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Apple is giving back to California.
Apple will do its part to help with the California housing crisis by donating $2.5 billion to state and other efforts. That comes against the backdrop of housing prices continuing to rise in parts of the state and a growing homeless population -- which Democratic presidential candidate Bernie Sanders says the company helped create.
A breakdown of the $2.5 billion.
The commitment will take two years to be fully utilized by the state and will be spread out to help develop new housing projects, fund first-time homebuyers and address issues with the homeless.
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"Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community," said Tim Cook, Apple's CEO, in a statement Monday. "Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution."
Apple will commit $1 billion to a housing investment fund that will give the state and othes a line of credit to develop and build new, lower-cost housing for low- to moderate-income families. Another billion will help first-time homebuyers with financing and down payment assistance. The iPhone maker will also contribute some of its...
(Excerpt) Read more at: CNET
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