Amazon.com Inc. announced Wednesday that it is committing nearly $340 million to affordable housing efforts in Arlington, where the e-commerce giant is establishing its $2.5 billion East Coast HQ2 headquarters.
This is part of the company’s $2 billion commitment to affordable housing, the Housing Equity Fund, which was announced Wednesday. The remaining funding will go toward affordable housing in other highly-concentrated Amazon areas, including Washington state’s Puget Sound region and Nashville. Funding will go toward preserving existing affordable housing and creating housing developments with below-market loans and grants.
Amazon’s Virginia commitment includes a $339.9 million below-market loan and $42 million in grants to the Washington Housing Conservancy (WHC), a nonprofit organization that preserves affordable housing. The Arlington commitment is aimed at establishing as many 1,300 affordable homes. During the next decade, it is anticipated that Amazon will hire approximately 25,000 employees in the National Landing area in Arlington.
