Apple partners with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Vacant Space: Residence, renowned experts in affordable housing innovation, to establish the Bay Area Housing Innovation Fund. As part of its $2.5 billion commitment to address housing affordability in California communities, this fund enables targeted and favorable lending to support affordable housing improvements.
Kristina Raspe, Apple’s Vice President of Global Real Estate and Facilities, said, “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.” “Gaining access to affordable and secure housing is vital for vibrant communities in our own backyard; we’re proud to partner in launching the Bay Area Housing Innovation Fund, building upon our enduring commitment to California’s people.”
With a preliminary $50 million investment, the Bay Area Housing Innovation Fund will support four projects in the upper San Francisco Bay Area, developing more than 400 units over the next two years. By leveraging proven approaches, the fund focuses specifically on removing obstacles hindering affordable housing developers from delivering high-caliber projects rapidly and at significantly lower costs compared to industry norms.
“We cannot effectively address the intertwined homelessness and affordability crises in the Bay Area by simply replicating past approaches to building and funding affordable housing,” said Rebecca Foster, CEO of the San Francisco Housing Accelerator Fund, which will oversee the new initiative. Let’s scale back costs and deadlines outside the project scope to achieve greater efficiency. Here’s the improved text: This fund is tailored to demonstrate the impact of having well-defined objectives, a unified commitment to achieving them, and a streamlined financial framework. “We’re deeply thankful to Apple for spearheading this initiative, lending its innovative spirit to the crucial effort.”
Next week, Mercy Housing will mark a milestone by breaking ground on a new affordable development in San Francisco’s Mission District, as the Bay Area Housing Innovation Fund takes its first step towards making a tangible impact. The mission aims to provide 145 models of sustainable supportive housing solutions specifically designed to help seniors who are currently experiencing or at risk of experiencing homelessness. The fund’s anticipated second mission is expected to break ground in Santa Cruz later this year.
Apple has committed over $1.6 billion to support affordable housing projects in California through the Bay Space Housing Innovation Fund, directly benefiting more than 60,000 Californians. Thanks to its partnership with Apple, affordable housing developers are building or renovating over 10,000 units across more than 90 projects statewide – many of which are already complete and providing homes for families. Since its inception in the Bay Area, Apple has provided critical support to more than 35,000 individuals at risk of losing their homes, enabling them to remain housed. Furthermore, the company has empowered over 2,500 first-time homebuyers to achieve the American dream by financing their properties.
Apple is partnering with the three Bay Area Housing Innovation Fund anchor partners, as well as Housing Trust Silicon Valley, California Housing Finance Agency, United Methodist Church of Greater Los Angeles, and various builders across California to tackle the state’s housing crisis.
