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SAN FRANCISCO: On Wednesday, January 16, Microsoft announced a US $ 500 million contribution for loans and grants to accelerate the construction of affordable housing in the Puget Sound area of Washington State, where the giant American technology resides.
"In recent years, our region has not built enough housing for the people who live there," said Amy Hood and Brad Smith, Microsoft officials, in a blog post.
"As a society, we are committing $ 500 million to advance affordable housing solutions."
Microsoft was only a few years old when he left New Mexico to settle in the city of Bellevue, in the Seattle area in 1979, and is now headquartered in nearby Redmond.
Since 2011, employment growth in the region has been 21%, while that of housing construction has slowed to 13%.
According to Hood and Smith, the shortage of available housing has nearly doubled housing prices over the past eight years, making the Seattle metropolitan area the sixth most expensive region of the United States.
"The gap between employment growth and housing growth was even greater in the suburban cities around Seattle than in Seattle itself," the blog says.
"It's a big problem – and it's a problem that keeps getting worse."
The $ 500 million will be used to "help launch new solutions" to the housing crisis, according to the leaders.
Microsoft planned to release US $ 225 million at below-market rates to subsidize the preservation and construction of middle-income housing, initially targeting six cities east of Seattle and Lake Washington.
"The median income in the region has not kept pace with rising housing costs, making it increasingly impossible for low- and middle-income workers to afford to live close to their place of work. "said Hood and Smith.
"Teachers, nurses, first responders and many people in key positions in non-profit organizations, companies and technology companies start and end their work days with long trips. "
A total of US $ 250 million will be made available to the market for the development of low-income housing, while US $ 25 million will be dedicated to philanthropic grants to address homelessness, according to Microsoft.
"With these investments and similar investments, it is possible to lend money, accelerate progress, be repaid and lend this money again," said Hood and Smith.
"Our goal is to act as quickly as possible with targeted investments that will have a disproportionate impact."
Microsoft is one of the largest employers in the state of Washington.
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