Microsoft Donates $500 million for Affordable Housing in Seattle Area
Seattle is the home to some major tech giants such as Amazon and Microsoft. The boom of tech industry in the area has led to a affordable housing crisis. Microsoft has taken action and pledged to donated $500 million to create new homes that are affordable to middle and low-income workers. Microsoft is taking some responsibility in hopes that other tech companies will follow in their footsteps to create affordable housing in the area.
Accorrding to the New York Times, “Microsoft plans to lend $225 million at subsidized rates to preserve and build middle-income housing in six cities near its Redmond headquarters. It will put an additional $250 million into low-income housing across the region. Some of those loans may be made through the federal programs that provide tax breaks for low-income housing (Weise)”. The remaining $25 million will go to local programs and organizations that fight homelessness.
Hopefully, companies will follow in Microsoft’s footsteps to create affordable housing in the regions in which they operate.