Microsoft has pledged $500 million toward affordable housing in the Seattle area, The New York Times reports.
The region is home to both Amazon's Seattle headquarters and Microsoft's Redmond, Wash.-based headquarters, and has faced an affordable housing crisis in the wake of these successful technological hubs. Now, Microsoft is arguing the industry has a responsibility to help the middle- and low-income community members left behind.
Under its pledge, Microsoft will lend $225 million at subsidized rates to preserve and build middle-income housing in six cities near its headquarters, mainly in Seattle suburbs. It will dedicate $250 million to support low-income housing across the region. The loans may go to private or nonprofit developers, as well as governmental groups.
The remaining $25 million will be put toward grants to local organizations that address homelessness, such as those providing legal aid for people fighting eviction.
To read NYT's article, click here.