On March 15, Amazon announced it will invest more than $42.5 million to build 318 affordable homes adjacent to public transit sites, and it will work in partnership with Sound Transit to complete the housing developments.
The deals stem from Amazon’s $300 million transit commitment from 2021 to create 3,000 new affordable homes in collaboration with the transit agencies in Amazon’s three hometown communities of the Puget Sound region; the Arlington, Virginia region; and Nashville, Tennessee.
“The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with public transit authorities, which brings people closer to more opportunities, services, and a better quality of life,” said Catherine Buell, director of the Amazon Housing Equity Fund. “We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community.”
Last year, Amazon committed $100 million in low-rate funding to developers to help create and expedite the development of up to 1,200 new affordable housing units on Sound Transit property, connecting communities to jobs, services, and resources that allow them to remain in their cities and preserve the region’s diversity and culture.
Since launching the Amazon Housing Equity Fund in January 2021, Amazon has committed more than $344.3 million in loans and grants for the Puget Sound region to create and preserve 2,870 affordable homes. Based on data provided by the City of Bellevue, through its efforts in the past year, the Amazon Housing Equity Fund has increased the long-term multifamily affordable housing stock in Bellevue by 20%.
The new housing commitments announced in partnership with Sound Transit today include:
Spring District/120th Station: In partnership with Sound Transit and BRIDGE Housing, Amazon is helping to create 233 new-construction affordable apartments in Bellevue near a new light rail station that is scheduled to open in 2023. Amazon is funding a $25.8 million low-rate loan commitment and pre-development grant to BRIDGE Housing, a nonprofit developer, owner, and manager of affordable housing. BRIDGE Housing has teamed up with YMCA of Greater Seattle for youth and family services at the property.
Angle Lake Station: In partnership with Sound Transit and Mercy Housing Northwest, Amazon is helping to create a minimum of 85 new construction affordable apartments located next to the light rail station in the City of SeaTac, which is near high-quality transit, jobs, parks, and schools. According to Amazon, the property will be constructed with high-quality sustainable construction materials and methods to ensure sustainability and energy efficiency. Amazon is funding a $16.7 million low-rate loan commitment and pre-development grant to Mercy Housing Northwest. Mercy Housing Northwest will in turn partner with The Arc of King County, a nonprofit which supports people with intellectual and developmental disabilities, to provide onsite resident services.
“The scale that Amazon has gone to in order to create and preserve affordable housing in our region makes a real difference,” said Bellevue Mayor Lynne Robinson. “Their commitment is bringing much needed affordability and accessibility to Bellevue residents.”
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Source: Bellevue Reporter