Amazon is using its fortunes for good on January 7, 2021, 14:54 8 comments
In brief: Amazon is a company with a hand in just about every industry, but it s seeking to add another to its portfolio now: real estate. Courtesy of the retail giant s new Housing Equity Fund, Amazon will build $2 billion worth of inclusive housing developments that will be both affordable and convenient (with closer proximity to local services) for residents.
Amazon says the money, and the housing it will help fund will benefit moderate-to-low-income families and individuals in three key locations: Washington s Puget Sound region, as well as Arlington, Virginia, and Nashville, Tennessee.
Amazon commits $2 billion toward affordable housing
The company says it will create 20,000 affordable housing units in Washington State s Puget Sound region; Arlington, Virginia, and Nashville, Tennessee. Author: TEGNA Updated: 10:59 AM EST January 6, 2021
WASHINGTON
Editor s note: The video above was first published in October 2019.
Amazon says it is committing $2 billion to help fund affordable housing units in Washington, Virginia and Tennessee.
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, according to a press release.
The company says it will create 20,000 affordable housing units in Washington State s Puget Sound region; Arlington, Virginia, and Nashville, Tennessee, communities with more than 5,000 Amazon employees expected in the coming years.
Amazon Launches $2 Bln Housing Equity Fund For Affordable Housing Units
SEATTLE (dpa-AFX) - Amazon (AMZN) announced Wednesday the launch of the Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units for moderate- to low-income families in all three of its headquarters regions in Puget Sound, Arlington and Nashville.
These are the 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.
Amazon pledges US$2b for affordable homes near US cities businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
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Amazon employs more than 75,000 workers in the Seattle area and is also in the process of building a second headquarters in Arlington, dubbed HQ2, and a distribution hub in Nashville.
The company has about 1,000 employees each in Arlington and Nashville, and plans to increase the number in each city to 5,000 over the next five years.
Another planned division of HQ2 in New York s Long Island City was scuttled after opposition from officials, including Rep. Alexandria Ocasio-Cortez, who raised concerns that housing costs in the area would skyrocket.
Amazon s new housing equity fund will make grants and below-market loans available for housing partners, public agencies, and minority-led organizations, the company said.