Amazon pledges $2B to affordable housing in Seattle, Arlington and Nashville

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Amazon commits to help 20,000 reasonably priced properties in its three employment hubs of Seattle, Arlington and Nashville with a $2B ‘Housing Fairness Fund’

  • Amazon says it’ll supply $2 billion in low-cost loans to fund reasonably priced housing
  • Program is targeted on Seattle, Virginia’s Arlington and Nashville in Tennessee
  • Firm has confronted criticism for driving up housing prices close to its hubs
  • Deliberate second headquarters in New York was scuttled after protests 

Amazon has mentioned it’ll commit $2 billion to assist create extra reasonably priced housing within the space round its second headquarters exterior Washington DC, and its different employment hubs.

The corporate mentioned on Wednesday it intends to create or protect not less than 20,000 reasonably priced housing items close to Seattle, Northern Virginia‘s Arlington and Nashville in Tennessee.

Amazon and different tech corporations have confronted criticism for driving up residence costs with an inflow of employees over the previous decade, prompting Google and Fb to spend money on reasonably priced housing.

A big proportion of Amazon’s funding might be via low-cost loans to protect or construct reasonably priced housing for moderate-to-low revenue households, the corporate mentioned.

Amazon has said it will commit $2 billion to help create more affordable housing in the area around its Seattle headquarters (above) and its other employment hubs

Amazon has mentioned it’ll commit $2 billion to assist create extra reasonably priced housing within the space round its Seattle headquarters (above) and its different employment hubs

Amazon employs greater than 75,000 employees within the Seattle space and can be within the technique of constructing a second headquarters in Arlington, dubbed HQ2, and a distribution hub in Nashville.

The corporate has about 1,000 staff every in Arlington and Nashville, and plans to extend the quantity in every metropolis to five,000 over the following 5 years.

One other deliberate division of HQ2 in New York’s Lengthy Island Metropolis was scuttled after opposition from officers, together with Rep. Alexandria Ocasio-Cortez, who raised considerations that housing prices within the space would skyrocket.

Amazon’s new ‘housing fairness fund’ will make grants and below-market loans accessible for housing companions, public businesses, and minority-led organizations, the corporate mentioned.

The corporate mentioned the primary tranche of $567 million will assist create 1,300 reasonably priced condo properties accessible close to Amazon’s new Arlington, Virginia headquarters and as much as 1,000 items close to its headquarters within the Seattle, Washington, area.

Amazon expects to finally rent some 25,000 staff for its hub in Virginia, throughout the Potomac river from Washington, chosen after a stormy search course of the place communities debated the affect on the native economic system and different components. 

The new headquarters of Amazon, which plans to create 25,000 new jobs, is seen under construction in Arlington, Virginia last year

The brand new headquarters of Amazon, which plans to create 25,000 new jobs, is seen underneath development in Arlington, Virginia final 12 months

A rendering shows Amazon's planned buildings in Nashville, where it is building a hub

A rendering reveals Amazon’s deliberate buildings in Nashville, the place it’s constructing a hub

In Washington’s Puget Sound area, Amazon is promising $185.5 million, largely in loans, to the King County Housing Authority to assist purchase reasonably priced residences.

A few of the new funds can even go to Nashville, Tennessee, one other space the place Amazon expects so as to add not less than 5,000 staff within the coming years.

Amazon is focusing on households making between 30 to 80 % of median revenue. 

Within the Washington DC metro space, this interprets to a family of 4 incomes lower than $79,600 a 12 months and under $95,250 in Seattle.

‘Amazon has a long-standing dedication to serving to folks in want, together with the Mary´s Place household shelter we constructed inside our Puget Sound headquarters,’ mentioned Jeff Bezos, Amazon founder and chief government.

‘This new $2 billion Housing Fairness Fund will create or protect 20,000 reasonably priced properties in all three of our headquarters areas — Arlington, Puget Sound and Nashville. It is going to additionally assist native households obtain long-term stability whereas constructing robust, inclusive communities.’

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