Amazon is investing $23million to support the construction of 568 housing units in Seattle as part of its housing equity fund to build or protect housing for low – and middle-income people.
The $2billion Fund announced last year aims to build 20000 affordable housing units in Nashville, Seattle and Arlington, Virginia. In these regions, the company has a large business scale and the income gap is widening.
The newly allocated funds will flow to the real estate development organization led by black, Hispanic and Asian individuals, which is the first organization supported by the housing equity fund in Seattle. Most of the housing will be located near the light rail station in Southeast Seattle, where the proportion of low-income people is high.
“In supporting these projects, we pay attention to fairness, which not only increases the access to affordable housing, but also intends to choose who will be the development partner,” catherinebuell, the director of the fund, said in a statement announcing the new project on Thursday. “Different perspectives are essential to help create truly inclusive and prosperous communities.”
This news comes at a time when the cost of ownership or lease in Seattle continues to rise, and the wages of scientific and technological personnel are also rising, which has raised concerns that the trend of house prices will continue. In February this year, Amazon doubled the maximum wages of enterprises and skilled workers to $350000. Microsoft has also recently raised wages to attract and retain employees.
According to redfin, the average selling price of a house in Seattle rose 7.9% to $890000 in May. According to the apartment list, the median total rent in Seattle is $1745, up more than 14% from $1531 a year ago.
Microsoft also promised to solve the crisis of affordable housing, and promised to provide 750million US dollars to the efforts of greater Seattle; Since 2019, the company has retained or built 9200 affordable housing units in the region.
Amazon’s new project has enabled its fund to commit more than $360million and 3400 homes in the Seattle area. These commitments include new housing previously planned near the light rail station in northern Seattle and Seatac Airport.
Here is more information about the development of the new program.
Amazon is working with three housing partners: Gardner global, a black owned development company, and two non-profit community organizations, the Mount Baker Housing Authority and El Centro de la Raza.
One of the projects, Grand Street commons, will build 204 apartments near the future Judkins Park light rail station. The project is planned to be completed in the summer of 2024 and aims to make it affordable for tenants whose income does not exceed 60% of the middle income in the region. According to Amazon, people of color make up about 68% of the community’s population.
Other projects will build 87 units in Columbia City, 122 units at the site of the former African American Baptist Church, and 155 units near Mount Beck light rail station.