Amazon has announced updates to its Housing Equity Fund (HEF), a $3.6 billion initiative aimed at increasing affordable housing in the Puget Sound, Arlington/National Capital, and Nashville areas. The fund provides low-interest loans and grants for housing development targeting low to moderate-income families.
The HEF, launched in January 2021, aims to create and preserve affordable housing in these three communities. Initially committed to $2 billion, Amazon has exceeded this goal by providing over $2.2 billion to fund more than 21,000 affordable homes. In June 2024, Amazon extended the fund by an additional $1.4 billion to create or preserve 14,000 more homes, bringing the total commitment to over $3.6 billion for more than 35,000 affordable homes.
According to a news release by Amazon, the HEF supports both the preservation of existing affordable housing and the construction of new homes. With a focus on maintaining long-term affordability, the fund targets moderate-to-low-income households, including essential workers such as teachers and healthcare professionals.
"We created the Amazon Housing Equity Fund because we believe all people should have access to housing they can afford," said Amazon CEO Andy Jassy. "The fund helps people access affordable housing in the communities around our offices in the Puget Sound region, HQ2 in Arlington, Virginia, and in Nashville, Tennessee. We know housing is a really big challenge for a lot of people, especially in and around expensive metro areas, and we feel strongly that we can help give back to our communities by helping preserve and create thousands of affordable homes."
Amazon offers a range of services including online and in-person shopping, delivery of fresh produce, media distribution through platforms like Alexa and Fire TV, cloud solutions via Amazon Web Services (AWS), logistics operations, customer service support, and entertainment through platforms such as Amazon Originals, Prime Video, and Audible.