in loans and grants to create or preserve 7,000 affordable homes
Increase in the stock of long-term (99 years) multifamily units
As we continue to grow our operations and teams at Amazon’s second headquarters in Arlington, Virginia, we’re committed to ensuring that affordable housing remains a viable and accessible option for communities in and around the Arlington, Virginia/Washington D.C. region.
Since January 2021, Amazon has committed over $1 billion in loans and grants to create or preserve 7,000 affordable homes in the region. In Arlington County, Amazon’s preservation efforts have increased the stock of long-term (99 years) multifamily units 22%.
Amazon is demonstrating dedication and commitment to the Arlington community with this game-changing opportunity to increase affordable housing in the county.”
Anne Venezia, Arlington County Housing Division Chief
In the Washington Metro region, the Amazon Housing Equity Fund committed over $25 million in low-rate loans for the construction at New Carrollton, a building being planned by the innovative housing and mixed-income developer Urban Atlantic.
The newly constructed building will provide 291 homes that are affordable to families earning under 80% of AMI and are income-restricted for 98 years. The Fund also closed on a $56 million low-rate loan to construct 451 affordable homes with Gilbane Development Company at the College Park Metro Station, and these homes will be affordable at 80% of Area Median Income for 98 years. The College Park Metro Station, located in College Park, MD, is home to the University of Maryland.
These developments in Prince George’s County, Maryland are significant components of efforts to increase the County’s affordable transit-oriented development through public-private partnerships.
Preservation of Affordability
Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000. 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 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.
Barcroft Apartments Located fewer than three miles from Amazon’s Arlington,Virginia headquarters, The Barcroft, an apartment community featuring 1,334 affordable homes in Arlington’s Columbia Pike corridor, is the largest naturally occurring affordable housing complex in the region. According to the Arlington County Board, preserving the affordability of the Barcroft was a top priority as the community was under tremendous redevelopment pressure, and the loss of all those affordable homes would have displaced hundreds of families,or as many as 3,000 people. Amazon’s $160 million commitment in this transaction helped to preserve affordability for 99 years.
Crystal House Amazon’s first affordable housing initiative in Virginia was the 825-unit Crystal House apartment community. In partnership with the Washington Housing Conservancy (WHC), the Amazon Housing Equity Fund provided $340 million in low-rate loans and $42 million in grants to WHC to acquire Crystal House and help with the stabilization and lowering of rents for the 619 affordable units. As part of the Crystal House transaction, Amazon acquired a $40 million option right on undeveloped land on the 16-acre site—an option right that could support at least 550 new affordable homes onsite. Amazon donated the land and assigned the right to Arlington County for affordable housing development.
In the Washington Metropolitan area, Amazon has partnered with Capital Impact Partners to launch the Housing Equity Accelerator Fellowship. Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. Capital Impact Partners works to champion key issues of equity and social and economic justice by deploying mission-driven financing, capacity-building programs, and impact investing.