Amazon is starting a new round of funding to help developers create or preserve multifamily affordable housing across the company’s hometown communities—Washington state’s Puget Sound region, the Arlington, Virginia-Washington, D.C., area, and Nashville, Tennessee.
The internet giant has reopened the application portal for Amazon Housing Equity Fund and is encouraging qualified developers to apply for funding.
This follows the company’s recent announcement that it is committing another $1.4 billion to create or preserve an additional 14,000 affordable homes across these three communities. This latest investment brings Amazon’s total commitment under the Housing Equity Fund to $3.6 billion, aimed at creating or preserving 35,000 homes for low-to-moderate income families.
"We encourage prospective development partners with the requisite qualifications to apply for this funding and help us continue to create more affordable housing, and greater equity, across these three communities,” said Senthil Sankaran, managing principal of the fund. “Whether you have worked with us in the past or if you’re new to the Amazon Housing Equity Fund, if your organization possesses the capabilities to create or preserve affordable housing across these communities, we encourage you to apply.”
Applications will be considered on a rolling basis through Oct. 31, according to a representative.
Amazon provides qualified development partners with funding in the form of low-interest loans and grants. These funds will help supplement efforts to preserve existing affordable housing and to build new affordable housing developments.
The company is prioritizing projects located in resource-rich communities with easy access to neighborhood services, transit, amenities, and employment. Projects that receive funding from the Housing Equity Fund will typically be required to remain affordable for up to 99 years and will provide housing for individuals and families earning between 30% and 80% of the area median income across these three regions.
For more details about the impact of the Amazon Housing Equity Fund, application guidelines, and to access the application to apply for funding, click here.
