Words by Smiley Team
The pandemic has only worsened what was already a dire housing crisis in the US. But stepping in to alleviate the situation in some states, Amazon has launched a Housing Equity Fund that will ensure affordable housing is made accessible in areas where the company is likely to gain employees.
The online retailer and tech giant will offer below-market loans and grants to housing partners, public agencies, and nonprofit organizations. This builds on Amazon's philanthropic endeavours to tackle homelessness.
Amazon founder and CEO Jeff Bezos (pictured) said: “Amazon has a long-standing commitment to helping people in need, including the Mary’s Place family shelter we built inside our Puget Sound headquarters. The shelter now supports over 200 women and children experiencing homelessness every night.”
Ensuring a secure future for potential employees, the fund will cover over 20,000 affordable houses in Washington State, Arlington, Virginia, and Nashville, Tennessee. The company expects to source at least 5,000 employees from each of these communities in the next years.
Through an additional $125 million in cash grants donated to businesses, nonprofits, and minority-led organizations, the company also hopes to tackle the unequal impact of the housing crisis on Black communities.
Part of the funding will go to Washington Housing Conservancy (WHC), a nonprofit that ensures homes are affordable for moderate- to low-income residents. Thanks to Amazon’s help WHC was able to purchase over 1,300 homes in Crystal Palace, a development in Arlington County. They are ensuring apartments here are available at reduced rents, accessible to those earning 80 per cent or less of the area’s median income.
Welcoming the move, executive director of WHC Kimberly Driggins said: “With Amazon’s support, we are advancing our vision for inclusive, mixed-income communities of racially diverse middle-income and low-income families and individuals, to live near their employment and access high-performing schools and community amenities.”
As we enter an economic downturn following the pandemic, housing will become increasingly difficult to access unless the government and philanthropic organisations intervene.
Already, up to 19 million US households were paying over half their income on housing, and hundreds of thousands were without a home in 2014.
If those who are able to, act in support of organisations like WHC to improve access to affordable housing they could provide vital stability for families, and reduce the risk of homelessness.
