Amazon will bring its billion-dollar housing effort to an affordable housing strategy that has traditionally seen little public or corporate investment.
Amazon will spend millions to help low- and middle-income families buy their first homes in the D.C. region, the company announced Wednesday, extending its billion-dollar affordable housing effort to a development strategy that has traditionally seen little public or corporate investment.meant to help boost homeownership among “underserved groups” in the D.C., Seattle and Nashville areas.
The homeownership effort is the latest slice of the company’s $2 billion Housing Equity Fund, which has largely been providing loans to build or preserve apartments for low- and middle-income renters.The company rolled out the fund amid criticism that its Seattle headquarters had prompted rents there to skyrocket and fears that a second campus in Arlington might do the same in Northern Virginia.
Some of the funding will support the group’s “Pay It Forward” program, in which the trust buys homes below their market price from “mission-oriented” sellers and then resells the homes to low- or middle-income households. The other pool of Amazon money, $20 million, will be distributed through an existing NHT fund to help local organizations build new houses and apartments for families to buy or to convert existing ones into these opportunities.The remaining $3.75 million in the fund will go to helping the loan recipients provide down payment assistance to the families purchasing those homes and toward “predevelopment loans” that can help those builders get new projects off the ground.
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