Microsoft commits $500 million to tackle affordable housing crisis in Puget Sound region
Microsoft Corp. on Wednesday announced a $500 million commitment 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. Microsoft’s commitment will include:
- $225 million invested at below market rate returns, focused on preserving and developing new middle-income housing on King County’s Eastside.
- $250 million invested at market rate returns to support low-income housing across the King County region.
- $25 million in philanthropic grants to address homelessness. This includes two initial commitments:
- $5 million for the new Home Base program through the United Way of King County, to prevent people from becoming homeless by providing legal representation, helping with back rent and offering caseworker help.
- $5 million for the aligned funding that supports the city of Seattle and King County creation of a consolidated entity to address homelessness. This funding will help kick-start a new philanthropic funders collaborative that will work together with government and other partners.