Amazon commits $75 million to develop 800 affordable housing units in Nashville
Amazon on Wednesday announced a commitment of $75 million for developers to create affordable homes in the Nashville near WeGo Public Transit high-capacity corridors.
The company reported 800 homes will be built on private land and the investment is part ofAmazon’s more than $2 billion Housing Equity Fund to preserve and create over 20,000 affordable homes through below-market loans to housing partners, traditional and non-traditional public agencies, and minority-led organizations.
Music City is one of three cities hosting the company’s new headquarters, where Amazon hopes to infuse communities with cash and support over the next five years.
Affordable housing will also be developed in Washington state’s Puget Sound region, and Arlington, Virginia.
“Nashville is one of Amazon’s newest communities, and we’re committed to supporting — and partnering closely with — our new neighbors,” said Michelle Gaskin Brown, Amazon’s Nashville manager of public policy. “We believe everyone should have access to housing they can afford, and we look forward to working with the city of Nashville on even more innovative solutions to help local families achieve long-term stability.”
Transportation and housing costs account for a significant portion of the average person’s expenses, said Jay Carney, Amazon’s senior vice president of Global Corporate Affairs.
“By investing $300 million of Amazon’s $2 billion Housing Equity Fund in transit-oriented housing development, moderate- to low-income families in Puget Sound, Arlington, and Nashville will be able to reduce their expenditures on housing while gaining easy transit to jobs and amenities,” Carney said. “We hope this will pave a path for more inclusive communities.”
WeGo, the primary regional transit agency operating bus and paratransit service across Nashville, serves close to 30,000 riders daily.
Amazon will focus on affordable properties within a half-mile of transit stops and “prioritize opportunities to invest in minority-led organizations and racially and economically diverse communities,” the company reported.
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