Apple Lossless Audio CODEC (ALAC), announced today an extremely bold project based on which it will invest 2.5 billion dollars to build houses and help people buy their houses. 1 billion dollars will be invested directly in the construction of houses that have affordable prices for its employees, and not only that, another 1 billion being invested to pay the mortgages.
Apple is going to use that billion dollars to help first home buyers pay their mortgages, which is great. More than that, Apple will offer land worth 300 million dollars for projects that aim to build homes that have affordable prices.
Apple entered into a partnership with the governor of California to build houses and reduce to a certain extent the housing problem in the American state. Apple will pay people the advances for houses, and will refinance them for loans at more advantageous rates, helping the authorities to build new affordable houses.
"We worked closely with leading experts to put together a plan to meet this challenge on all fronts, from the critical need to increase housing supply, to support homebuyers and young families, to essential philanthropy to help those most at risk. ,. Apple is committed to being a good neighbor and helping to write the next chapter of the region that has been a great home of innovation and creativity for generations."
Apple will allocate another 150 million for long-term loans of families with very low incomes, which will be non-refundable. Another 50 million will be donated to an NGO that tries to solve the problem of homeless people living on the streets of Silicon Valley.
Apple is only one of the companies that makes investments of this kind, but the amount allocated is higher than those invested by Facebook, Google, but it represents only 1% of Apple's revenues in 2019.
