As part of a $2.5 billion funding commitment made by computer and electronics giant Apple to help fund additional affordable housing initiatives, the company has allocated $400 million toward a series of first-time homebuyer and affordable housing efforts. 

An announcement from Apple explains that the company has launched new affordable housing developments totaling 250 units in partnership with the Housing Trust Silicon Valley and other local nonprofit housing developers in the San Francisco Bay Area. 

In addition, the company will bring funding to a new mortgage and down payment assistance fund and to an affordable housing investment support program, both of which are created with the help of the California Housing Finance Agency (CalHFA). 

Lastly, Apple is helping to fund new affordable housing construction through a partnership with Destination: Home, an organization that supports people who are at risk of experiencing homelessness.

Other housing initiatives funded by the technology giant, which has seen its stock market value increase by more than 25% this year amid a historically low corporate tax environment, include a $1 billion affordable housing investment fund with the state of California, a $1 billion first-time homebuyer mortgage assistance fund, targeted toward housing for "personnel, school employees, and veterans," and $300 million in Apple-owned land made available for affordable housing development.