Innovating in housing finance to create and preserve more middle-income housing for greater Seattle
Nearly two years into Microsoft's Affordable Housing Initiative, it has become apparent that in order to close the affordable housing gap there needs to be fresh, innovative approaches to housing finance – in Washington and nationwide. Despite continued rapid growth in greater Seattle, the community is not providing enough housing that is affordable for people who live here – particularly low- and middle-income households. For example, between 2011 and 2019 jobs grew 24% while housing only grew 12%, and, while median household income increased by 34% median, housing prices increased by 78%. This challenge is compounded by the deep economic crisis of Covid-19, and the historical inequity faced by communities of color.
Microsoft announced a set of investments totaling $65 million (of the company's overall $750 million commitment) to help support the creation of more than 1,000 new affordable housing units for greater Seattle. To read more about the investments, visit Microsoft On The Issues.