BDA Member Microsoft Commits 500m to Tackle the Affordable Housing Crisis

Microsoft has announced a groundbreaking commitment of $500 million to tackle the affordable housing crisis affecting the greater Seattle area, with a multi-faceted approach aimed at different income levels. The funding strategy allocates $225 million for middle-income housing through lower-than-market returns and $250 million at market rates to support low-income housing across King County. Additionally, $25 million will be dedicated to philanthropic grants aimed at addressing homelessness in the region. Local mayors from various Eastside cities, including Bellevue, Kirkland, and Redmond, are collaborating with Microsoft to undertake essential actions to improve housing availability. Bellevue has notably heightened its focus on affordable housing, with a Council-adopted strategy and a significant increase in budget allocations for housing initiatives. The Bellevue Downtown Association is also actively advocating for policy changes to promote the construction of affordable units, reflecting a community-wide commitment to this vital issue. The initiative underscores the urgent need for sustainable housing solutions in a rapidly growing area. By harnessing both public and private resources, this collaborative effort aims to create significant, lasting impacts on the affordable housing landscape.