Amazon Creates a $2 Billion Loan Fund for Affordable Housing

Written by on January 6, 2021

Amazon (NASDAQ:AMZN) retains increasing its horizons and the variety of pies it has its finger in.

The e-commerce big has introduced it was establishing a $2 billion fund to construct over 20,000 inexpensive housing models within the Puget Sound area of Washington state; Arlington, Virginia; and Nashville, Tennessee.

Picture supply: Getty Pictures.

Known as the Housing Fairness Fund, Amazon says this system will present below-market capital to “housing companions, conventional and non-traditional public companies, and minority-led organizations” within the type of loans, traces of credit score, and grants.

The preliminary communities Amazon selected for funding maintain significance for the corporate as a result of its regional headquarters are situated in every. It expects to make use of at the very least 5,000 employees in every location within the coming years.

The primary tranche of help will likely be for greater than $567 million close to Amazon’s new Arlington workplaces, the place as many as 1,300 inexpensive residence houses will likely be created. One other 1,000 models will likely be constructed close to its Seattle headquarters.

In accordance with the announcement, Amazon is concentrating on households making between 30% and 80% of an space’s median revenue, so for the Washington, D.C., metro space, households of 4 incomes lower than $79,600 a yr would qualify, as would these incomes lower than $95,250 within the Seattle space.

This system is an outgrowth of initiatives Amazon has already undertaken, equivalent to donating greater than $19 million to help these dealing with eviction because of the pandemic within the D.C. space; greater than $100 million to Mary’s Place, a Seattle nonprofit centered on combating household homelessness; and $2.25 million given to The Housing Fund nonprofit in Nashville.

On the onset of the pandemic, Amazon initiated a number of applications centered round its Seattle headquarters, equivalent to delivering coronavirus testing kits free of charge and launching a $5 million small-business loan fund.

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