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The tech major aims to create houses in regions with major corporate offices
June 18, 2024 | Staff Reporter | USA | Community Management
Amazon will invest an extra US$1.4 billion in its Housing Equity Fund, which is aimed at creating or preserving affordable housing in regions with major corporate offices.
Established in 2021, Amazon initially invested $2.2 billion in the Housing Equity Fund to create or preserve more than 21,000 affordable homes. Amazon Chief Executive Officer Andy Jassy said this latest funding would take the company’s investment to $3.6 billion and create or preserve an additional 14,000 homes.
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.
Andy Jassy, Chief Executive Officer, Amazon
“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,” Mr Jassy said. “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.”
The Housing Equity Fund supports households earning 30% to 80% of the area median income, including first responders, teachers, and healthcare workers. Amazon is also committed to economic equity by supporting diverse-led developers through the Amazon Housing Equity Accelerator. This program, which has received more than $25 million in investments, has graduated 38 diverse developers and aims to lower barriers for diverse real estate professionals.
So far Amazon, which is based in Seattle, said the fund had helped create and preserve more than 9500 homes across the National Capital region and increased Arlington, Virginia’s, affordable housing stock by 23%. More than 8600 homes have also been funded across the Puget Sound region and increased affordable housing stock by 30% in Bellevue, Washington, while more than 3100 homes have been funded across Nashville, Tennessee.
The fund is also designed to place affordable housing in areas that will positively impact residents’ quality of life. Some 92% of the homes Amazon has funded are near bus or train stations to reduce transport costs. In addition to that, while many new multi-family developments today consist primarily of studio and one-bedroom units, 41% of the homes Amazon has funded so far have two or more bedrooms to serve families.
