Amazon will present $150 million to construct and protect 1,700 models of reasonably priced housing in Seattle and neighboring cities.
The brand new funding, introduced Monday at a press convention with Seattle Mayor Bruce Harrell, will go to 10 nonprofit organizations to pay for low-rate loans and grants. It’s a part of the corporate’s $2 billion Amazon Housing Fairness Fund to help the rise in reasonably priced properties within the areas of Seattle, Nashville, Tenn., and Arlington, Va.
Amazon’s complete contribution to the initiative is now greater than $500 million for the Seattle space.
The area has struggled to shelter hundreds of unhoused residents since leaders declared a homelessness emergency in 2015.
As Amazon and different tech corporations have grown dramatically and attracted high-paid employees in recent times, among the area’s leaders and residents have blamed the businesses not less than partly for the reasonably priced housing scarcity.
Amazon’s Housing Fairness Fund is an try to leverage its extraordinary monetary property to deal with disparities in three communities the place its fast development dangers deepening the financial divide.
Microsoft in 2019 introduced its personal initiative to help a rise of reasonably priced housing. The Redmond, Wash.-based firm has earmarked $750 million for its efforts.
Listed here are the Seattle-area initiatives benefiting from the brand new cash from Amazon:
Larger Seattle space initiatives:
- Renton Sage Residences in Renton will protect 284 reasonably priced housing models in partnership with Bellwether Housing.
- Samma Senior House Group in Bothell will embody 76 reasonably priced models for senior residents via Think about Housing.
- The Blueprint Portfolio will protect 354 reasonably priced housing models in six buildings within the Larger Seattle space by working with SRM Growth.
- Housing Hilltop in Tacoma is constructing an condo with 230 reasonably priced models with help for the Tacoma Housing Authority (THA).
- Redondo Heights in Federal Approach is a brand new growth with 334 properties with funding for Shelter Sources.
- Grata at Totem Lake in Kirkland is a brand new condo growth with 125 reasonably priced models.