Professional Builder
This week, Microsoft’s president and chief financial officer announced that the company is putting $500 million into an affordable housing initiative for residents in Seattle and its suburbs.
In a blog post entitled, “ensuring a healthy community: the need for affordable housing,” company president Brad Smith and CFO Amy Hood explain that the funding will be separated into three “pillars”: $225 million at lower-than-market-rate returns to subsidize the continuity and construction of middle-income housing in Bellevue, Issaquah, Kirkland, Redmond, Renton, and Sammamish; $250 million at market rate returns to support low-income housing in King County; $25 million in philanthropic grants to address Seattle’s homelessness crisis, Fast Company reports.
