BREAKING: Amazon Pledges $1.4B More Towards Affordable Housing

14,000 new affordable homes worth $1.4 billion are set to be a part of Amazon’s Housing Equity Fund (HEF). According to Amazon’s press release on Tuesday, these homes will be located in Seattle WA, Arlington VA, and Nashville TN. Visit Amazon HEF Site

This isn’t the first time Amazon has invested in affordable housing. The giant has already spent $2.2 billion on HEF via loans and grants.

What’s the Housing Equity Fund?
Amazon launched HEF three and a half years ago to finance 21,000 affordable homes in five years. Of these 21,000 units, more than 8,600 were built in the Puget Sound region of Seattle, 9,400 near Washington D.C., and 3,000 in Nashville.

The project is aimed at “helping thousands of families live closer to where they work or near transportation hubs, removing a major barrier to success.” Currently, Amazon projects that the 21,000 units is likely to help almost 46,000 people.

What’s New?
Amazon’s new investment will increase HEF’s capital to $3.6 billion, of which $2.2 billion has already been utilized. It will focus on projects that are meant for households earning less than the area median income.

Amazon is building the units around its corporate hubs, where most of its employees reside. However, the allocation of new units per region is currently unknown.

Amazon CEO Andy Jassy said in a statement, “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.”

Source: Houzeo