Nonprofit seeks developers to take first bites of Apple’s $2.5B housing commitment

Nearly four months to the day after Apple Inc. promised $2.5 billion to spur housing and address homelessness in the Bay Area, the first $150 million of that commitment is up for grabs by developers. Cupertino-based Apple in November granted San Jose-based nonprofit Housing Trust Silicon Valley the $150 million to use for low-interest loans for hard-to-fund affordable housing developments. Now the Housing Trust is looking for proposals from developers that are missing a critical piece of funding, but could otherwise start construction on their affordable housing project by the end of next year. “This is exactly what we mean when we talk about creating bolder measures and greater equity in the region,” Kevin Zwick, CEO of Housing Trust Silicon Valley, said in a statement. “This grant creates opportunities to do what couldn’t be done otherwise, and we’re excited by the impact this fund will have.”