To obtain an overview of out-side-of-market companies investing in affordable housing including how much they are investing and what parts of the value chain they are investing in.
Microsoft met with Zillow in 2018 to study the housing crisis in Seattle in 2018. The report revealed that housing prices were rising but wages were not. In addition, new housing construction was not keeping up with demand. As a result, Microsft made a committment to invest $500 million in affordable housing. Of that, $475 million will be as loans to affordable housing developers over a three-year period. The remaining $25 million will be used to fund services for low-income and homeless residents.
About $225 million of the investment will be focused on middle-income housing in six cities surrounding the companies Redmond, Washington headquarters. The other $250 million will be focused on low-income housing throughout the King County region.
Criteria for receiving a Microsoft housing loan include: at least 40% of units must be designated for middle income families or 80% must be designated to low-income family housing; projects must be within a 60 minute commute of Bellevue, Washington; units must be kept affordable for at least 10 years; each project must have a minimum of 100 units.
Google has pledged $1 billion in affordable housing investments.
Ally Financial, Bank of America Merrill Lynch, and Barings have partnered to invest $70 million for affordable housing in Charlotte.
Facebook has committed $1 billion to affordable housing investments.
Wells Fargo has pledged $1 billion for affordable housing efforts.
Bank of America has committed $5 billion for affordable housing.
Recently merged SunTrust Bank and BBT has committed to $30 million in affordable housing investments in Charlotte.
AirBnB will invest $25 million in affordable housing efforts.
Amazon has pledged $28 million in two rounds for affordable housing.
Accelerating Investments for Healthy Communities is comprised of 5 health care groups and will focus on affordable housing investment. The groups are Boston Medical Center; Dignity Health; Nationwide Children’s Hospital; UPMC; and Kaiser Permanente.
The ten companies/organizations have been entered into the attached spreadsheet.
Only the project owner can select the next research path.