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Microsoft commits $500 million to affordable housing, but why?

Catwell

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Microsoft's president, Brad Smith and Chief Financial Officer, Amy Hood announce Microsoft's imitative to invest $500 million for affordable housing in Puget Sound. (Image Credit: Microsoft)

 

Microsoft announced a $500 million commitment to help with affordable housing, encourage development of new housing units and invest with non-profit organizations to address the crisis on the Eastside of King County and the Puget Sound region. 

Their generous commitment will include:

  • $225 million spent at below market rate returns focused on preserving and
  • $250 million invested at market rate returns to support low-income housing on King Count's Eastside. This investment can help to speed up construction of low-income housing.

  • $25 million in grants to address homelessness which will involve two commitments:

    • $5 million for the new Home Base Program
    • $5 million that supports the city of Seattle and King County on a new joint agency to help with homelessness. The funding will help to start off a new philanthropic collaborative that will work with government and other partners.

 

Most of the money invested will be put to use over the next three years.

 

Housing costs have become increasingly expensive, causing residents who have lower and middle incomes to be pushed out of their homes.  Puget Sound is the sixth most expensive region in the country. The area has seen a 21% increase in jobs since 2011 while there is only a 13% increase in housing. The issues are more apparent in he smaller regions of Seattle, rather than Seattle itself.

 

The announcement follows support from mayors of nine of the largest cities around Seattle to take steps to increase affordability in housing capacity. Mayors of Auburn, Bellevue, Federal Way, Issaquah, Kent, Kirkland, Redmond, Renton and Sammamish will consider changes in zoning. This is to increase the pipeline of housing in specific areas to provide public land closer to transit locations, addressing permitting processes and fees and to create a tax incentive for developers.

 

 

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