Amazonās new housing equity fund will invest in moderate to low income housing around Seattle, Nashville and Arlington, Virginia, where the company ultimately expects to have at least 5,000 employees each, the company said.
The first investment of more than $567 million will go toward 1,300 affordable apartment units near āHQ2,ā Amazonās new Virginia headquarters, and up to 1,000 apartments near its Seattle, Washington headquarters.
Amazon has been criticized in the past for gentrifying the areas where it has opened large operations and driving up the cost of housing.
In addition to its $2 billion investment, the fund also includes $125 million in grants to minority-led organizations and public agencies aimed at improving the shortage of affordable housing, which disproportionately affects people of color, Amazon said.
The fund will also give grants to government partners, like transit agencies and school districts, to help working families in those fields.