"Here at home, 10,000 units is a big milestone, Alice Shobe, global director of Amazon Community Impact, told The Seattle Times. We set out early to move quickly and we did. I think the payoff of those 10,000 units is going to show especially in decades to come when those 99 years of affordability are required and we're not flipping over housing as quickly."
"Amazon's fund originally pledged to support 20,000 units across Seattle, Nashville and Arlington, Virginia cities where the company has a sizable presence but the company said last year it had already surpassed the target by funding 21,000 units. Since then, Amazon has added another $1.4 billion commitment to create 14,000 more homes."
"Beacon Pacific Village a 160-unit complex that requires tenants to earn between 50% and 60% of the area median income (AMI) opened last year in front of Amazon's former headquarters. Having housing led by community development organizations provides more culturally entrenched affordable housing for the community, said Jade Yan, resident services manager at the Seattle Chinatown International District Preservation and Development Authority, which helped develop the project. It's just so crucial. Housing means stability and security."
Amazon's housing fund exceeded its initial 20,000-unit pledge by funding 21,000 units and then committed an additional $1.4 billion to create 14,000 more homes, targeting roughly 35,000 units. The fund emphasizes long-term affordability, including 99-year affordability horizons, and focuses on middle-income workforce households earning roughly 50%–80% of AMI. Projects include community-led developments such as a 160-unit Beacon Pacific Village serving tenants at 50%–60% AMI near Amazon's former headquarters. The fund aims to stabilize communities facing displacement by providing culturally entrenched affordable housing for teacher assistants, security guards, and similar workers. Other tech companies have launched similar housing funds, with mixed progress due to local regulations.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]