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Microsoft promises $ 500 million for affordable housing



Elizabeth Kayser | Microsoft announced on Wednesday its plan to engage $ 500 million to keep existing housing at affordable prices, boosting the construction of new units and partner with non-profit organizations the affordable housing crisis in the Puget Sound area.

The company sent a press release on Wednesday evening, stating that the message was accompanying a joint declaration by the mayors of nine cities; Auburn, Bellevue, Federal Way, Issaquah, Kent, Kirkland, Redmond, Renton and Sammamish.

The mayors of these nine cities wrote a statement calling for affordable housing opportunities for families and individuals in all financial spectrum.

"Too many of our teachers can no longer afford to live near the schools they teach, too many nurses, teachers, police and other people who react first of all are being moved by the communities they serve to find homes that can reasonably afford to continue to grow, and our local labor force travels farther and far ̵

1; worsening congestion and undermining our sense of community, "the statement said.

According to a presentation presented by Microsoft, average house prices in the area have risen by 96%, while average household incomes have risen by only 34%.

Their presentation also indicates that 653,900 homes in affordable housing are needed and only 348,900 exist;

"Technology and other industries have brought jobs, people and greater prosperity to the big Seattle, but they have also increased the need for more housing for people," the report said. "Unfortunately, housing in the region is not keeping pace with this growth." In a blog post by Brad Smith, Microsoft's president, and Amy Hood, Microsoft Chief Financial Officer, the company is working on how they can solve the problem for about 8 months.

"This is a big problem, and that's a problem that continues to get worse," the blog says.

The job destroys the three areas where they plan to invest the money:

  1. 225 million dollars at a lower than market return on capital to subsidize the preservation and construction of middle-income housing. Initially, these investments will be made in six cities east of Seattle and Lake Washington: Bellevue, Kirkland, Redmond, Issaquah, Renton and Sammamish.
  2. 250 million dollars at market rate return to support low-income housing in the entire county of King County. We believe that additional capital at market interest rates can help accelerate the construction of low-income housing throughout the region.
  3. $ 25 million in charity benefits to tackle homelessness in the greater Seattle area. Today we announce the first $ 10 million of this aid. This will include a $ 5 million philanthropic grant for the newly created home based program created by Seattle Mariners, the King County United Road, and the King County Law School. This program helps people to evict their homes through legal assistance, access to flexible funds, and case management. We also commit $ 5 million to support a new joint homelessness agency set up by Seattle and King County.

"If we want to make progress, we will all have to work together as a community," says the blog. "" We acknowledge that Microsoft is uniquely positioned to put its balance behind these efforts, but we believe that everyone a person and every business, big and small, has the responsibility to contribute where jobs are created and the locations of the homes and the distances between employees, as well as new work to develop the detailed changes in public policy that will be needed for providing more accessible g

Microsoft believes that the promise will help 39% of the large working households in Seattle with financial burdens – especially households where more than 30% of their gross income is spent on housing.

"It also aims to help workers in Seattle, such as teachers, nurses, firefighters and police officers, live in communities where they work. This, in turn, gives them short trips and the ability to send their children to nearby schools, "the message said.

Here you can see the complete breakdown and presentation of Microsoft


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