Amazon commits over $124 million to develop affordable housing
Amazon is funding the construction of 1,060 affordable homes in two metro areas the company is very familiar with.
The e-tail giant is following up on the January 2021 launch of its $2 billion Housing Equity Fund with a commitment to invest over $124.4 million to build 1,060 affordable homes near four public transit sites in the Arlington, Va. – Washington, D.C., and Central Puget Sound, Wash., regions. One of Amazon’s two main corporate headquarters is located in each of these metro areas.
These new deals stem from a $300 million pledge Amazon made in June 2021 to create 3,000 new affordable homes in collaboration with the transit agencies in each region. Amazon is working in partnership with the Washington Metropolitan Area Transit Authority (Metro) and Sound Transit, the transit system serving the Central Puget Sound region, to complete the housing developments.
In total, Amazon’s January 2021 $2 billion commitment is slated to create and preserve 20,000 affordable homes for individuals and families earning moderate to low incomes in the Puget Sound; Arlington, Va.; and Nashville regions. So far, Amazon has invested more than $1.2 billion to create or preserve over 8,000 affordable homes for families earning between 30%-80% of area median income (AMI). All 8,000 units are or will be within a 10-minute walk to public transit.
Since January 2021, the Amazon Housing Equity Fund has committed more than $795 million in loans and grants for the Arlington, Virginia-Washington, D.C., region to create and preserve more than 4,400 affordable homes. Based on data provided by Arlington County, through its efforts in the past year, the Amazon Housing Equity Fund has increased the long-term committed multifamily affordable housing stock in Arlington by 22%.
In that same time period, the Amazon Housing Equity Fund has committed more than $344.3 million in loans and grants for the Puget Sound region to create and preserve 2,870 affordable homes. Based on data provided by the city of Bellevue, Wash., through its efforts in the past year, the Amazon Housing Equity Fund has increased the long-term multifamily affordable housing stock in Bellevue by 20%.
By focusing on transit-oriented development (TOD), Amazon hopes to support greater economic activity, reduced traffic congestion and associated environmental benefits, and a stronger labor force.
“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,” said Catherine Buell, director of the Amazon Housing Equity Fund. “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.”
To read more about the Amazon Housing Equity Fund and its recent announcements, click here.