Apple Inc. announced this week that it was committing $2.5 billion to combating the ongoing housing crisis plaguing California. The plan includes $1 billion to establish a mortgage assistance fund for first-time homebuyers and another $1 billion as an open line of credit to support the construction of low to moderate income housing.
“The sky-high cost of housing – both for homeowners and renters – is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing,” read a statement from Gov. Gavin Newsom.
The tech giant joins other large Silicon Valley powerhouses Facebook and Google who have each pledged $1 billion this year toward solving California’s housing woes.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
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