
Amazon Invests $23 Million to Build 568 Affordable Homes in Seattle
Apr 3
2 min read
Amazon has announced a significant investment of $23 million to support the construction of 568 affordable homes in Seattle. This initiative, part of the Amazon Housing Equity Fund, aims to address the housing crisis affecting communities of color in the region. The project will collaborate with local nonprofits and real estate organizations led by people of color, marking a pivotal step in enhancing affordable housing availability in the city.
Key Takeaways
Amazon is investing $23 million to create 568 affordable homes in Seattle.
The initiative is part of the Amazon Housing Equity Fund, which has committed over $360 million since its inception.
The project will partner with local organizations led by people of color to ensure equitable development.
Amazon's Commitment to Affordable Housing
Since its launch in January 2021, the Amazon Housing Equity Fund has focused on increasing affordable housing options in the Puget Sound region. With this latest investment, Amazon aims to support the creation and preservation of over 3,400 affordable homes in the area.
Catherine Buell, director of the Amazon Housing Equity Fund, emphasized the company's commitment to addressing the housing crisis, particularly for communities of color. "We are committed to helping address the housing crisis in the Puget Sound region, which is disproportionately affecting communities of color," she stated.
Collaboration with Local Partners
Amazon is collaborating with three key housing partners to implement this initiative:
Mount Baker Housing Authority (MBHA): Focused on improving lives in southeast Seattle, MBHA will utilize a $15.2 million low-rate loan from the fund to support two developments:
El Centro de la Raza: This organization will develop El Centro Columbia City, providing 87 units for families earning between 30% and 60% AMI, supported by a $3.5 million grant from Amazon.
Gardner Global: A Black-owned development firm, Gardner Global will construct Calvary 1, a new apartment building with 122 units, primarily targeting residents earning 80% AMI or lower, backed by a $4.5 million grant.
Addressing Housing Equity
The Amazon Housing Equity Fund aims to provide affordable, patient capital to developers, particularly those from marginalized communities. This approach is crucial for fostering housing equity and ensuring that affordable homes remain accessible to low- and moderate-income families.
David Tan, executive director of MBHA, highlighted the importance of the fund, stating, "The Fund is a source of affordable, patient capital that gives developers much-needed flexibility in financing our projects."
Long-Term Impact
The investment is expected to support approximately 18,000 individuals, including many children, across the Puget Sound region. As real estate prices continue to rise, the commitment to maintaining affordable rents will save families thousands of dollars annually.
In addition to this investment, Amazon has pledged over $1.2 billion to create or preserve more than 8,000 affordable homes across its key communities, including Arlington, Virginia, and Nashville, Tennessee. This ongoing commitment reflects Amazon's dedication to fostering inclusive and thriving communities through equitable housing solutions.
Sources
Amazon to fund construction of 568 affordable homes in Seattle, AboutAmazon.com.