Microsoft Pledges $500 Million To Support Seattle Affordable Housing

On January 16, 2019, Microsoft announced that it has committed $500 million to support affordable housing solutions in the Seattle area. Affordable housing is defined as housing for which the occupant pays no more than 30% of income for gross housing costs, including utilities.The funding will be used to provide loans and grants to accelerate the construction of more affordable housing across the Puget Sound region, which includes Seattle, and nine surrounding cities to the east and southeast (Auburn, Bellevue, Federal Way, Issaquah, Kent, Kirkland, Redmond, Renton, and Sammamish).

The company intends to invest:

$225 million at lower than . . .