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November 20, 2020

Microsoft program chips in $750M to help affordable housing investors

  • Some of the money is funding a partnership that is cutting rents at apartments in Bellevue and Kirkland.
  • By GENE JOHNSON
    Associated Press

    SEATTLE — A master's degree and a full-time job as a middle-school counselor weren't enough to help Sam Baker land an apartment she could afford in Seattle's Eastside suburbs. But a $750 million commitment by a local tech giant helped do the trick.

    In August, Baker moved into her new apartment in one of three complexes recently purchased by Urban Housing Ventures, a partnership backed in part by Microsoft's affordable housing initiative. The group is cutting rents at 40% of the units in the three buildings, including Baker's fourth-floor one-bedroom overlooking Lake Washington, as part of an effort to make sure teachers, nurses and other middle-income professionals can live in the communities where they work.


     
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