Amazon’s Housing Equity Fund
Recently, Amazon has announced it will provide $2 billion toward building and preserving 20,000 affordable homes in three cities that the company considers key employment regions. These three cities will be the larger Seattle region, Washington, Nashville, Tennessee, and Arlington, Virginia. The majority of the money will be put toward creating and dispersing low-cost loans, below-market lines of credit, and grants for families that make anywhere between 30% to 80% of each city’s median income.
While most of the money from the Housing Equity Fund will be used for these purposes, $125 million will be put aside to provide grants to public agencies and minority-led organizations working toward creating long-term solutions to the affordable housing problems facing many Americans.
Efforts Across the Industry
Amazon’s Housing Equity Fund is part of a larger movement by many large tech companies to help alleviate real estate problems that have come about in areas surrounding their own headquarters.
Companies such as Apple, Facebook, and Google have all pledged $1 billion or more toward solving the affordable housing problem that has been affecting great portions of California.
Microsoft is also participating in the fight for more affordable housing with a pledge of their own for $750 million. These companies have caused the cost of living to rise dramatically near the areas within their headquarters, pricing out many long-term residents; therefore, this effort to help alleviate this housing issue is desperately needed.
Affordable housing is a significant issue that is affecting more and more people by the day. Especially in the midst of the COVID-19 pandemic, the need for lower housing costs for many Americans has never been greater. Amazon’s Housing Equity Fund, along with similar efforts made by other major tech companies such as Apple and Google, is a large step toward improving the negative impact these companies have created. Furthermore, the financial assistance provided by the fund will help create loans at better rates, grants, and even help organizations with similar goals. As Amazon and other tech companies continue to focus on social issues, they will hopefully be able to fix problems they have indirectly created.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.