Amazon Commits $300 Million for Affordable Housing

Amazon will fund the construction of more than 3,000 affordable homes in Puget Sound, Wash., Arlington, Va., and Nashville. The company will use $300 million from its Housing Equity Fund for the development of the units in the cities where its headquarters are located, but it’s just a part of Amazon’s $2 billion commitment to invest in its cities. The 3,000 units will be located nearby public transportation, says Forbes. In Virginia, the company has teamed up with the local transit authority to build 1,000 new affordable housing units for $125 million, with $25 million set aside for minority developers.

These units will give families access to housing at Metrorail stations and other transit sites, making amenities and community resources more accessible.

It’s the latest round in Amazon’s Housing Equity Fund partnership in the greater Washington region. The support follows its investment of $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, which Amazon announced in January.

“Transit-oriented development has a proud legacy at Metro, and with this investment from Amazon we can continue to help the region tackle the challenges of housing affordability, congestion, and sustainability,” said Metro general manager and CEO Paul Wiedefeld. “Having a philanthropic partner in this effort, along with the support of the public and private sectors, puts the region on the best path possible to meeting our shared housing, transit, equity and economic prosperity goals.”

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