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Amazon promises to Provide $2 Billion for Affordable Housing Schemes in Major Cities Across u.S

The tech-giant of e-commerce has pledged $2 billion towards affordable housing schemes around principal cities: Seattle, Virginia, Nashville, and Arlington. Amazon’s founder, Jeff Bezos said that the house equity fund will create over 20,000 homes, and it will create stability and long-term growth for low-income communities.

Amazon says that over $562 million would go towards the construction of 1,300 apartment units in the Virginia region. Amazon will invest over $185.5 million to create 1,000 apartment units in the Seattle region.

Amazon claims that they have designed the units to cater to the need of households making around 30%-80% of the median income of the regions.

Amazon also plans to contribute $125 million to public agencies and minority-led agencies to provide them adequate resources, so that the minorities don’t get discriminated against based on skin color or race. The equity fund will also provide grants to governmental agencies that are not much inclined into affordable housing schemes, such as school districts.

Such schemes in booming cities such as Seattle not only maintain rent levels but also preserve the economic stability of low-income families such as health workers and teachers. The equity fund will provide below-market capital financing for the community, like loans, and grants to low-income households. Amazon has huge operations in Seattle and Virginia.

Each area is supposed to have over 5,000 employees; the affordable housing fund serves its employees with economic growth and cheap loans. The scheme reduces the displacement and defaults of low-income families in Seattle, Virginia, and Arlington. Amazon surely has introduced an incredible project to use the booming economy of these cities.

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