Apple commits $2.5 billion to combat California housing crisis

CUPERTINO, Calif. -- Apple will give $2.5 billion to help assist with the housing crisis in California.

The company says $1 billion will create an affordable housing investment fund. Another $1 billion will go towards a first-time homebuyer mortgage assistance fund; $300-million worth of Apple-owned land will be turned into affordable housing and $200-million will help with low-income housing, mostly in the Bay Area.

RELATED: Facebook commits $1 billion to affordable housing in Bay Area, US

CEO Tim Cook says Apple has a civic responsibility to help people in the company's home state find affordable housing.

The move comes on the heels of funding commitments by Google and Facebook, which each pledged $1 billion earlier this year.

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