Amazon Commits $2 Billion for Affordable Housing Around US Hubs


Amazon stated it was committing $2 billion (roughly Rs. 14,620 crores) to assist create extra inexpensive housing within the space round its second headquarters close to the US capital and different hubs of the tech and retail large.

A brand new “housing fairness fund” will make grants and below-market loans accessible for housing companions, public companies, and minority-led organizations, based on Amazon, which has confronted criticism over the affect of its new headquarters on housing.

The corporate stated the primary tranche of $567 million (roughly Rs. 4,100 crores) will assist create 1,300 inexpensive residence houses accessible close to Amazon’s new Arlington, Virginia headquarters and as much as 1,000 items close to its headquarters within the Seattle, Washington, area.

Amazon expects to rent some 25,000 workers for its hub in Virginia, throughout the Potomac river from Washington, chosen after a stormy search course of the place communities debated the affect on the native economic system and different elements.

A few of the new funds will even go to Nashville, Tennessee, one other space the place Amazon expects so as to add a minimum of 5,000 workers within the coming years.

“Amazon has a long-standing dedication to serving to individuals in want, together with the Mary’s Place household shelter we constructed inside our Puget Sound headquarters,” stated Jeff Bezos, Amazon founder and chief govt.

“This new $2 (roughly Rs. 14,620 crores) billion Housing Fairness Fund will create or protect 20,000 inexpensive houses in all three of our headquarters areas – Arlington, Puget Sound and Nashville. It is going to additionally assist native households obtain long-term stability whereas constructing sturdy, inclusive communities.”

Amazon is concentrating on households making between 30 to 80 % of median earnings. Within the Washington DC metro space, this interprets to a family of 4 incomes lower than $79,600 (roughly Rs. 58 lakhs) a yr and under $95,250 (roughly Rs. 69 lakhs) in Seattle.


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