Microsoft announces $475M investment in Seattle housing - Architecture Blogs

Microsoft announces $475M investment in Seattle housing



The news comes days after two former Microsoft executives announced the launch of an Opportunity Zone Fund in Seattle Seattle-based tech giant Microsoft announced Wednesday its intent to invest $475 million in housing development throughout the Puget Sound region, including $225 million in King County?s Eastside and $250 million in the county more broadly.
According to the company, the investments in the Eastside?which encompasses affluent suburbs Bellevue, Kirkland, Medina, and Issaquah, among others?will seek below-market-rate returns with the intent of ?preserving and developing new middle-income housing.?
The other investments will target market-rate returns ?to support low-income housing? in unspecified areas of King County. Microsoft plans to deploy most of the capital over the next three years. Microsoft?s dive into housing development comes on the heels of two of its former executives, Tim Shoultz and Joe Ollis, making moves into the space as well. The former Microsoft execs announced earlier this month that their company Smartcap will launch an Opportunity Zone Fund, the new investment vehicle created by the tax overhaul President Trump signed into law at the end of 2017.
The Opportunity Zones program gives massive tax breaks to investors who invest in areas designated as ?distressed.? While Opportunity Zones can, theoretically, invest in anything?businesses, infrastructure, housing?experts believe the program favors long-term investments in real estate. Ac...
Source: curbed
URL: http://www.curbed.com/

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