Amazon announced it is committing more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee—three communities where the company has or expects to have at least 5,000 employees each in the coming years.
The internet giant’s Housing Equity Fund will help preserve existing housing and help create inclusive housing developments through below-market loans and grants to housing partners, traditional and nontraditional public agencies, and minority-led organizations. The fund will target homes for households earning between 30% and 80% of the area median income (AMI).
The new fund’s first investments include $381.9 million in below-market loans and grants to the Washington Housing Conservancy (WHC) 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 the King County Housing Authority (KCHA) to preserve up to 1,000 affordable homes in the state of Washington, with additional investments to come in all three regions.
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