A $60 million loan from Microsoft will pave the way for over 1,029 units of affordable rental housing in the King County area to be protected. The investment — in the form of a 15-year $60 million loan at below-market interest rates, combined with $20 million in low-interest debt and additional credit enhancements provided by King County, plus $140 million in bonds issued by KCHA — has created a $245 million investment to protect low-income housing options.
“We are committed to maintaining and bolstering strong, vibrant communities here in the greater Puget Sound region,” said Jane Broom, senior director of Microsoft Philanthropies. “Thriving communities include safe, reliable and affordable housing options for people at all income levels. To do this, we all need to come together to not only build more housing options, but also to preserve what already exists.”
The loan will allow KCHA to acquire five apartment complexes in Kirkland, Bellevue, and Federal Way, in order to fend off ever increasing rent. Thanks to the investment, over 3,000 low and middle-income individuals will be able to stay in their communities. Local studies estimate that King County has lost 36,000 affordable rental units in the last 10 years as rents have increased by 43 percent.