Apple to spend more than $400 million of $2.5 billion California housing fund this year
(Reuters) - Apple Inc on Monday said it has allocated more than $400 million (317.4 million pounds) of $2.5 billion it pledged last year to stem California's housing crisis. The iPhone maker in November committed the funding to address what Chief Executive Tim Cook called a housing "affordability crisis that is existential" for many residents of the company's home state. Apple said that it is also working with a public-private group called Housing Trust Silicon Valley to start work on four projects in the San Francisco Bay area that will create 250 new units of affordable housing, many of them reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities. “We were able to immediately invest their funding into several new housing developments that will provide a permanent home to vulnerable residents across the region and reinforce our homelessness prevention system at a time when we’re seeing an unprecedented number of at-risk families in need," Jennifer Loving, Destination: Home’s chief executive, said in a statement.