Apple donates $2 billion to address California housing crisis

CUPERTINO, Calif. (CNN) – Apple is donating $2.5 billion dollars to help fight California’s housing crisis.

The tech giant announced the plan Monday which will provide housing for extremely low-income adults in the San Jose area.

The initiative is also designed to help low-income veterans and disabled-formerly-homeless individuals.

Apple says costs for renters and potential homebuyers are skyrocketing and the availability of affordable housing is failing to keep pace with the region’s growth.

CEO Tim Cook says Apple has long called the Silicon Valley area “home.” He says the company wants to make sure the area stays a vibrant place where people can live, have a family, and contribute to the community.