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retail
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Amazon
announced
this
week
that
it
is
committing
an
additional
$1.4
billion
to
its
Housing
Equity
Fund
that
will
go
toward
the
creation
and
preservation
of
roughly
14,000

affordable
housing
units
across
three
major
metropolitan
areas
in
which
it
maintains
a
corporate
presence.

The
funds
—
to
be
invested
in
the
metro
areas
of

Seattle,

Nashville
and

Arlington,
Virginia
—
will
bring
the
total
investment
fund
to
$3.6
billion
and
35,000
housing
units
since
its
inception
in
2021,
the
company
said
in
an

announcement.

“We
created
the
Amazon
Housing
Equity
Fund
to
preserve
and
create
homes
that
will
remain
affordable
for
the
next
century,
ensuring
families
can
stay
in
their
communities
for
generations
to
come,”
Amazon
CEO
Andy
Jassy
said
in
a
statement.
“We
hope
that
our
additional
commitment
—
coupled
with
other
public
and
private
resources
—
will
help
make
a
meaningful
difference
for
thousands
more
people
and
enable
these
regions
to
thrive.”

Launched
in
January
2021,
the
fund
initially
sought
to
create
and
preserve
20,000
affordable
housing
units
in
these
three
metros
through
an
initial
investment
of
$2
billion.
This
week,
Amazon
claimed
it
had
surpassed
that
goal
by
reportedly
providing
$2.2
billion
across
21,000
affordable
units.

In
measuring
the
local
impact
on
the
Puget
Sound
region
of
western
Washington,
The
Seattle
Times

reported
that
while
any
investment
in
additional
housing
is
beneficial,
Amazon
has
also
been
slammed
for
contributing
to
the
challenges
the
area
is
facing
due
to
“high
corporate
salaries
[contributing]
to
a
skyrocketing
cost
of
living.”

In
a
news
conference
this
week,
Jassy
said
that
the
company
knows
that
housing
“is
a
really
big
challenge
for
a
lot
of
people,
especially
in
and
around
expensive
metro
areas.
We
feel
strongly
we
can
help
give
back
to
our
communities
by
helping
preserve
and
create
thousands
of
affordable
homes.”

The
funding
is
targeted.
Amazon
said
it
primarily
aims
to
provide
the
money
via
a
mix
of
loans
and
grants
to
“households
that
earn
30%
to
80%
of
the
area
median
income.”
The
company
said
this
population
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.”

In
King
County,
where
Seattle
sits,
that
usually
translates
to
income
levels
of
$28,800
to
$70,650
for
an
individual,
or
$41,100
to
$100,900
for
a
family
of
four,
based
on
2023
data
from
the

King
County
Housing
Authority
that
was
cited
by
the
Seattle
Times.

The
announcement
also
added
some
new
details
to
a

previously
announced
partnership
with
the

National
Housing
Trust,
saying
that
the
Seattle
effort
on
that
initiative
will
start
with
a
pilot
project
of
83
homes
that
could
eventually
grow
to
800.

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