Amazon Will Spend $124 Million On Affordable Housing Near Seattle, Washington DC
Amazon announced on Tuesday that it will spend $124 million to build affordable-housing units close to transit stations near Seattle and Washington, D.C.
Amazon will work with the Washington Metropolitan Area Transit Authority (Metro) and the Sound Transit, which serves the Central Puget Sound region of Washington state, to build 1,060 homes.
“The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with public transit authorities, which brings people closer to more opportunities, services, and a better quality of life,” Catherine Buell, director of the Amazon Housing Equity Fund, said in a statement.
“We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community," Buell added.
The move comes as the tech industry has been accused of making the affordable housing crisis worse as tech salaries in these areas have caused housing prices to drastically go up.
The housing in Washington state will be located in the cities of SeaTac and Bellevue, and the housing in Maryland will be located in New Carrollton and College Park.
The affordable housing units in Bellevue and SeaTac will be for families earning between 30-80% of the area median income.
“The scale that Amazon has gone to in order to create and preserve affordable housing in our region makes a real difference,” said Bellevue Mayor Lynne Robinson. "Their commitment is bringing much-needed affordability and accessibility to Bellevue residents."
Amazon committed to its Housing Equity Fund in January 2021 pledging to spend $2 billion to create and preserve 20,000 affordable homes.
© Copyright IBTimes 2024. All rights reserved.