Apple on Monday announced a $2.5 billion plan to help address the housing crisis in California.
The plan includes $1 billion for an affordable housing investment fund and another $1 billion to help first-time home buyers find mortgages.
“Affordable housing means stability and dignity, opportunity and pride,” Apple’s chief executive, Tim Cook, said in a statement posted on the company’s website. “When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
Apple joins other Big Tech companies based in California seeking to ease the state’s severe housing crunch. Facebook said last month that it would give $1 billion in a package of grants, loans. In June, Google pledged $1 billion for a similar effort in California.
Microsoft pledged $500 million toward affordable housing in Seattle in January.
This is a developing story and will be updated.