Tuesday, June 28, 2022

Amazon to invest $23 million to increase Seattle’s affordable housing

Grand Street Commons, a challenge in Seattle supported by the Amazon Housing Equity Fund

Amazon

Amazon stated Thursday that it is giving minority-led organizations $23 million to construct and protect greater than 568 affordable properties in Seattle, a step to ease the native housing disaster.

Amazon Housing Equity Fund, which emphasizes aiding households that earn 30% to 80% of an space’s median earnings, will assist the funding. Launched in 2021, the fund has supplied $1.2 billion for over 8,000 affordable properties throughout the Puget Sound area in Washington state, the Arlington, Virginia area and Nashville, Tennessee.

Amazon is working with three housing companions — the Mount Baker Housing Authority (MBHA), El Centro de la Raza, and Gardner Global — and focuses on neighborhoods with massive populations of individuals of shade.

“We are committed to helping address the housing crisis in the Puget Sound region, which is disproportionally affecting communities of color,” stated Catherine Buell, director of the Amazon Housing Equity Fund. “In supporting these projects, we are focusing on equity by not only increasing access to affordable housing but also being intentional about whom we select as development partners.”

The Puget Sound area in Washington State hosts workplaces for tech companies like Microsoft, Google and Amazon. Microsoft, headquartered in Redmond, Washington, has additionally supplied housing funds within the space.

Seattleites have blamed Amazon for growing the price of dwelling possession. The housing worth in Bellevue has soared, even surpassing Manhattan, after Amazon expanded its towers into the Seattle suburb, in accordance to information from Redfin cited by Bloomberg.

“When our city’s businesses and private partners step up, like Amazon is doing through this significant investment, we can accelerate progress addressing difficult challenges like housing affordability,” Seattle Mayor Bruce Harrell stated in a news launch saying the funding.

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