Apple has announced that it’s teaming up with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home — all experts in affordable housing development — to launch the new Bay Area Housing Innovation Fund.
This fund, which will make targeted, favorable loans to advance affordable housing development, is part of Apple’s broader US$2.5 billion commitment to address housing affordability in communities across California.
“We believe everyone deserves a place to call home, and we’re proud that Apple’s $2.5 billion initiative is supporting more affordable housing options across the state,” Kristina Raspe, Apple’s vice president of Global Real Estate and Facilities, said in the press release. “Increasing access to safe and affordable housing is essential for thriving communities here, and we’re excited to help launch the Bay Area Housing Innovation Fund as part of our long-term commitment to our home state.”
With an initial $50 million investment, the Bay Area Housing Innovation Fund will support four projects in the greater San Francisco Bay Area, creating more than 400 homes within the next two years. Using proven methods, the fund is uniquely focused on removing barriers that affordable housing developers frequently encounter in order to deliver high-quality units faster and for significantly less than current industry averages, according to Raspe.
“We cannot effectively address the homelessness and affordability crises in the Bay Area if we continue building and funding affordable housing in the same way,” explained Rebecca Foster, CEO of the San Francisco Housing Accelerator Fund, which will manage the new fund. “We must think outside the box to significantly reduce costs and timelines. This fund is designed to showcase what is possible when we have clear goals, a shared commitment to meet these targets, and a simplified financing structure. We’re so grateful to Apple for helping to anchor this fund and bringing their innovative thinking to this important community work.”
Next week, Mercy Housing will celebrate breaking ground on a new affordable development in San Francisco’s Mission District, marking the Bay Area Housing Innovation Fund’s first project to begin construction. The project will provide 145 units of permanent supportive housing for seniors experiencing or at imminent risk of experiencing homelessness. The fund’s anticipated second project is expected to break ground in Santa Cruz later this year.
Including this new investment in the Bay Area Housing Innovation Fund, Apple has now allocated over $1.6 billion to supporting affordable housing initiatives in California, directly benefitting more than 60,000 Californians. With support from Apple, affordable housing developers are building or preserving more than 10,000 units across more than 90 developments statewide — many of which have already been completed and are currently housing community members. Apple has also helped more than 35,000 Bay Area residents who were at risk of losing their homes remain housed, and has assisted more than 2,500 first-time homebuyers finance their homes.
In addition to the three Bay Area Housing Innovation Fund anchor partners, Apple is also working with Housing Trust Silicon Valley, California Housing Finance Agency, United Way of Greater Los Angeles, and developers across California to address the state’s housing crisis.
