Apple Inc. (NASDAQ:AAPL) unveils a $50 million fund as part of its $2.5 billion investment commitment aimed at addressing the housing crisis in the San Francisco Bay Area, focusing on affordable housing initiatives across California.
What Happened: The Bay Area Housing Innovation Fund, which is being launched in partnership with the philanthropic arm of real estate firm Sobrato and two other California-based groups, will provide targeted, favorable loans to support affordable housing development, Reuters reported on Wednesday.
The fund will initially back four projects in the greater San Francisco Bay Area, creating over 400 homes in the next two years.
Apple’s latest commitment brings its ...