Amazon committing $40 million to support homeownership
The tech giant announced its latest effort to promote housing, focused specifically on homebuyers.
Amazon is making a major investment in helping individuals and families become homeowners.
The details: The company announced recently that it is partnering with the National Housing Trust and investing $40 million to help people become homeowners in three areas of the country: Seattle, Wash.; Arlington, Virginia; and Nashville, Tennessee.
The company expects this pilot housing initiative to help around 800 individuals and families in underserved areas purchase homes. The majority of those who will be helped will make below 80% of the area median income.
Part of a bigger plan: The move is part of Amazon's housing initiative launched in 2021, which the company says has helped create or preserve more than 14,000 homes with affordable rents across the three communities. This is the company's first push into supporting homebuyers.
Tech company trend: This continues a trend of technology companies trying to address home affordability challenges, particularly in areas where the companies have offices because their growth has exacerbated the issue. In recent years Apple, Google and Facebook have unveiled plans to create affordable housing, specifically in Seattle and the San Francisco Bay Area.