Amazon’s $2-billion Housing Equity Fund is revving up to help preserve and develop 20,000 affordable housing units by the end of 2025. The Seattle-based online retail giant and cloud services provider is targeting three locales—Washington state’s Puget Sound region; the nation’s capital region, where Amazon is investing $2.5 billion over the next decade on its HQ2 project in Arlington, Va.; and Nashville, where Amazon has finished a 20-story high-rise and is building a 22-story tower at Nashville Yards.
The Housing Equity Fund, announced in January, is Amazon’s response to the nation’s affordable housing crisis. It provides grants and below-market-rate loans to housing partners, traditional and nontraditional public agencies and minority-led groups.