Amazon has announced an additional commitment of $1.4 billion to its Amazon Housing Equity Fund, bringing the total investment to over $3.6 billion. This funding aims to support the development of more than 35,000 affordable homes across the Puget Sound region, Arlington, Virginia/National Capital region, and Nashville, Tennessee.
Launched in January 2021, the $2 billion Housing Equity Fund was established with the objective of creating and preserving 20,000 affordable homes within five years in three key communities where Amazon has a significant presence. The Fund is structured to provide moderate- to low-income residents with access to high-quality affordable housing.
On Tuesday, Amazon revealed that it has surpassed its initial target two years ahead of schedule, allocating $2.2 billion to facilitate the creation and preservation of over 21,000 affordable homes.
The Housing Equity Fund primarily backs housing initiatives designed for households earning 30% to 80% of the area median income. This demographic often includes first responders, teachers, healthcare workers, and others whose salaries have not kept pace with rising rental costs, and who typically do not qualify for traditional housing subsidies.