Apple commits $2.5B to California housing issues

Nov. 04, 2019 9:18 AM ETApple Inc. (AAPL)AAPLBy: Brandy Betz, SA News Editor180 Comments
  • Apple (NASDAQ:AAPL) +0.7% commits the money as part of a "comprehensive" plan to address housing availability and affordability in California.
  • The $2.5B commitment will include a $1B affordable housing investment fund, a $1B first-time homebuyer mortgage assistance fund, $300M in Apple-owned and available land for housing, a $150M Bay Area housing fund, and $50M earmarked for supporting "vulnerable populations."
  • The funding commitments are expected to take about two years to be fully utilized. Capital returned to Apple will be reinvested in future projects over the next five years.

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