Amazon is investing $40 million to help moderate-income individuals and families become homeowners.
For this new initiative, the internet giant is teaming with the National Housing Trust (NHT), which will use Amazon’s capital to work with a network of local organizations that will acquire and build affordable homes for sale. The team expects to provide access to homeownership for up to 800 households, the majority of them making less than 80% of the area median income.
“Historically, those who are able to own homes are more likely to experience long-term economic stability, while those who can’t are more likely to struggle financially,” said Senthil Sankaran, managing principal, Amazon Housing Equity Fund. “This new initiative will allow us to explore ways to help more moderate-income residents realize their dreams of homeownership and, in turn, help build wealth that can pass on to the next generation.”
Established in 2021, the Amazon Housing Equity Fund has focused on rental properties, and this pilot is the Fund’s first step into homeownership—seeking to make it more affordable for historically underserved residents.Read More