This month Amazon unveiled a new Housing Equity Fund, and they are investing more than $2 billion to make over 20,000 affordable housing units in three communities where the company has thousands of employees.
The three communities are Washington State’s Puget Sound; Arlington, Virginia; and Nashville, Tennessee. This fund will also help preserve existing housing and help create housing developments through below-market loans and grants to housing partners, public agencies, and minority-led organizations.
The Fund seeks to “ensure that moderate- to low-income families can afford housing in resource-rich communities with easy access to neighborhood services, amenities, and jobs.”
Amazon’s first investments include $381.9 million in below-market loans and grants to the Washington Housing Conservancy to preserve and create up to 1,300 affordable homes on the Crystal House property in Arlington and $185.5 million in below-market loans and grants to King County Housing Authority to preserve up to 1,000 affordable homes in the state of Washington, with additional investments to come in all three regions.
Amazon said in a press release that the fund “will help ensure that moderate- to low-income families can afford housing in resource-rich communities with easy access to neighborhood services, amenities, and jobs.” The housing will be targeted at households making between 30% and 80% of the area’s median income, it added.
The fund will also give grants to government partners including transit agencies and school districts, which typically are not involved in affordable housing issues.