A major boost to regional housing as Amazon expands its community-focused Housing Equity Fund
Affordable Housing in Washington! Amazon plans to take on the increasing housing problems in Puget Sound by funding more than 9,900 affordable homes throughout the area with a substantial financial investment. The company advances its mission to enhance housing accessibility in local communities through this particular initiative.
A Bigger Commitment to Housing Affordability
With funding from Amazon’s Housing Equity Fund established in 2021 the Puget Sound area will receive numerous affordable housing units for moderate- to low-income families. The company surpassed its initial target of developing 20,000 homes over a five-year period. As part of its housing initiative Amazon has doubled down on assistance for development projects which now includes support for over 21,000 affordable homes backed by $1.4 billion from the company.
Amazon’s funding support has resulted in the creation or preservation of more than 8,600 affordable housing units throughout the Puget Sound region. New affordable homes available in Bellevue increased by 30% through Amazon’s support which stands out as an impressive achievement given the escalating home prices in the area.
Supporting the “Missing Middle”
The housing initiative of Amazon targets families whose annual earnings fall between 30% and 80% of the regional median salary bracket. Households who qualify for neither traditional housing subsidies nor being able to afford market prices belong to this group. Through its housing initiative Amazon designs its programs to benefit essential community members known as the “missing middle” which includes teachers nurses and first responders.
Local Projects Making a Difference
Amazon supports local development through funding two projects including the senior-focused Ardea at Totem Lake in Kirkland with 170 units and the MLK Family Housing in Seattle’s Rainier Valley which provides 147 affordable homes with early learning services. Amazon has made these housing developments the cornerstone of its broader mission to construct neighborhoods that promote both inclusivity and health.
Through strategic partnerships with nonprofit organizations and housing developers as well as public agencies Amazon has brought these projects to completion. Amazon commits to long-term affordability promises which protect homes from expensive changes for many years.
Boosting Diverse Developers
Amazon dedicates funding to support both residential projects and trains residential construction professionals. The Housing Equity Accelerator program of Amazon invested more than $25 million to assist development projects led by real estate professionals from marginalized communities. Through this initiative Amazon seeks to design housing development programs that welcome diverse talent by providing them basic resources needed to achieve their goals.
A Step Toward Regional Change
Amazon’s recent announcement demonstrates how private organizations can address important public issues. Through its significant investment Amazon demonstrates how companies can create positive long-term effects by matching business and community needs.
Through funding 9,900 units of affordable housing across Puget Sound Amazon is transforming neighborhood housing perspectives throughout the area with individual community-centric approaches.