BABC Member Amazon Launches $2 Billion Housing Equity Fund
New Housing Equity Fund will preserve and create equitable housing through below-market loans and grants to housing partners, public agencies, and minority-led organizations
First investment of more than $567 million will make up to 1,300 affordable apartment homes available near Amazon’s new Arlington, Virginia headquarters and up to 1,000 apartment homes available near Amazon’s Puget Sound, Washington headquarters, with more investments to come
SEATTLE--(BUSINESS WIRE)--Jan. 6, 2021-- Amazon (NASDAQ: AMZN) today announced the Housing Equity Fund, a more than $2 billion commitment to preserve and create over 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. Amazon’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 non-traditional public agencies, and minority-led organizations. The Fund underscores Amazon’s commitment to affordable housing and will help 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 first investments include $381.9 million in below-market loans and grants to the Washington Housing Conservancy 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 King County Housing Authority to preserve up to 1,000 affordable homes in the state of Washington, with additional investments to come in all three regions.