states. These will be first world projects of course, but its part of the ethos and DNA of Steve Jobs to build the end to end experience.
 
  • Haha
Reactions: Stars&Stripes

RevTEG

macrumors 65816
Oct 28, 2012
1,103
810
San Jose, Ca
If you can find any other place that will pay you anywhere near as well...

The key to Silicon Valley is too live well below ones means (think ramen and sleeping on couches), until one can save enough cash from that 6 figure starting salary to move far away and buy that big house on 10 acres in some other state (not CA). I know several engineers who did well on that plan. But that lifestyle choice is certainly not for everybody.
I like the way you think. 😄 As a SJ resident, I fully admit things are very expensive. My wife and I moved here from Mississippi 20 years ago. It was expensive then too. But we love it here. As for as wages go, my son, still in high school, just applied for his first part time. In N Out starting pay is $17 and some pretzel place in the Great Mall starts at $16. Thats great pay for a high school student looking for a summer job. Living here can be done.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.