SAN JOSE — Housing Trust Silicon Valley has launched a $200 million fund that’s being crafted to fuel a greater pace of affordable residential development in the Bay Area and named Apple as its 2025 Housing Champion.
The regional organization said the new financing endeavor, which the Housing Trust describes as a “landmark” fund, would be used to create or preserve 7,400 units of affordable housing in the Bay Area.
Regional Street Apartments, a 113-unit affordable housing project at 7750 St. Patrick Way in Dublin, concept. (BAR Architects & Interiors)Cupertino-based Apple is among the companies that are providing significant funding this year. Apple’s financing level wasn’t disclosed. The tech titan has intensified its efforts to bolster affordable housing in recent years.
“This fund gives us the flexibility to meet the challenges of today while building the affordable housing systems our region will need tomorrow,” said Noni Ramos, chief executive officer of the Housing Trust. “Even in a moment when many are retreating, our partners are boldly stepping forward.”
Pacific Station South, a 70-unit affordable housing development at the corner of Pacific Avenue and Front Street in Santa Cruz, concept. (Studio Schicketanz)Related Articles
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“We believe everyone deserves a place to call home,” said Kristina Raspe, Apple’s vice president of global real estate and facilities.
Apple said it was happy to team up again with Housing Trust Silicon Valley, with which the tech company has partnered for years
“Together, we’re able to find new solutions to complex challenges that prioritize people, our communities, and environmental sustainability,” Raspe said.
Along with Apple, U.S. Bank, PNC, Wells Fargo, and Mechanics Bank are also providing funding.
“Home ownership is central to achieving community stability and improving on social and economic outcomes,” said Courtney Williams, an executive vice president with Walnut Creek-based Mechanics Bank.
The Housing Trust hopes that its new Building Impact Initiative will generate $5.7 million in annual rent savings for low-income households, while helping reduce reliance on cars by supporting housing near jobs and transit.
Apple was the recipient of the 2025 Housing Champion award announced by the Housing Trust. The tech company launched its Apple Affordable Housing Fund in 2020 and has been working closely with the Housing Trust ever since.
“Together we’ve supported the development of nearly 20 projects serving almost 3,400 people across the Bay Area,” Raspe said Wednesday night during the 25th anniversary Investor Briefing hosted by the Housing Trust.
The Apple efforts have helped to finance affordable housing projects throughout the Bay Area, including in San Jose, Santa Cruz, Dublin, Milpitas, Pittsburg, Menlo Park, Mountain View and Belmont, according to a post on the Housing Trust website.
“Those projects aren’t just buildings,” Raspe said. “They represent thousands of people, families, unhoused veterans, and other vulnerable members of our community, who now have a safe, stable place to call home.”
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