The Amazon Housing Equity Fund will invest $10.6 million to help build and renovate more than 130 affordable homes within 1⁄2 mile of high-quality transit. Amazon’s commitment consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development featuring 96 apartments, including 53 affordable homes in the Cayce Place neighborhood in East Nashville in partnership with the Metropolitan Development and Housing Agency (MDHA). Families living in the affordable units at Cherry Oak Apartments will have guaranteed affordability at or below 80% of area medium income (AMI) for 99 years.
Additionally, Amazon is providing a $3.5 million grant to CrossBridge, a Nashville nonprofit that provides housing and supportive services to adults overcoming addiction. The grant will support CrossBridge’s housing projects on Lindsley Avenue in the Rolling Hill Mill neighborhood for a new 50-unit building and the renovation of an existing 24-unit building into a 34-unit building.