Amazon invests $23M to construct 568 properties in Seattle as a part of inexpensive housing initiative – GeekWire

Rendering of deliberate house advanced Grand Road Commons. (Amazon Photograph)

Amazon is investing $23 million to help the development of 568 properties in Seattle as a part of its Housing Fairness Fund to construct or protect housing for moderate- to low-income earners.

The $2 billion fund, introduced final yr, goals to create 20,000 inexpensive properties in Nashville, and the Seattle and Arlington, Va. areas, areas the place the corporate has a big presence and revenue disparities are rising.

The newly-allotted funding will go to actual property growth organizations led by Black, Hispanic, and Asian people, and are the primary in Seattle to be supported by the Housing Fairness Fund. A lot of the housing will probably be situated close to gentle rail stations in Southeast Seattle, which has a excessive proportion of low-income people.

“In supporting these tasks, we’re specializing in fairness by not solely rising entry to inexpensive housing but in addition being intentional about whom we choose as growth companions,” mentioned Catherine Buell, director of the fund, in an announcement Thursday saying the brand new tasks. “Numerous views are important to assist create actually inclusive and thriving communities.”

The announcement comes as the price to personal or hire within the Seattle area continues rising — as do tech salaries, that are inflicting concern that the housing value tendencies will proceed. In February, Amazon doubled most pay to $350,000 for company and tech staff. Microsoft additionally not too long ago boosted salaries to draw and retain staff.  

The median sale value for Seattle properties was up 7.9% in Could, to $890,000, in line with Redfin. The general median hire in Seattle at this time is $1,745, up greater than 14% from $1,531 one yr in the past, in line with House Checklist.

Microsoft has additionally dedicated to addressing the inexpensive housing disaster, pledging $750 million to efforts within the larger Seattle space; the corporate has preserved or created 9,200 inexpensive housing items within the area since 2019.

The brand new Amazon tasks carry its fund’s dedication to greater than $360 million and three,400 properties within the Seattle space. These commitments embrace new housing beforehand slated for areas close to gentle rail stations in North Seattle and by Seatac airport.

Right here’s extra information in regards to the new deliberate developments.

  • Amazon is working with three housing companions: the Black-owned growth firm Gardner International and two nonprofit neighborhood organizations, the Mount Baker Housing Authority and El Centro de la Raza.
  • One mission, Grand Road Commons, will create 204 new house items close to the long run Judkins Park gentle rail station. The mission, slated for completion by summer season 2024, is designed to be inexpensive to tenants at or under 60% of space median revenue. Folks of coloration are about 68% of the neighborhood’s inhabitants, in line with Amazon.
  • Different tasks will construct 87 items in Columbia Metropolis, 122 items on the web site of a former African American Baptist Church, and 155 items close to the Mount Baker gentle rail station.

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