Amazon boosts affordable housing fund by $1.4 billion for corporate office regions
- Amazon is increasing its affordable housing fund by $1.4 billion for regions where it has corporate offices.
- The fund aims to assist in preserving or constructing more affordable housing in those areas.
- This initiative demonstrates Amazon's commitment to addressing housing issues in the communities it operates in.
Amazon is increasing its affordable housing fund by $1.4 billion in regions where it has major corporate offices. The goal is to build or maintain 14,000 more homes through grants and below-market-rate loans. Most of the funding has gone to non-profit and for-profit developers, with 80% of the units benefiting from government funding. Amazon targets individuals with low-to-moderate incomes, focusing on the "missing middle" demographic. The company aims to provide housing for those earning 30% to 80% of a region's median income. While Amazon's investments can help with affordable housing, significant contributions from the federal government are also needed. An internal memo revealed Amazon's philanthropy as a tool to enhance its reputation.