Amazon, which launched a $2 billion Housing Equity Fund in 2021 to create affordable homes in its three hubs, including Arlington, said it has exceeded its original goal two years early, and is adding another $1.4 billion to the fund to create and preserve another 14,000 affordable homes.
The Housing Equity Fund focuses on the areas surrounding HQ2 in Arlington County’s National Landing and elsewhere in the D.C. metropolitan area, its Seattle headquarters in Washington state’s Puget Sound, and Nashville, Tennessee, where Amazon has a major presence.
To date, Amazon said the fund has provided $2.2 billion to create and preserve more than 21,000 affordable homes.
In a statement, Amazon said the 21,000 homes the fund has created and preserved enable 46,000 residents access to affordable housing, most of which remains affordable under agreements with local jurisdictions for the next century. Almost all of its projects are near transportation hubs.
In the D.C. area, its partnerships have created or preserved over 9,500 homes. Amazon said its program has increased Arlington’s affordable housing stock by 23%.
The Amazon fund works with local partners in the D.C. region, including the Metropolitan Washington Council of Governments, which recently approved $500,000 in grants for seven D.C.-area projects.
Amazon’s HQ2 in National Landing now includes about 8,000 employees, many of which have moved into the first phase of its new headquarters campus in Pentagon City.
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