Amazon introduced on Thursday that it will spend $23 million to construct affordable housing in Seattle as aspect of its Housing Equity Fund.
The transfer arrives as the tech market has been accused of earning the very affordable housing disaster even worse as tech salaries in the spot have brought about housing charges to boost considerably. The resources will go to minority-led businesses in the area to make or preserve much more than 500 new units.
“When our city’s firms and personal partners stage up, like Amazon is carrying out via this significant financial commitment, we can speed up development addressing tricky problems like housing affordability,” Seattle Mayor Bruce Harrell claimed in a information launch asserting the investment decision.
Amazon pledged $124 million to help very affordable housing near Seattle and Washington D.C. in March. Amazon commited to its Housing Fairness Fund in January 2021 and plans to invest $2 billion all alongside one another.
The fund has so significantly invested more than $1.2 billion where the firm has offices in Washington condition Arlington, Virginia and Nashville, Tennessee.
“The Amazon Housing Fairness Fund is tackling the cost-effective housing disaster on many fronts and by way of modern solutions, this kind of as teaming up with community transit authorities, which provides persons closer to far more possibilities, providers, and a much better top quality of everyday living,” Catherine Buell, director of the Amazon Housing Equity Fund, said in a statement in March.
Amazon extra in the statement that it thinks that its financial investment in these regions will assistance carry economic opportunities to people in have to have.
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