WASHINGTON: Amazon said Wednesday it was committing $2 billion to help create more affordable housing in the area around its second headquarters near the US capital and other hubs of the tech and retail giant.
A new “housing equity fund” will make grants and below-market loans available for housing partners, public agencies, and minority-led organizations, according to Amazon, which has faced criticism over the impact of its new headquarters on housing.
The company said the first tranche of $567 million will help create 1,300 affordable apartment homes available near Amazon’s new Arlington, Virginia headquarters and up to 1,000 units near its headquarters in the Seattle, Washington, region.
Amazon expects to hire some 25,000 employees for its hub in Virginia, across the Potomac river from Washington, chosen after a stormy search process where communities debated the impact on the local economy and other factors.
Some of the new funds will also go to Nashville, Tennessee, another area where Amazon expects to add at least 5,000 employees in the coming years.
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