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Apple and John Sobrato Launch $50 Million Fund for 145 Affordable Housing Units in Bay Area

Jul 17, 2024, 02:45 PM

Apple has announced a new initiative to address the affordable housing crisis in California by launching a $50 million Bay Area Housing Innovation Fund. This fund aims to create more affordable homes in the region, particularly in Santa Cruz and San Francisco. Apple is partnering with the philanthropic arm of real estate firm Sobrato, Silicon Valley billionaire philanthropist John Sobrato, and two other California-based groups to support the fund. The first project backed by this initiative will deliver 145 units of senior housing at 1833 Valencia on a one-acre parcel in the Mission District, which was previously a parking lot for the Sears Roebuck & Co. department store. The fund is designed to make it faster and cheaper to build affordable homes across the Bay Area.