Amazon bolsters affordable housing initiative with new Seattle project
Amazon is once again investing in housing in its backyard.
The e-commerce giant is partnering with real estate development firm C&A Development on the groundbreaking of The Pointe at Thomas Apartments in Seattle's Capitol Hill neighborhood. The property will provide 67 affordable homes for households earning between 40% and 80% of Area Median Income ($46,040 – $92,080 for a one-person household), and will remain affordable for 99 years, ensuring “long-term housing stability for generations of families.”
Amazon's housing fund is a $3.6 billion commitment to help create and preserve more than 35,000 affordable homes in the Puget Sound, National Capital, and Nashville regions. Amazon’s fund committed $6.7 million for The Pointe at Thomas Apartments. Seattle Credit Union acts as the senior lender and will provide $11.4 million in construction capital.
In total, the fund has committed more than $900 million to help create and preserve more than 10,000 affordable homes across the Puget Sound region, benefiting more than 22,000 residents, according to the company.
Amazon and C&A Development say the affordable housing project addresses a “critical need” for teachers, health care providers, transit workers, and other essential community members. C&A Development is jointly-owned by CA Family Properties, founded by Super Bowl champion and former Seattle Seahawk Cliff Avril, and Cohen Properties.
"When working families can afford to live near excellent transit, jobs, schools, and community resources, it transforms their daily lives,” said Senthil Sankaran, managing principal of Amazon's housing fund. “We're honored to support C&A Development's vision for creating homes that will strengthen this vibrant neighborhood for years to come.”
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As part of the project, C&A is partnering with the Odessa Brown Children's Clinic (OBCC). C&A will offer OBCC employees, patients and patients family members first notice of unit availability. C&A is also working with transit authorities in an effort to provide reduced price transit passes for residents. The collaboration is intended to provide support for OBCC's ongoing efforts.
"We believe the people who power this city – teachers, health care workers, and everyday professionals deserve the opportunity to live in the communities they help sustain," said Avril.
