Microsoft Pledges $500 Million in Ambitious Puget Sound Housing Plan and Homelessness Initiative
Enterprise's Pacific Northwest team served as trusted advisors contributing expertise, long-standing regional partnerships and on-the-ground experience with affordable housing development and developers.
SEATTLE (January 28, 2019) – Microsoft recently pledged $500 million for an ambitious initiative to develop much-needed affordable housing and to address homelessness in the Puget Sound. The Redmond-based tech leader tapped Enterprise Community Partners early in the planning process to draw upon our expertise, long-standing regional partnerships and on-the-ground experience with affordable housing development and developers.
“Enterprise's Pacific Northwest team understands the scale and root causes of the local housing crisis and brings valuable local and national knowledge of innovative financing and policy solutions,” said Mary Snapp, Corporate Vice President and Lead of Microsoft Philanthropies. “It was important to have Enterprise’s unique perspective among our trusted advisors.”
Microsoft’s $500 million commitment will be put to work as capital and grants to accelerate the construction of more affordable housing across the region.
- $225 million investment in low-cost, long-term capital to create workforce housing affordable to households earning between 60 percent and 120 percent of the area median income.
- $250 million in capital investments to create homes affordable to households below 60 percent AMI.
- $25 million in philanthropic grants, with an initial announcement of $5 million to the newly announced Home Base program and $5 million to support a new joint agency on homelessness being formed by the city of Seattle and King County.
Additionally, the initiative will provide support to develop a regional public policy agenda to increase the supply of housing for all income-level households, and a detailed data analysis on workforce housing needs in East King County.
“Creating homes and maintaining affordability for all income levels are critical so the region can grow equitably while maintaining its economic competitiveness,” said M.A. Leonard, VP and Pacific Northwest market leader, Enterprise. “Microsoft is a homegrown company with local roots, and we are inspired by their corporate leadership and commitment to ensure the Puget Sound community is healthy and welcoming to people who live and work here.”