Apple commits $2.5B to combat California housing crisis

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CUPERTINO (AP) — Apple has committed $2.5 billion to ease California's housing crisis, eclipsing similar pledges by fellow Silicon Valley giants Google and Facebook to address a lack of affordable housing in the region they call home. Apple's pledge Monday includes a $1 billion fund to build new homes for households with low to moderate incomes and a $1 billion homebuyer mortgage assistance fund. It also includes $300 million to make Apple-owned land in San Jose available for affordable housing; a $150 million partnership with a San Francisco Bay Area nonprofit to support new affordable housing projects with long-term forgivable loans and grants; and $50 million to address homelessness in the region. Gov. Gavin Newsom on Monday called Apple's pledge an "unparalleled financial commitme
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