Amazon Commits $42.5 Million to Create More Than 300 New Affordable Homes Near Light Rail Stations in the Puget Sound Region

Amazon will invest more than $42.5 million to build 318 affordable homes adjacent to public transit sites. The deals stem from Amazon's $300 million transit commitment for the Puget Sound region in Washington state, Virginia, and Nashville, Tennessee. It will create 3,000 new affordable homes.

“The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with public transit authorities, which brings people closer to more opportunities, services, and a better quality of life,”

said Catherine Buell, director of the Amazon Housing Equity Fund, a more than $2 billion commitment to create and preserve 20,000 affordable homes for individuals and families earning moderate to low incomes in communities it calls home.

“We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community. The progress we have made in our first year is promising, but we have more to do.”

Last year, Amazon committed $100 million in low-rate funding to developers to help create and expedite the development of up to 1,200 new affordable housing units on Sound Transit property, connecting communities to jobs, services, and resources that allow them to remain in their cities and preserve the region’s diversity and culture. Since launching the Amazon Housing Equity Fund in January 2021, Amazon has committed more than $344.3 million in loans and grants for the Puget Sound region to create and preserve 2,870 affordable homes. Based on data provided by the City of Bellevue, through its efforts in the past year, the Amazon Housing Equity Fund has increased the long-term multifamily affordable housing stock in Bellevue by 20%.

“The scale that Amazon has gone to in order to create and preserve affordable housing in our region makes a real difference,” said Bellevue Mayor Lynne Robinson. “Their commitment is bringing much needed affordability and accessibility to Bellevue residents.”

Since the launch of the Amazon Housing Equity Fund in January 2021, Amazon has invested more than $1.2 billion to create or preserve over 8,000 affordable homes for families earning between 30%-80% of area median income (AMI), including first responders, teachers, and service-industry employees whose wages haven’t kept pace with escalating rents.

For each Amazon-funded affordable home, rents will be maintained at levels affordable for low- and moderate-income families (generally 98 to 99 years), and rents will only rise with wage growth as determined by the U.S. Department of Housing and Urban Development. As real estate prices have continued to rise, this commitment will save affected families thousands of dollars annually. Based on the average rental household size in the zip codes of funded Amazon initiatives, the affordable homes will support an estimated 18,000 people across all three regions, nearly a quarter of whom are children. All 8,000 units are, or will be, within a 10-minute walk to public transit centers, ensuring affordability for moderate- to low-income families to live near—and benefit from—quality public transit.

Source: amazon news