Amazon Announces Launch of USD 2 Billion Housing Equity Fund to Make Over 20,000 Affordable Homes Available for Families in Communities It Calls Home | Financial Buzz

Amazon Announces Launch of USD 2 Billion Housing Equity Fund to Make Over 20,000 Affordable Homes Available for Families in Communities It Calls Home

Amazon.com, Inc. (NASDAQ: AMZN) reported the Housing Fund, over USD 2 Billion committed to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Nashville, Tennessee and Arlington, Virginia.  The company has or expects at least 5,000 employees in these three communities in the coming years.  Amazon’s Housing Equity Fund helps preserve existing housing and create inclusive housing developments through low market loans and grants to housing partners, minority-led organization and non-traditional public agencies.  “Amazon has a long-standing commitment to helping people in need, including the Mary’s Place family shelter we built inside our Puget Sound headquarters. The shelter now supports over 200 women and children experiencing homelessness every night,” said Jeff Bezos, Amazon founder and CEO. “This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes in all three of our headquarters regions—Arlington, Puget Sound, and Nashville. It will also help local families achieve long-term stability while building strong, inclusive communities.”

Amazon’s Housing Equity Fund will provide an additional USD 125 Million in cash grants to nonprofits, businesses and minority-led organizations to help build a more inclusive solution to the affordable housing crisis that affects communities of color.  The fund will allow grants for government partners that aren’t usually involved in affordable housing issues such as school districts and transit agencies to provide resources to advance and create affordable housing initiatives.  “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 today 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.”