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Seattle Housing Crisis: Microsoft Commits $500 Million to Build Affordable Housing

Microsoft (NASDAQ:MSFT) is taking a stab at helping overcome the Seattle housing crisis.

Seattle Housing Crisis: Microsoft Commits $500 Million to Build Affordable Housing

Source: Shutterstock

Microsoft’s plan to help tackle the Seattle housing crisis includes investing $500 million in the effort. The company says that it will be divvying these funds up between various groups to help with the cause.

Microsoft’s goal is 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.”

“If we’re going to make progress, we’ll all need to work together as a community,” Microsoft President Brad Smith and Microsoft CFO Amy Hood said in a joint statement. “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.”

Here’s how Microsoft plans to split the funds for the Seattle housing crisis.

  • $225 million of the $500 million will go toward “preserving and developing new middle-income housing on King County’s Eastside.”
  • $250 million will be spent to “support low-income housing across the King County region.”
  • The final $25 million will be for “philanthropic grants to address homelessness” in the area. This includes two initial funds of $5 million. One will go toward helping prevent homelessness and the other will address current homelessness in the area.

Microsoft says it will be investing this money into the Seattle area over the next three years.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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