Gates Foundation Joins Others in Goal to Cut Homelessness

"I feel this is an opportunity right now, as much as I'm a realist about the economy," said Alice Shobe, deputy director of Building Changes, which administers the fund. "It is ambitious, but we have a vision about how to do it. We have the creativity and broad partnership to make it happen."

As the recession throws more people into poverty, "we must do more to help families achieve and maintain stability," said Gov. Chris Gregoire, who signed an agreement with King, Snohomish and Pierce counties and the cities of Seattle, Everett and Tacoma to collaborate with the private partners.