The Ballmer Group is committing hundreds of millions of dollars to fund 10,000 new affordable rental homes in Washington state, a dramatic investment focused on keeping families out of homelessness.
The money, announced Thursday, will cover up to $150,000 in forgivable loans per unit, which could result in as much as $1.5 billion from the philanthropy founded by former Microsoft CEO Steve Ballmer and his wife Connie. Though it’s unclear if the total will reach that level.
Eligible rentals will have at least two bedrooms and be affordable to families earning roughly 50% of the area median income. For a family of four in Seattle, that would be $82,200.
To qualify for the forgivable loans, developers have to offer rent at a significant discount compared to market rates and vow to keep affordable rents for at least 60 years. The Ballmer Group expects families to save $750 per month on rent on average.