Amazon Pledges $2B to Build Over 20K Affordable Homes

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The Home will be built in Washington State’s Puget Sound Area, Arlington, Virginia, and Nashville, Tennessee.

When one of the significant tech firms moves into a place and generates many jobs, home prices skyrocket. Amazon is trying to counter that impact by starting a $2 billion housing equity fund to produce affordable homes.

The new houses will be made in Washington State’s Puget Sound area, Arlington, Virginia, and Nashville, Tennessee, all of which have an Amazon existence and”at least 5,000 workers each in the next several years.” The initial investment will probably see over $567 million invested producing 1,300 cheap apartment homes available near Amazon’s Puget Sound, Washington headquarters. In the end, the purpose is to makeover 20,000 houses for”medium – to low income” families.

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Amazon has a longstanding commitment to assisting individuals in need, such as Mary’s Position family protector we built within our Puget Sound headquarters. The shield currently supports over 200 women and children experiencing homelessness each night,” said Jeff Bezos, Amazon founder, and CEO. “This brand new $2 billion Housing Equity Fund will produce or conserve 20,000 cheap homes in all three of our headquarters areas –Arlington, Puget Sound, and Nashville. It is also going to help families attain long-term equilibrium when building strong, inclusive communities.”

The cash is going to be offered by Amazon in below-market funding” in the kind of lines of credit, and grants” The houses are for households earning between 30-80% of a region’s median income, thereby making sure that they help the ideal people in each local community.

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Amazon is not the only major tech company pledging to put money into Home. Microsoft is spending $500 million in Seattle. Google is currently addressing the Bay Area housing meltdown using $1 billion, and Apple is spending $2.5 billion on Home in California, with $400 million set aside for affordable housing in Silicon Valley.