Amazon has pledged billions of dollars in financial aid to go toward the funding of low-income housing in three cities it has major operations.
Based in Seattle, Washington, the online retail giant also does big business in Arlington, VA and Nashville, Tennessee. All three cities will be the beneficiary of $2 billion in loans and grants to secure affordable housing.
According to the Seattle Times, Amazon has announced it would give over $185 million to the King County Housing Authority in Washington state in an effort to purchase apartment buildings and keep the rents low.
CEO Jeff Bezos said the money will “help local families achieve long-term stability while building strong, inclusive communities.” Stephen Norman is the executive director of the King County Housing Authority. He pointed out that affordable housing too often involves renovation which creates higher rents, thereby worsening the economic and racial segregation.
Amazon officials expect the $2 billion will either preserve or create 20,000 low-income housing units within five years.