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- Apple (NASDAQ:AAPL) said it is partnering with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home to introduce the new Bay Area Housing Innovation Fund.
- The fund will make targeted and favorable loans to boost affordable housing development, and is part of the company's broader $2.5 billion commitment to address housing affordability in communities across California.
- The Bay Area Housing Innovation Fund will use the initial investment of $50 million to support four projects in the greater San Francisco Bay Area, creating more than 400 homes within the next two years.
- Along with the new investment in the Bay Area Housing Innovation Fund, the tech giant has now allocated over $1.6 billion to supporting affordable housing initiatives in California.