Housing Trust Silicon Valley – a nonprofit community loan fund that works to create a strong affordable housing market in the greater Bay Area – is launching the Apple Affordable Housing Fund, funded by an US$150 million grant to Housing Trust with the goal of building more affordable housing in the greater Bay Area.
The Apple Affordable Housing Fund is part of the comprehensive $2.5 billion commitment Apple made in November 2019 to help address the housing availability and affordability crisis in California. Housing Trust will make loans to qualified developers to access these funds for projects that need “unique and flexible capital” to move into the construction phase. Developers are encouraged to submit a request for proposal on Housing Trust’s web site before the deadline of March 24.
“This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” said Kevin Zwick, CEO of Housing Trust Silicon Valley, in a press release. “This grant creates opportunities to do what couldn’t be done otherwise, and we’re excited by the impact this fund will have.”
Developers are encouraged to review the threshold and preference criteria on the Housing Trust website and submit their most compelling proposals. The Apple Affordable Housing Fund will support a mix of incomes, from individuals and families at the lowest level incomes up to the “missing middle” – and all affordable homes developed will have long-term affordability restrictions, says Zwick. Additionally, the Apple Affordable Housing Fund is encouraging transit-oriented projects that incorporate sustainable methods, efficient use of resources and aspects that support resident and community equity. For more information and to submit an RFP please go to https://housingtrustsv.org/applefundrfp/.