Microsoft has announced that it is investing $60 million to help protect the rents from three thousand middle- to low-income residents in five residential apartment complexed in Kirkland, Bellevue, and Federal Way, Washington (all in the Seattle area). The company will be providing the 15-year low-interest loan to the King County Housing Authority, another step closer to reaching its $500 million pledge.
The loan is just part of the $245 million investment jointly announced by Microsoft and the KCHA. In addition to funding from the Redmond giant, the investment will include $20 in low interest debt plus additional credit enhancements from King County, as well as $140 million in bonds issued by the KCHA.
According to Jane Broom, senior director of Microsoft Philanthropies:
“We are committed to maintaining and bolstering strong, vibrant communities here in the greater Puget Sound region. Thriving communities include safe, reliable and affordable housing options for people at all income levels. To do this, we all need to come together to not only build more housing options, but also to preserve what already exists.”
Microsoft pledged $500 million for fight the housing crisis in Seattle back in January, of which half will be used to support lower-income areas. The company also pledged $225 million in developing new homes at “lower than market rate returns” and another $25 million to protect those facing eviction.
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