Giant corporations tend to have a negative reputation amongst the general public, but some are looking to buck that trend with investments in affordable housing.
In early 2021, Amazon launched a $2 billion Housing Equity Fund to create and preserve more than 20,000 affordable housing units in three markets: Arlington, Virginia, Puget Sound, Washington, and Nashville, Tennessee.
According to a Forbes article from May 2022, work is already underway in the Arlington market, with Amazon now accountable for 18% of multifamily affordable housing options in the area. The company recently announced it is also partnering with the Washington Metropolitan Area Transit Authority with plans to invest $82 million in building over 700 new affordable homes near transit hubs.
“The shortage of affordable housing has been a chronic challenge for this region,” said Catherine Buell, director of the Amazon Housing Equity Fund, in a press announcement. “By teaming up with Arlington County, Amazon can help be a part of the solution. Joining forces with a diverse group of public and private housing partners ensures that moderate- to low-income families are supported with access to opportunity and long-term financial stability.”
To read more about Amazon’s efforts, visit aboutamazon.com/impact/economy/housing-equity/fund.
Photo: iStock.com/sommart
