Amazon Commits $147 Million to Create and Preserve 1,260 Affordable Homes, Primarily With Minority-Led Developers Across Washington, DC

(Arlington, VA)— As we speak, Amazon (NASDAQ: AMZN) introduced a dedication of $147 million to create and protect 1,260 inexpensive housing items in six of Washington, D.C.’s eight wards and in close by Maryland and Virginia communities—primarily in partnership with minority-led organizations.

That is the newest dedication from Amazon’s greater than $2 billion Housing Fairness Fund, which goals to fight inexpensive housing challenges and promote fairness and inclusion within the communities the corporate calls residence, together with Washington state’s Puget Sound area; the Arlington, Virginia/Washington, D.C. area; and Nashville, Tennessee.

As we speak’s announcement brings Amazon’s complete dedication to assist create or protect inexpensive housing within the Washington, D.C. space to $992 million in assist of greater than 6,200 inexpensive properties. This complete contains Amazon’s marquee funding in Crystal Home (which is over and above the $2 billion dedication), its $125 million transit dedication with the Washington Metropolitan Space Transit Authority (WMATA) and Amazon’s Actual Property Builders of Shade Accelerator Program investments. Of this complete, $696 million will likely be used to create or protect practically 3,600 items of inexpensive housing in partnership with minority-led organizations.

“We’re proud to work with a various set of skilled companions to create and protect much-needed inexpensive properties that assist maintain long-term residents in the neighborhood whereas bolstering our numerous and historic neighborhoods,” mentioned Catherine Buell, director of the Amazon Housing Fairness Fund. “By working with these numerous improvement organizations, we will create long-lasting and inclusive inexpensive housing nearer to public transit and different facilities that can enhance high quality of life for residents. We’ll additionally assist guarantee households throughout Washington, D.C. will not be displaced from their communities.”

Since launching in January 2021, the Amazon Housing Fairness Fund has elevated the long-term dedicated multifamily inexpensive housing inventory in Arlington by 22% (based mostly on information supplied by Arlington County). These newly introduced initiatives will construct on this success and enhance entry to inexpensive housing all through Washington, DC. Amazon’s $147 million dedication was introduced at an occasion held at Congress Heights – an inexpensive housing mission being developed in Washington, D.C.’s Ward 8. Like lots of the different inexpensive housing initiatives which can be a part of this announcement, Congress Heights (which is being developed by the Nationwide Housing Belief) is adjoining to public transit (on this case, a Washington Metropolitan Space Transit Authority (WMATA) transit station.)

“As we speak is about partnership, dedication, and perseverance,” mentioned DC Mayor Muriel Bowser. “Partnership with Amazon, the Nationwide Housing Belief, WMATA, and our neighborhood companions. A dedication to construct 36,000 new properties by 2025, with at the very least 12,000 of them inexpensive. And perseverance from the households who caught with us and can quickly have the ability to return residence to this location – and what a location it’s.”

This announcement aligns with Mayor Bowser’s purpose of making 36,000 new housing items, a 3rd of which will likely be inexpensive, by 2025. Every of those commitments will make sure the long-term preservation of affordability (usually 99 years, with restricted exception) and can make housing obtainable to people and households incomes 30-80% of the realm median earnings (AMI). As we speak’s announcement showcases partnerships with the next organizations:

The Congress Heights Flats within the Congress Heights neighborhood of Ward 8, which is able to embrace the development of 179 new inexpensive items for households incomes between 30-80% AMI. The residences will likely be developed by Nationwide Housing Belief (NHT), which works to make sure that privately owned rental housing stays within the inexpensive housing inventory utilizing the instruments of actual property improvement, rehabilitation, finance, and advocacy—all with sustainability in thoughts.

2026 Maryland Ave NE, situated within the Carver-Langston neighborhood of Ward 5, will embrace the preservation of 320 inexpensive items for households incomes between 30-60% AMI. These residences will likely be preserved by Jair Lynch Actual Property Companions, a number one proprietor and developer of mixed-use properties and attainable housing.

