Home News “Amazon Commits $147 Million to Create and Preserve 1,260 Affordable Homes, Primarily With Minority-Led Developers Across Washington, D.C.”

“Amazon Commits $147 Million to Create and Preserve 1,260 Affordable Homes, Primarily With Minority-Led Developers Across Washington, D.C.”

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photo courtesy Jim Hubbard

From the press release:

“Amazon (NASDAQ: AMZN) partners with primarily minority-led organizations to offer 1,260 affordable housing units in six of Washington DC’s eight boroughs and communities in neighboring Maryland and Virginia. announced a commitment of $147 million to create and maintain.

This is Amazon’s latest commitment of over $2 billion. housing equity fundaims to combat affordable housing and promote equity and inclusion in the communities it calls home, including the Puget Sound area of ​​Washington State. Arlington, Virginia/Washington, DC area. and Nashville, Tennessee.

With today’s announcement, Amazon’s total commitment to create or maintain affordable homes in the Washington, DC area reaches $992 million to support over 6,200 affordable homes. This total includes Amazon’s investment in marquees. crystal house (which exceeds the commitment of $2 billion), that $125 million transit commitment In collaboration with the Washington Metropolitan Area Transit Authority (WMATA) and Amazon’s Real Estate Developers of Color accelerator program investment. Of this total, $696 million will be used to create or maintain nearly 3,600 affordable homes in partnership with minority-led organizations.

Amazon director Catherine Buell said: Housing Equity Fund. “By working with these diverse development organizations, we can create long-term, inclusive affordable housing that is close to public transportation and other amenities that improve the quality of life for our residents. , we will also help families across Washington, D.C. to avoid being expelled from their communities.”

Since launching in January 2021, the Amazon Housing Equity Fund has increased the affordable housing stock of Arlington’s long-term committed multifamily homes by 22% (based on data provided by Arlington County). ). These newly announced projects build on this success and increase access to affordable housing throughout Washington, DC. His $147 million commitment for Amazon was announced at an event held at Congress Heights. This is an affordable housing project being developed in Ward 8, Washington, DC. Unlike other affordable housing projects that are part of this announcement, Congress Heights (developed by the National Housing Trust) is a public transportation (in this case, Washington Metropolitan Transportation Authority (WMATA) relay station).

“Today is about partnership, commitment and perseverance,” said DC Mayor Muriel Bowser. “Our partnership with Amazon, the National Housing Trust, WMATA, and our community partners. Our commitment to build 36,000 new homes by 2025, at least 12,000 of which will be affordable. And stick with us. , perseverance from the family who can return to this place soon, and what a place it is.

The announcement is in line with Mayor Bowser’s goal of creating 36,000 new housing units by 2025. Each of these commitments guarantees long-term maintenance of affordability (generally 99 years, with limited exceptions) and earns him 30-80% of the average regional income (AMI). housing available to individuals and families living in Today’s announcement marks partnerships with the following organizations:

of Congress Heights Apartments This includes the construction of 179 new affordable units for households with AMI between 30% and 80%.The apartment will be developed by National Housing Trust (NHT)With sustainability in mind, we use property development, rehabilitation, financing and advocacy tools to ensure that privately owned rental homes remain affordable housing stock.

2026 Maryland Avenue NELocated in the Carver Langston area of ​​Ward 5 . Jail Lynch Real Estate Partners, Leading owner and developer of mixed-use properties and affordable homes.

The Residences at Benning Road Located on the site of an Industrial Bank branch (one of the first black-owned banks in the area), this transit-oriented development will create 156 new affordable apartments. For 60% of his households AMI within a block of Benning Road metro station.The residence will be developed by Grug Cardona Partners, For over 20 years, the company has been revitalizing the DC area’s neighborhoods by using public-private partnerships to bring in new investments in residential, commercial spaces, and community facilities.

4111 Kansas Avenue NWin newly constructed residential buildings (originally designed as condominiums) to create 40 new affordable units for households earning 50-80% AMI in Ward 4. Amazon’s With support, this property was purchased by So that others can eat (SOME)a non-profit organization with comprehensive programs designed to help homeless and neighbors experiencing extreme poverty find their way out of poverty and achieve long-term stability and success.

325 Vine The newly constructed condominium in District 4 contains 102 affordable units catering to households with incomes between 60% and 80% of AMI, and preserves two historic homes. The property is across from the Tacoma Subway Station. SGA Company .

S Street Village It will be a new development with 90 units of affordable housing at 60% AMI in Ward 2.The site is developed by Mana Co., Ltd.is a non-profit affordable housing consultancy committed to helping low- and middle-income individuals obtain affordable, quality housing throughout Washington, DC.

Mount Pleasant Conservation Project The project consists of the preservation of Richman Towers, Serbin Towers and Park Marconi in the Mount Pleasant community of Ward 1. The project will transform 165 multifamily homes into affordable housing for households with AMI income between 40-80% of his. Jubilee Housing is a non-profit residential developer focused on creating affordable housing with onsite and neighborhood services in thriving communities.

Hormead Place Apartments It will consist of 99 homes in District 1, all of which will be converted into affordable and accessible housing units for households with incomes between 30% and 80% of AMI. Wesley Housing provides safe, quality, and affordable housing throughout the Washington, DC metropolitan area.

In addition to these projects in Washington, DC, Amazon is funding the following developers to build additional affordable housing in Maryland and Virginia:

Community First Development Co., Ltd. is a partnership between A. Wash and Associates When Northern Real Estate Urban Ventures (NREUV), both black-led real estate development organizations with deep ties to the Washington, DC area.they are cooperating 210 on the ParkThis will be a newly built development containing 130 affordable units for households earning 70-80% AMI. Located just off the Capitol Heights subway station in Prince George’s County, Maryland, this multi-family home features retail space offering discounted rates for local businesses and minority businesses.

Montgomery Housing Partnership (MHP) is a non-profit organization serving residents of Montgomery County, Maryland and neighboring communities. The organization is committed to housing people, empowering families and strengthening communities. Since 1989, MHP’s mission has been to maintain and expand access to quality, affordable housing. MHP is under development nebel streetwhich will be a new construction development containing 163 affordable homes for households with incomes between 30% and 80% of AMI.

Good Shepherd Housing and Family ServicesThe mission is to reduce homelessness, increase community support and promote self-sufficiency. Good Shepherd Housing has been serving the housing needs of families and individuals in Northern Virginia for over 40 years.they are acquiring 18 houses Colchester Town Condos, Store these at 50% AMI in Alexandria, Virginia.

With today’s announcement, the Amazon Housing Equity Fund has committed to create or maintain over 10,000 affordable homes across the company’s hometown community to date. Amazon’s commitments are focused on low- to moderate-income individuals and families who represent first responders, teachers, and service industry workers whose wages have not kept pace with rising rents. Learn more about the Amazon Housing Equity Fund here. here

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