Amazon Increases Housing Equity Fund by $1.4 Billion to Boost Affordable Housing Efforts
New Investment Targets 14,000 More Homes for Low-to-Moderate Income Individuals in Key Regions
According to APNews.com, Amazon is adding $1.4 billion to its Housing Equity Fund increasing its total commitment to $3.6 billion. The fund established three years ago focuses on housing affordability in areas with major Amazon offices. With this new investment, Amazon aims to create or preserve 35,000 affordable housing units in the Puget Sound area, Arlington, Virginia, and Nashville, Tennessee. So far the fund has supported 21,000 units through grants and low-interest loans to developers.
The additional funding will be directed toward the same regions aiming to add or maintain 14,000 more homes. Amazon’s focus is on helping individuals with low-to-moderate incomes such as nursing assistants and teachers who belong to the “missing middle.” This group often finds it challenging to afford housing but does not qualify for government assistance. To date about 59% of the units supported by Amazon have been preservation projects. These projects involve maintaining existing housing stock which helps prevent private developers from transforming affordable units into higher-priced rentals. By preserving these units Amazon helps stabilize rent prices and maintains affordable housing availability in these high-demand areas.
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$3.6 Billion Amazon Expands Housing Equity Fund to Boost 35,000 Units Affordable Housing-Are you in support? (PHOTO: About Amazon)
Experts Call for Federal Investment as Amazon’s Housing Initiative Faces Criticism for Not Addressing Lowest-Income Needs
Experts like Derek Hyra from American University say that solving the affordable housing crisis requires more federal investment despite Amazon’s significant contributions. Though criticized for not fully addressing the needs of the lowest-income residents Amazon claims it has made a notable impact. This initiative is part of Amazon’s strategy to enhance its public image and demonstrate community support as evidenced by moving the housing fund to its public relations division.
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