The Residences at Benning Highway would be the second inexpensive, assisted-living neighborhood in Ward 7. This transit-oriented improvement, situated on the former web site of an Industrial Financial institution department (one of many first Black-owned banks within the area), will create 156 new inexpensive residences for households at 60% AMI inside one block of the Benning Highway Metro station. The Residences will likely be developed by Gragg Cardona Companions, an organization that has been working for greater than twenty years on revitalizing D.C.-area neighborhoods through the use of public/non-public partnerships to result in new investments in housing, industrial house, and neighborhood services.

4111 Kansas Ave NW, a newly constructed residential constructing (initially designed as condominiums), to create 40 new inexpensive items for households incomes between 50-80% AMI in Ward 4. With Amazon’s assist, the property was bought by So Others May Eat (SOME), a nonprofit with complete packages which can be designed to assist neighbors experiencing homelessness and excessive poverty discover pathways out of poverty and obtain long-term stability and success.

325 Vine will likely be a newly constructed condominium constructing in Ward 4 that can embrace 102 inexpensive items for households incomes between 60-80% AMI and can function the preservation of two historic properties. The property is situated throughout the road from the Takoma Metro station. SGA Corporations is a full-service agency specializing in transit-oriented, multifamily residential and mixed-use retail properties within the Washington, DC metro space.

S Avenue Village will likely be a brand new improvement with 90 items of inexpensive housing at 60% AMI in Ward 2. The location will likely be developed by Manna, Inc., a nonprofit inexpensive housing consultancy and developer dedicated to serving to low-income and moderate-income individuals purchase inexpensive, high quality housing throughout Washington, D.C.

The Mount Nice Preservation Mission will include the preservation of Richman Towers, Sarbin Towers, and Park Marconi within the Mount Nice neighborhood in Ward 1. The Mission will convert 165 condominium properties into inexpensive properties for households incomes between 40-80% AMI. Jubilee Housing is a nonprofit housing developer centered on creating inexpensive properties with onsite and close by companies in thriving communities.

Holmead Place Flats consists of 99 properties in Ward 1, all of which will likely be transformed into inexpensive, accessible residential items for households incomes between 30-80% AMI. Wesley Housing gives secure, high quality, and inexpensive housing to throughout the Washington, DC metropolitan space.

Along with these initiatives in Washington, DC, Amazon is offering funding to the next builders to create further inexpensive housing in Maryland and Virginia:

Group First Improvement Company is a partnership between A. Wash & Associates, Inc. and Northern Actual Property City Ventures (NREUV), each Black-led actual property improvement organizations with deep ties to the Washington, D.C. space. They’re collaborating on 210 on the Park, which will likely be a newly constructed improvement containing 130 inexpensive items for households incomes between 70-80% AMI. The condominium advanced is situated a brief distance from the Capitol Heights Metro station in Prince George’s County, Maryland, and contains retail house that can supply discounted charges for native and minority companies.

Montgomery Housing Partnership (MHP) is a nonprofit serving the residents of Montgomery County, Maryland and neighboring communities. The group is dedicated to housing folks, empowering households, and strengthening neighborhoods. Since 1989, MHP’s mission has been to protect and develop entry to high quality, inexpensive housing. MHP is growing Nebel Avenue, which will likely be a brand new building improvement containing 163 inexpensive properties for households incomes between 30-80% AMI.

Good Shepherd Housing and Household Companies’ mission is to cut back homelessness, enhance neighborhood assist, and promote self-sufficiency. Good Shepherd Housing has served the housing wants of Northern Virginia households and people for greater than 40 years. They’re buying 18 properties within the Colchester Towne Condominiums, and can protect these at 50% AMI in Alexandria, Virginia.

With at the moment’s announcement, the Amazon Housing Fairness Fund has dedicated to create or protect greater than 10,000 inexpensive properties throughout the corporate’s hometown communities up to now. Amazon’s dedication focuses on low-to-moderate earnings people and households, representing first responders, academics, and repair trade workers whose wages haven’t stored tempo with escalating rents. To be taught extra in regards to the Amazon Housing Fairness Fund, please go to us right here.