SAN FRANCISCO, July 13 (Xinhua) -- Apple Inc. announced Monday it is allocating more than 400 million U.S. dollars toward affordable housing projects and homeowner assistance programs in the U.S. state of California this year, marking a major milestone in the company's multiyear 2.5 billion dollars commitment to combat the housing crisis in the state.

The funding will support thousands of Californians with first-time homebuyer assistance or new affordable housing units, the announcement said.

"At a time when so many members of our community are facing unprecedented challenges, we believe it's critical to make sure that their hopes for the future are supported through tangible programs and results," said Kristina Raspe, Apple's vice president for Global Real Estate and Facilities.

"As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California," she noted.

In partnership with the California Housing Finance Agency (CalHFA), Apple has provided mortgage and down payment assistance to hundreds of first-time homebuyers to date, with additional benefits for teachers, veterans, and firefighters. CalHFA's assistance program supports low- and moderate-income first-time homebuyers, and reflects the state's ethnic diversity.

In November 2019, Apple committed 2.5 billion U.S. dollars to combat the housing crisis in California across a series of initiatives over several years.