By Dave Sebastian

Apple Inc. said it is putting more than $400 million toward affordable housing and homeowner assistance programs in California this year as part of its $2.5 billion spending target on addressing the housing crisis in the state.

The technology giant said this year's projects include a partnership with Housing Trust Silicon Valley that will create more than 250 new affordable-housing units in the Bay Area. It is also launching a mortgage and down-payment assistance fund and investment support program in conjunction with the California Housing Finance Agency.

Apple said it is also supporting affordable-housing construction with Destination: Home.

Among Apple's plans in its $2.5 billion spending target are establishing a $1 billion affordable housing investment fund with the state of California and a $150 million Bay Area housing fund with Housing Trust Silicon Valley, as well as making available in $300 million Apple-owned land.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

July 13, 2020 10:44 ET (14:44 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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