Tech giant Apple is making a $400 million payment on its $2.5 billion promise to help fight California's housing crisis.
The funding is coming at a crucial time with the state being hit with both a record number of COVID-19 cases and a recession.
Some of the money Apple is committing will go toward helping low-income first-time home buyers get a place to live. Some of the funding will also go toward the construction of new low-income housing.
Housing Trust Silicon Valley said more low-income housing will be built in the Bay Area thanks to the first round of funding from Apple.
Ray Bramson of destination home said the one-two punch of pandemic and recession has left many on the brink of homelessness. But the funding will help keep people off the streets until the next round of money arrives, he said.