Amazon has introduced investments totaling $24.8 million in help of reasonably priced housing within the Puget Sound area.
Made by the Amazon Housing Fairness Fund, the funding contains low-rate loans for 2 new acquisitions by nonprofit reasonably priced housing supplier Bellwether Housing. In response to Amazon, nonprofit housing suppliers usually battle to lift the capital they should purchase and protect reasonably priced properties earlier than they’re misplaced to builders that convert them into luxurious housing. Loans will protect 200 and 13 reasonably priced properties on the Marina Membership Flats in Des Moines and the BLVD in Kent, and each initiatives can be maintained as reasonably priced to households incomes at or beneath 60 p.c to 80 p.c of space median earnings for the subsequent ninety-nine years.
Earlier this 12 months, the Amazon Housing Fairness Fund offered $185.5 million in low-interest loans and grants to the King County Housing Authority to protect a thousand reasonably priced properties within the area.
“The Amazon Housing Fairness Fund couldn’t have come at a greater time. Public funding sources are severely constrained,” mentioned Bellwether Housing CEO Susan Boyd. “We anticipate that this fund will enable us to carry lots of of extra items into everlasting affordability.”
“The Amazon Housing Fairness Fund allows companions like Bellwether Housing and King County Housing Authority to maneuver rapidly and competitively to protect affordability,” mentioned Amazon Housing Fairness Fund director Catherine Buell. “We’re so happy to be part of the answer in addressing housing shortages in our area by teaming up with companions to develop the housing inventory for households making moderate- to low-incomes. We hope that our investments will assist these households have better peace of thoughts and have the ability to keep and thrive within the Puget Sound area.”