Amazon and Metro introduced Wednesday that Amazon will put $125 million in below-market financing towards inexpensive housing improvement at Metro stations. The objective is to construct 1,000 inexpensive, transit-accessible items over the subsequent 5 years, in keeping with a press launch.
“Housing and transit are the first- and second-largest bills for many households in America, and Amazon’s funding will expedite inexpensive housing close to transit decreasing prices for each, whereas supporting households with long-term monetary stability,” mentioned Amazon Head of Group Growth, Catherine Buell, in a press launch. (Disclosure: Buell is on GGWash’s Board of Administrators, however had no enter into this text.)
Financing for transit-oriented development can be accessible to builders who’ve joint agreements with Metro. Joint improvement websites presently exist at:
- New Carrollton
- School Park
- West Hyattsville
- West Falls Church
- White Flint
The Post reported this morning that some builders at these websites say Amazon’s funding will assist tasks that embrace below-market housing get off the bottom years before they might have in any other case.
Regardless of low ridership throughout the pandemic, Bisnow reported in April that Metro mentioned work at these websites hadn’t slowed, and the company goals to lock in 20 such joint agreements with builders over the subsequent decade.
This spherical of financing is a part of Amazon’s $2 billion Housing Equity Fund, which the corporate launched in January. Different tasks below that umbrella embrace Crystal Home, an 825-unit condo constructing that Amazon helped the nonprofit Washington Housing Conservancy purchase to protect inexpensive housing.
Amazon’s fund is an effort to stem the area’s housing shortage and related affordability crisis: The Metropolitan Washington Council of Governments estimated in 2019 that the area will want 320,000 new housing items by 2030, and unmet demand has despatched costs sky-high. Amazon’s new headquarters in Arlington has intensified the problem because the promise of 1000’s of jobs within the space has spiked demand for housing.
The Housing Fairness Fund is focused towards households making between 30% and 80% of the realm median earnings, which within the Washington area is presently lower than $79,600 for a household of 4.