Amazon has committed an additional $1.4 billion to its Housing Equity Fund to provide more affordable housing in the National Capital region, Seattle, and Nashville.
The e-commerce giant has already provided $2.2 billion through low-interest loans and grants to preserve 21,000 affordable homes. It will use the $1.4 billion to fund more than 35,000 affordable homes in the three areas.
“We created the Amazon Housing Equity Fund to preserve and create homes that will remain affordable for the next century, ensuring families can stay in their communities for generations to come,” said Amazon CEO Andy Jassy, in a blog post.
“We hope that our additional commitment — coupled with other public and private resources — will help make a meaningful difference for thousands more people and enable these regions to thrive,” Jassy continued.
The company will release more information about the funding later this summer.
Amazon’s post said the company has “helped create and preserve 9,500+ homes across the National Capital region and increased Arlington, VA’s affordable housing stock by 23 percent.”
The company, which has its second headquarters in Arlington, said that 92 percent of homes funded have been near public transportation, and 41 percent of the homes have been two bedrooms or larger.
The biggest Arlington projects have been Barcroft Apartments and Crystal House, with the Housing Equity Fund money coming mostly as loans, the Washington Business Journal reports.
As the loans are repaid, the money goes toward other affordable housing projects or community programs.
Rental properties that Amazon funds are for households that earn between 30 and 80 percent of the area’s median income.
As part of the Housing Equity Fund, Amazon said it also funded a $40 million housing initiative to make it easier for those with moderate incomes to own homes.
Feature image by Sundry Photography/stock.adobe.com
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