Amazon Announces New Affordable Housing Partnership

This month Amazon released its new Housing Equity Fund project that plans to invest more than $2 billion to create 20,000 affordable housing units in communities where the retailer has thousands of employees: State’s Puget Sound, Washington; Arlington, Virginia; and Nashville, Tennessee.

The Fund will help preserve existing housing and offer below market loans and grants to housing partners, public agencies, and minority-led organizations that create housing developments.

Amazon in their news release stated 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 initial investment will consist of below-market loans and grants: $381.9 million to the Washington Housing Conservancy and $185.5 million into King County Housing Authority.

Bellevue City Manager Brad Miyake remarked, “I’m thrilled Amazon and King County Housing Authority are working together to make our growing Bellevue community more inclusive, equitable, and opportunity-rich for families of all income levels…Corporate-nonprofit partnerships like this will ensure positive, long-term change as we tackle this affordability crisis together as a region.”

Amazon founder and CEO Jeff Bezos said that this type of philanthropy is not new for Amazon but represents a large corporate commitment to philanthropy that both he personally and the company share.

Citing a partnership between Amazon and Mary’s Place, a local family shelter near one of Amazon’s newest office buildings, Bezos emphasized the importance of helping families. He remarked, “This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes… (and) help local families achieve long-term stability while building strong, inclusive communities.”

Additionally, Amazon’s Housing Equity Fund will provide $125 million in cash grants to businesses, nonprofits, and minority-led organizations in Puget Sound, Arlington, and Nashville.

“In booming cities across the U.S., many apartment buildings affordable for teachers, healthcare providers, transit workers, and others with modest incomes are increasingly being redeveloped into luxury apartments, causing displacement and reducing housing options for working families,” said Sarah Rosen Wartell, President, Urban Institute.

“Investments like those announced by Amazon that help preserve these existing buildings and maintain moderate rent levels are critical to local efforts that promote economic inclusion and support the stability and economic mobility of moderate- and low-income families.”To learn more about The Amazon Housing Equity Fund please https://www.aboutamazon.com/news/community/amazons-housing-equity-fund/

Source: Good News Network