Microsoft Pledges $500 Million to Boost Affordable Housing
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Microsoft Corp. said it will spend $500 million to develop affordable housing and help alleviate homelessness in the Seattle area, responding to a growing regional housing crisis that has strained the finances of many lower- and middle-income residents.
Half the money will be spent to support low-income housing across King County with a further $225 million invested at lower than market rates to subsidize the preservation and construction of middle-income homes, the Redmond, Washington-based company said in a blog post. The remaining $25 million will be used to address homelessness in the greater Seattle region.