Apple backs $50 million fund to support Bay Area affordable housing

Apple is partnering with the philanthropic arm of real estate firm Sobrato and two other California-based groups to launch a fund with an initial investment of $50 million to support affordable housing projects in the San Francisco Bay Area.

The Bay Area Housing Innovation Fund is part of Apple’s 2019 pledge to contribute $2.5 billion towards affordable housing across California, the iPhone maker said on Wednesday.