Bellevue-based The Ballmer Group recently launched the Washington Family Housing Fund.
Through the new initiative, the organization will set aside funding to create at least 10,000 new affordable homes. The Ballmer Group, founded by former Microsoft CEO Steve Ballmer and his wife Connie, will cover up to $150,000 in forgivable loans per rental unit for developers. The loans will also come at zero interest. Qualifying units will need to have at least two bedrooms and to be affordable for families that earn about 50% of the area median income. Developers must also offer rent at a discount compared to the price of market-rate housing in the area.
“We know our state needs more rental homes that are affordable for families, but the market isn’t building enough of them each year,” Steve Ballmer said in a statement. “We want rents to stay affordable, but developers also need to cover their costs. Our fund is intended to help developers fill this financial gap while helping low-income families save hundreds of dollars on rent each month.”…