Amazon launches $2 bln housing equity fund to make 20,000 affordable homes available in Washington, Virginia and Tennessee

/ / News

Amazon.com Inc. said Wedndesday it is launching a $2 billion housing equity fund to make more than 20,000 affordable homes available for families in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee–three communities where the company has or expects to have at least 5,000 employees each in the coming years. The fund will offer below-market loans and grants to housing partners, public agencies and minority-led organizations, the company said in a statement. The first investments include 4381.9 million in below-market loans and grants to the Washington Housing Conservancy with the aim of preserving or creating up to 1,300 affordable homes ion the Crystal House property in Arlington and $185.5 million in below-market loans and grants to King County Housing Authority to preserve up to 1,000 affordable homes in the state of Washington. Shares were down 2.3% premarket, but have gained 70% in the last 12 monts, while the S&P 500 has gained 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.