Amazon Commits Over $120 Million to Affordable Housing
Amazon announced today commitments to invest nearly $125 million towards building affordable housing near transit sites in U.S. communities in areas including the Arlington, Virginia-Washington, D.C. and Puget Sound regions.
The new investments are being made from Amazon’s $2 billion Housing Equity Fund. Launched last year, the fund aims to preserve existing housing and create inclusive housing developments through below-market loans and grants to housing partners, traditional and non-traditional public agencies, and minority-led organizations. Housing Equity is one of Amazon’s key public positions. With today’s announcement, the fund will have committed over $1.2 billion to build or preserve more than 8,000 homes.
Catherine Buell, director of the Amazon Housing Equity Fund, said:
“The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with public transit authorities, which brings people closer to more opportunities, services, and a better quality of life.”
The new announcements include commitments to invest $82 million to build 742 new affordable homes near transit sites in the Washington area, and $42 million for 318 homes in the Puget Sound region. The deals stem from a $300 million commitment made by Amazon in June 2021 to create 3,000 new affordable homes in collaboration with the transit authorities in Amazon’s hometown communities, including Puget Sound, Arlington, and Nashville Tennessee.
“We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community. The progress we have made in our first year is promising, but we have more to do.”