Amazon Housing
Equity Fund
With low-rate loans, grants, and partnerships with local governments and nonprofit agencies, Amazon is working to address the national housing affordability challenges starting in our hometown communities.
Why Housing?
The cost of housing is rising and families who make a low-to-moderate income are having a hard time finding housing they can afford.
70% find themselves financially strained with housing costs, and people of color are disproportionately affected. To address this issue, Amazon will invest directly in efforts where our financial support will make a difference.
-3.79M Homes
Housing Underproduction in the U.S.
According to non-profit organization, Up for Growth, a nationally recognized expert in housing and related policy issues, housing production is not keeping pace with housing need, leaving the nation in an extreme state of housing underproduction. From 2012 to 2019, housing underproduction jumped from a 1.65M shortfall of needed homes to 3.79M today.
And though many regions across the nation have been wrangling with housing issues for years, very few are showing signs of improvement. In fact, 72 regions that were underproduced in 2012 have gotten worse, while only 14 regions are in the process of recovery. Another 75 regions that had adequate production in 2012 are now in danger of falling short. To solve a problem as big as the affordable housing shortage, we need the collaboration of everyone it touches. Luckily, there are tools and tactics that can be deployed at every level of government and across the private and nonprofit sectors to help address this challenge.
Housing Innovation
Creating & Preserving Affordable Housing
The Amazon Housing Equity Fund supports affordable housing developments focused on low-to-moderate-income households earning 30% to 80% of area median income (AMI). This population often includes first responders, teachers, health care workers, and others who don’t typically qualify for subsidies but whose wages haven’t kept pace with escalating rents.
Transit-Oriented Development
Amazon’s $300 million TOD commitment are partnerships with public transit agencies to support the creation of 3,000 new affordable homes near high-capacity public transit areas. This partnership focuses on promoting equity across racial and economic lines for low- to moderate-income communities by providing easy access to quality transit that connects them to the rest of the region.
Minority Developers
A key goal of the Fund is to support both minority-led developers and minority-led local nonprofits. Nearly 50% of Amazon’s announced investments were committed to help advance the work of these two groups, with another 15% going to projects in partnership with public agencies.
Community Development
The Housing Equity Fund will benefit moderate- to low-income families and individuals in three of our hometown communities.
Puget Sound Region, Washington
Amazon’s efforts in the Puget Sound region have already begun to net positive results. In Bellevue, Washington alone, we’ve increased the restricted affordable housing stock by approximately 20% as of August 2022. Those who currently live in Bellevue and are paying prevailing rate rents will experience up to a 30% reduction in their rent-to-income ratio when they move into a home supported by the Amazon Fund. These savings, which were previously going to rent, can now go to other basic needs like savings, education, or health care. These units will also provide low- to moderate-income families who currently commute to work in Bellevue an opportunity to live closer to their work.
Arlington, Virginia/Washington D.C. Region
Since 2000, Arlington County has lost approximately 14,400 privately owned, affordably priced housing units. Between 2010 and 2018, the median home value climbed approximately 20% (after adjusting for inflation), and median rents climbed 11%, while median household incomes climbed only 7%. As a new member of the community, Amazon is committed to supporting the creation and preservation of affordable housing. Our efforts alongside Arlington County and the Washington Housing Conservancy to preserve 1,953 units at the Barcroft Apartments and Crystal House, highlight that commitment.
Nashville, Tennessee
The Nashville, Tennessee region has, by total number of units, the most multifamily units under construction in America. However, very few of those new units will be affordable. Nashville’s need for affordable housing is large and Amazon is committed to helping find a solution. Approximately 75% are households of color, and of these households, 75% make less than 80% of Nashville’s Area Median Income (AMI). This translates to less than $76,000 annually for a family of four, and less than $53,000 for an individual. About 31% of the households served are on a fixed income.
Our Impact
2022 Impact Report
Since the launch of the Amazon Housing Equity Fund, which was officially announced in January 2021, Amazon has helped provide long-term affordable housing that will support an estimated 18,000 people.
News & Announcements
Apply To The Fund
Due to an overwhelming number of applications, Amazon Housing Equity Fund will temporarily pause accepting applications.
