Amazon Pledges $ 2 Billion in Affordable Housing in Three Capitals
The Housing Equity Fund will help build and maintain 20,000 homes.
Amazon claims over $ 2 billion to build and maintain 20,000 affordable homes in three of its major cities Employment areas – the Seattle area, Nashville – provide Tennessee and Arlington, Virginia. The Housing Equity Fund will provide under-market capital in the form of low-cost loans, lines of credit, and grants to support families earning between 30 and 80 percent of the median income in each area. The fund will also provide $ 125 million in grants to government agencies and minority-led organizations to promote inclusive, affordable housing solutions.
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Major technology companies can increase the cost of living near their offices. Amazon follows Apple, Facebook, and Google to focus on those. All three have pledged at least $ 1 billion to address the affordable housing issue in California. Microsoft also pledged $ 750 million to Marya Place to help nonprofit homeless services open a shelter for the homeless on campus in Seattle last year after pledging $ 100 million for the project. However, the company fought off a Seattle tax proposal that would have backed it to help alleviate the Seattle area’s housing crisis.
affordable housing projects and the homeless population.
In 2018, Amazon announced plans to build a new headquarters in Long Island City, New York. According to reports, the locations where offices would be built were for residential development, which included around 1,500 affordable housing units. Amazon pulled out of the project amid backlash from politicians and local residents.
Engadged / TechConflict.Com