Amazon is investing $23 million to assist the development of 568 houses in Seattle as a part of its Housing Fairness Fund to construct or protect housing for moderate- to low-income earners.
The $2 billion fund, introduced final 12 months, goals to create 20,000 reasonably priced houses in Nashville, and the Seattle and Arlington, Va. areas, areas the place the corporate has a big presence and revenue disparities are rising.
The newly-allotted funding will go to actual property growth organizations led by Black, Hispanic, and Asian people, and are the primary in Seattle to be supported by the Housing Fairness Fund. A lot of the housing might be positioned close to mild rail stations in Southeast Seattle, which has a excessive share of low-income people.
“In supporting these initiatives, we’re specializing in fairness by not solely rising entry to reasonably priced housing but in addition being intentional about whom we choose as growth companions,” mentioned Catherine Buell, director of the fund, in an announcement Thursday asserting the brand new initiatives. “Numerous views are important to assist create actually inclusive and thriving communities.”
The announcement comes as the price to personal or hire within the Seattle area continues rising — as do tech salaries, that are inflicting concern that the housing worth traits will proceed. In February, Amazon doubled most pay to $350,000 for company and tech employees. Microsoft additionally just lately boosted salaries to draw and retain employees.
The median sale worth for Seattle houses was up 7.9% in Could, to $890,000, in line with Redfin. The general median hire in Seattle at present is $1,745, up greater than 14% from $1,531 one 12 months in the past, in line with Condominium Record.
Microsoft has additionally dedicated to addressing the reasonably priced housing disaster, pledging $750 million to efforts within the better Seattle space; the corporate has preserved or created 9,200 reasonably priced housing items within the area since 2019.
The brand new Amazon initiatives deliver its fund’s dedication to greater than $360 million and three,400 houses within the Seattle space. These commitments embrace new housing beforehand slated for areas close to mild rail stations in North Seattle and by Seatac airport.
Right here’s extra data in regards to the new deliberate developments.
- Amazon is working with three housing companions: the Black-owned growth firm Gardner International and two nonprofit group organizations, the Mount Baker Housing Authority and El Centro de la Raza.
- One undertaking, Grand Road Commons, will create 204 new house items close to the long run Judkins Park mild rail station. The undertaking, slated for completion by summer time 2024, is designed to be reasonably priced to tenants at or under 60% of space median revenue. Folks of colour are about 68% of the neighborhood’s inhabitants, in line with Amazon.
- Different initiatives will construct 87 items in Columbia Metropolis, 122 items on the website of a former African American Baptist Church, and 155 items close to the Mount Baker mild rail station.