SAN JOSE — With financial help from Apple, Housing Trust Silicon Valley has launched a $200 million fund to fuel a greater pace of affordable residential development in the Bay Area.
The regional organization said the new endeavor, which it describes as a “landmark” fund, is slated to help create or preserve 7,400 units of affordable housing. Cupertino-based Apple, along with other companies, is credited with providing significant funding.
Apple’s financing level wasn’t disclosed, but Housing Trust Silicon Valley named the iPhone maker its 2025 Housing Champion. The tech company has intensified its efforts to bolster affordable housing in recent years.
“This fund gives us the flexibility to meet the challenges of today while building the affordable housing systems our region will need tomorrow,” said Noni Ramos, chief executive officer of the Housing Trust. “Even in a moment when many are retreating, our partners are boldly stepping forward.”
Prior efforts by the Apple Affordable Housing Fund component have helped to finance projects throughout the Bay Area.
“We believe everyone deserves a place to call home,” said Kristina Raspe, Apple’s vice president of global real estate and facilities.
The tech company launched the fund in 2020 and has been working closely with Housing Trust Silicon Valley ever since.
“Together we’ve supported the development of nearly 20 projects serving almost 3,400 people across the Bay Area,” Raspe said Wednesday night during the 25th anniversary Investor Briefing hosted by Housing Trust Silicon Valley.
Efforts by Apple have helped to finance affordable housing projects throughout the Bay Area, including in San Jose, Santa Cruz, Dublin, Milpitas, Pittsburg, Menlo Park, Mountain View and Belmont, according to Housing Trust Silicon Valley.
“Those projects aren’t just buildings,” Raspe said. “They represent thousands of people, families, unhoused veterans, and other vulnerable members of our community, who now have a safe, stable place to call home.”
Apple said it was happy to team up again with Housing Trust Silicon Valley, with which the tech company has partnered for years
“Together, we’re able to find new solutions to complex challenges that prioritize people, our communities, and environmental sustainability,” Raspe said.
Along with Apple, U.S. Bank, PNC, Wells Fargo, and Mechanics Bank are also providing funding.
“Home ownership is central to achieving community stability and improving on social and economic outcomes,” said Courtney Williams, an executive vice president with Walnut Creek-based Mechanics Bank.
Housing Trust Silicon Valley hopes its new Building Impact Initiative will generate $5.7 million in annual rent savings for low-income households, while helping reduce reliance on cars by supporting housing near jobs and transit.
