Amazon Adds $1.4 Bln To Housing Equity Fund

(RTTNews) - Amazon said that it is committing an additional $1.4 billion in funding to the Amazon Housing Equity Fund, bringing the total to more than $3.6 billion to fund more than 35,000 affordable homes across the Puget Sound region; the Arlington, Virginia/National Capital region; and Nashville, Tennessee.

In January 2021, Amazon launched the $2 billion Housing Equity Fund with the goal of creating and preserving 20,000 affordable homes across three of its hometown communities within five years. The Fund is designed to help moderate- to low-income residents access quality affordable housing.

Amazon also announced Tuesday that it has exceeded its original goal two years early by providing $2.2 billion to create and preserve more than 21,000 affordable homes.

The company noted that the Housing Equity Fund supports affordable housing developments focused on households that earn 30% to 80% of the area median income. That often includes first responders, teachers, health care workers, and others who may not typically qualify for subsidies but whose wages haven't kept pace with escalating rents.