September 30, 2019
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Microsoft outlines first affordable housing investment of $500 million initiative

Microsoft announced last week that it will lend $60 million to the King County Housing Authority at below-market rates as part of its $500 million affordable housing initiative.

The investment, combined with funding from King County and the Housing Authority, will provide $245 million in funding for the purchase of five residential apartment complexes with 1,029 units in Kirkland, Bellevue, and Federal Way.

“Because of their location, these affordable properties were at high risk of experiencing rapidly escalating rents or redevelopment as higher-cost housing,” Microsoft said in a press release.

It’s the first major investment the company has announced from the $500 million affordable housing initiative Microsoft unveiled in January. It’s the largest philanthropic pledge in Microsoft’s history.

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Freeways Aren't Free

The Times recommends: Reject car tabs Initiative 976 and its devastating effects

By The Seattle Times Editorial Board

In his latest ballot measure, initiative promoter Tim Eyman is overreaching again. He conjures a fantasy world in which Washington's transportation infrastructure is complete, efficient and everlasting.

The real-life Initiative 976 is a direct threat to Washington's well-being. It would cut repairs to streets and bridges of 62 districts across the state, delay voter-approved mass transit in mid-construction and cost taxpayers more money in the long run. The statewide transportation budget, including highway construction and the State Patrol, would be shorted $4 billion over the next decade.

Little wonder large employers including Amazon, Alaska Airlines and Microsoft, business groups, city and county officials, unions and environmental concerns oppose I-976...

Nothing about I-976 is a good idea, in terms of responsible governance or prudent money management. Eyman asks voters to buy a falsity that there's some miraculous way to fund our state's backlog of bridge, road and transit needs. Because the courts cannot end this toxic nonsense quickly enough, voters must reject I-976 themselves.

Read the full editorial in The Seattle Times