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Amazon: launches 2 billion dollar housing fund

( - Amazon has announced the launch of a 2 billion dollar housing equity fund "to preserve and create over 20,000 affordable housing units in Washington State's Puget Sound region; Arlington, Virginia; and Nashville, Tennessee" in the United States, says Jeff Bezos, founder and CEO of Amazon.

Within a few years, the tech giant is expected to have over 5,000 employees in each of these communities, and this fund will make it possible to finance loans at below-market rates and to subsidise various organisations and social landlords.

381.9 million dollars will be spent on loans and grants to the Washington Housing Conservancy to preserve and create up to 1,300 affordable housing units on the Crystal House property in Arlington.

The King County Housing Authority will also be able to preserve up to 1,000 affordable homes in Washington State through 185.5 million dollars in loans and grants.

Amazon also says that additional investment is forthcoming in all three regions.

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