Amazon will commit $125 million for the creation of more than 1,000 affordable housing units at Metro Stations around the DC metropolitan region, the Washington Metropolitan Area Transit Authority (WMATA) announced.
Moderate-to low-income families in the region will be offered the units that provide easy access to employment, schools, healthcare, education, and other facilities.
“This represents another return on the region’s extraordinary investment in mass transit, as the partnership with Amazon will accelerate transit-oriented development, grow ridership, and keep our region competitive with other global economic centers,” said Metro Board Chair Paul Smedberg in a press release. “Amazon is stepping up to the plate with an unprecedented commitment to affordable housing in the National Capital Region.”
The funding is part of Amazon’s Housing Equity Fund, which is a commitment of more than $2 billion by the company to create and preserve around 20,000 affordable homes. Amazon is planning to reach this goal through below-market loans and grants to housing partners, as well as public agencies and minority-led organizations.
Amazon and Metro Announce $125 Million Commitment to Create 1,000 Affordable Housing Units at Metro Stations in the Washington, D.C. Metropolitan Area https://t.co/nmVNPeb8vi #wmata pic.twitter.com/FoY2BSaR1l
— Metro (@wmata) June 16, 2021
“Amazon is committed to creating and preserving inclusive housing developments so moderate- to low-income families can thrive and benefit from the goodness our region has to offer,” Catherine Buell, Amazon’s Head of Community Development, was quoted as saying.
“Housing and transit are the first- and second-largest expenses for most households in America, and Amazon’s funding will expedite affordable housing near transit reducing costs for both, while supporting families with long-term financial stability,” she added.
The initiative aims at offering moderate-to low-income families the opportunity to benefit from living near public transit. The average household in the US spends 13 percent of their income on transportation costs, which is the second-highest expense after housing, according to official records.