Le Lézard
Classified in: Science and technology, Business
Subjects: CSR, SRI

Microsoft commits $500 million to tackle affordable housing crisis in Puget Sound region

REDMOND, Wash., Jan. 16, 2019 /PRNewswire/ -- Microsoft Corp. on Wednesday announced a $500 million commitment to preserve existing affordable housing, spur construction of new units, and partner with nonprofits to address the affordable housing crisis on the Eastside of King County and the Puget Sound region. Microsoft's commitment will include:

Microsoft company logo. (PRNewsFoto/Microsoft Corp.) (PRNewsfoto/Microsoft Corp.)

The majority of this capital will be deployed over the next three years.

Across the region, housing costs have risen and increasingly pushed out people with lower and even middle incomes. Puget Sound has become the sixth most expensive region in the country, and the region has seen a 21 percent increase in jobs since 2011, coupled with only a 13 percent increase in housing units. This problem is even more pronounced in the smaller cities around Seattle than in Seattle itself.

"If we're going to make progress, we'll all need to work together as a community," said Microsoft President Brad Smith and Microsoft Chief Financial Officer Amy Hood in a joint blog post. "Ultimately, a healthy business needs to be part of a healthy community. And a healthy community must have housing within the economic reach of every part of the community, including the many dedicated people who provide the vital services on which we all rely."

The announcement accompanies a joint declaration from the mayors of nine of the largest cities around Seattle to take steps to increase affordable housing capacity. Mayors of Auburn, Bellevue, Federal Way, Issaquah, Kent, Kirkland, Redmond, Renton and Sammamish will consider changes in zoning to increase the pipeline of housing in selected areas, providing desirable public land near transit locations, addressing permitting processes and fees, and creating tax incentives for developers.

The blog post on today's announcement can be found here. Additional press resources can be found here.

Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.



SOURCE Microsoft Corp.

These press releases may also interest you

at 10:46
M&T Bank has named Blair Ridder Regional President for the New York City market,  broadly responsible for M&T's community-focused approach to banking delivered by 375 employees to customers and neighborhoods across the metro area. Ridder was...

at 10:45
The "Securing E-Commerce in 2019: Competing Technology Crowds the Market" report has been added to ResearchAndMarkets.com's offering. The growth of e-commerce has commanded billions of dollars in investments from credit card companies, merchants,...

at 10:45
On February 13, 2019, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Carlos Manuel Vargas. Mr. Vargas admitted to improper trading...

at 10:45
SPENGA, a workout studio that combines spin, strength and yoga in one 60-minute session, is pleased to announce the opening of its newest location in Albuquerque, New Mexico. Each studio has experienced instructors that...

at 10:35
Medallion Financial Corp. announced today that it will report its fourth quarter 2018 results after the market closes on Wednesday, February 27, 2019. A conference call to discuss the financial results will be held on Thursday,...

at 10:34
The Telecommunications Industry Association (TIA), the leading association representing the manufacturers and suppliers of high-tech communications networks, together with UL, a leading global safety science organization, announced a new agreement to...

News published on 17 january 2019 at 00:00 and distributed by: