Microsoft ups its affordable-housing initiative to $750M, announces more funding allocations
Microsoft Corp. has added $250 million to its affordable-housing initiative, raising its King County commitment to $750 million.
The company to date now has allocated $380 million toward its pledge, supporting projects to create and preserve more than 6,500 housing units.
A year ago, the Redmond-based technology company announced its plan to invest $500 million in King County affordable housing over three years to address the region’s shortage of low- and middle-income housing, something that has been largely pinned on growth of the lucrative tech sector. Microsoft President Brad Smith said technology companies must take responsibility and address the challenges it has created.
Since then, Microsoft (NASDAQ: MSFT) granted a $60 million below-market interest rate loan to the King County Housing Authority to support its purchase of more than 1,000 affordable-housing units and granted $5 million each to Plymouth Housing’s plan to build housing for chronically homeless, United Way of King County’s eviction-prevention program and King County's regional homelessness authority.
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