Microsoft, King County and the King County Housing Authority will invest $245 million to provide affordable rents for more than 3,000 low- and middle-income residents through the purchase of five apartment complexes.
King County housing authority will buy apartment complexes in Kirkland, Bellevue and Federal Way to ensure that the residents aren’t faced with skyrocketing rental costs seen across the region, the organizations announced Thursday morning.
— The Seattle Times
The 1,029 units purchased in the deal are, according to The Seattle Times, located in areas rich in "naturally occurring affordable housing" that are also particularly vulnerable to displacement.
Microsoft loaned the King County Housing Authority. $60 million for the effort; The investment represents the first deployment of a $500 million pledge the technology giant announced in early 2019 to help preserve housing affordability in the Seattle region.
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