Amazon says it will provide more than $ 2 billion to build and preserve 20,000 affordable homes in three of its main areas of employment – the Seattle, Nashville, Tennessee and Arlington, Virginia region. The Housing Equity Fund will offer sub-market capital on low-cost loans, credit lines and grants to support families earning between 30 and 80 percent of the average income in each area. The fund will also give $ 125 million in donations to public agencies and minority-led organizations to drive inclusive affordable housing solutions.
Major technology companies can increase the cost of living in the areas around their offices. Amazon is following companies like Apple, Facebook and Google to focus on these issues. All three pledged at least $ 1 billion to solve the problem of affordable housing in California. Microsoft has also committed $ 750 million to alleviate the housing crisis in the Seattle area.