Microsoft Continues $750M Deployment of Affordable Housing Funds
Microsoft is making two loans totaling $65 million to local housing groups that will support the creation of more than 1,000 new affordable housing units in the Seattle area. The latest investments are part of an overall $750 million commitment to affordable housing the company previously announced.
The latest set of investments includes a new initiative with Urban Housing Ventures supported by Freddie Mac, Stream Real Estate, WaFd Bank and Washington Trust Bank to reduce rents in existing market-rate housing in Bellevue and Kirkland. Microsoft is contributing $40 million to Urban Housing Ventures’ effort designed to quickly create more affordable living options.
Microsoft is also providing $25 million to Washington State Housing Finance Commission (WSHFC) to expand a land acquisition program that accelerates the development of new affordable housing.
Microsoft wrote of their affordable housing efforts, “Working closely with these leading regional and national housing organizations, we are pushing ourselves to think creatively and leverage our collective resources in new ways; simply put, the scale of this problem is massive, and we know money alone will not solve the problem.”
For comments, questions or concerns, please contact Dennis Kaiser