Microsoft pledges $225 million for affordable housing for middle-income families
As well as $275 million for affordable housing for low-income families and $25 million to help with homelessness prevention and services for the homeless
In Kent, middle-income workers struggle to find affordable housing. At a press conference last week, Microsoft pledged $500 million to help develop affordable housing, including $225 million dedicated to housing for middle-income families in King County.This pledge is the largest in company history, and it is five times more than the state’s Housing Trust Fund.
- Microsoft will loan $225 million at below-market interest rates to help developers build and preserve workforce housing for households making $62,000 to $124,000 a year.
- $250 million will go toward market-rate loans for construction of affordable housing for people making up to 60 percent of the local median income ($48,150 for a two-person household).
- $25 million will be donated to services for low-income and homeless residents, including $5 million to help tenants facing eviction.
Half a billion dollars sounds like a lot of money, but it represents only a small portion of what’s needed to help Kent and other King County residents secure permanent housing. Microsoft has challenged other companies and organizations to join them to address the local housing crisis.
“I’m very excited to see Microsoft step up to help middle-income families. This is a group that is often overlooked, and it includes teachers, nurses, welders and others who are struggling to make ends meet,” said Mayor Dana Ralph. “This won’t solve the problem overnight, but it is a step in the right direction. We hope other local companies will join the fight and support working families in Kent to secure housing.”