Microsoft tackles affordable housing
Microsoft announced that it is making a major commitment to affordable housing in the Seattle market.
The tech giant is committing $500 million to preserve existing affordable housing, spur construction of new units, and partner with nonprofits to address the affordable housing crisis on the Eastside of King County and the Puget Sound region.
About $225 million will be invested at below market rate returns, focused on preserving and developing new middle-income housing on King County’s Eastside. Another $250 million will be invested at market rate returns to support low-income housing across the King County region.
The majority of this capital will be deployed over the next three years, Microsoft said, noting that across the region, housing costs have risen and increasingly pushed out people with lower and even middle incomes.
Puget Sound has become the 6th most expensive region in the country. While the region has seen a 21% increase in jobs since 2011 it has only seen a 13% increase in housing units.
“This problem is even more pronounced in the smaller cities around Seattle than in Seattle itself,” Microsoft said in a prepared statement.
“If we’re going to make progress, we’ll all need to work together as a community,” said Microsoft President Brad Smith and Microsoft Chief Financial Officer Amy Hood in a joint blog post. “Ultimately, a healthy business needs to be part of a healthy community. And a healthy community must have housing within the economic reach of every part of the community, including the many dedicated people who provide the vital services on which we all rely.”
The tech giant is committing $500 million to preserve existing affordable housing, spur construction of new units, and partner with nonprofits to address the affordable housing crisis on the Eastside of King County and the Puget Sound region.
About $225 million will be invested at below market rate returns, focused on preserving and developing new middle-income housing on King County’s Eastside. Another $250 million will be invested at market rate returns to support low-income housing across the King County region.
The majority of this capital will be deployed over the next three years, Microsoft said, noting that across the region, housing costs have risen and increasingly pushed out people with lower and even middle incomes.
Puget Sound has become the 6th most expensive region in the country. While the region has seen a 21% increase in jobs since 2011 it has only seen a 13% increase in housing units.
“This problem is even more pronounced in the smaller cities around Seattle than in Seattle itself,” Microsoft said in a prepared statement.
“If we’re going to make progress, we’ll all need to work together as a community,” said Microsoft President Brad Smith and Microsoft Chief Financial Officer Amy Hood in a joint blog post. “Ultimately, a healthy business needs to be part of a healthy community. And a healthy community must have housing within the economic reach of every part of the community, including the many dedicated people who provide the vital services on which we all rely.”