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Apple Funding More Than $400 Mln For Affordable Housing In California In 2020

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Apple Inc. said it is allocating more than $400 million for affordable housing projects in California this year.

The latest funding is part of its earlier announced $2.5 billion multi year commitment to meet housing crisis in the most populous state in the United States.

The money will be used towards affordable housing projects and homeowner assistance programs in the company's home state, helping thousands of Californians in the low and middle income group with first-time homebuyer assistance or new housing units.

The projects launching this year include Charities Housing Development Corporation project in San Jose, financed in partnership with Housing Trust Silicon Valley.

The first four projects funded through Apple and Housing Trust Silicon Valley's partnership will create more than 250 new units of affordable housing. Many of these are reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities.

There is also a mortgage and down payment assistance fund and an affordable housing investment support program, both created in conjunction with the California Housing Finance Agency or CalHFA.

Apple is also teaming with Destination: Home for additional construction of affordable housing units. Apple's support for the public-private group has already helped in funding the construction of over 1,000 new units of deeply-affordable and supportive housing.

Apple committed $2.5 billion in November last year with plans for a series of initiatives over several years. These included $1 billion affordable housing investment fund with the state of California, $1 billion first-time homebuyer mortgage assistance fund, and $300 million in Apple-owned land made available for affordable housing, among others.

In similar initiatives, in June, Unitedhealth Group, Inc. announced an additional investment of $100 million in affordable housing. CVS Health Corp. in February said it invested $67 million in affordable housing in 2019 that led to 2,200 affordable homes across 24 cities in six states.

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