Amazon, Metro In Deal To Create 1000 Affordable Housing Units

Amazon (AMZN) and the Washington Metropolitan Area Transit Authority (Metro) Wednesday announced their decision to develop more than 1,000 affordable housing units at Metro stations throughout the Washington, D.C. metropolitan region.

Amazon is committing $125 million in below-market capital, as part of its more than $2 billion Housing Equity Fund, that aims to provide below-market loans and grants to preserve and create more than 20,000 affordable homes for low income people in its hometown communities.

"Housing and transit are the first- and second-largest expenses for most households in America, and Amazon's funding will expedite affordable housing near transit reducing costs for both, while supporting families with long-term financial stability," said Catherine Buell, ?Head of Community Development, Amazon.

Amazon's $125 million below-market financing, out of which $25 million is exclusively reserved for minority-led developers, will be available only to developers who have joint development agreements with Metro, to develop 1,000 affordable units over the next five years, on Metro's joint development sites.

"This represents another return on the region's extraordinary investment in mass transit, as the partnership with Amazon will accelerate transit-oriented development, grow ridership, and keep our region competitive with other global economic centers," said Metro Board Chair Paul Smedberg.

Amazon's partnership with Metro is part of its $300 million total transit commitment for equitable transit-oriented affordable housing development in communities it calls home.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT