- Amazon has announced $2 billion in loans and grants for employees
- The retail giant has stated that it would hand out approximately $185.5 million to the King County Housing Authority
- Previously Amazon and Bezos have been involved in donating large sums towards affordable housing and homelessness services
THoD Newsdesk, Seattle: In a bid to secure cost-effective housing in 3 cities across the U.S for their employees, Amazon has announced $2 billion in loans and grants. This also includes a Seattle suburb which has approximately 5,000 workers, employed with Amazon. The retail giant has stated that it would hand out approximately $185.5 million to the King County Housing Authority, to assist them in affording apartments in the particular regions and keep the rents low, as per The Seattle Times.
The agency is expected to pair bond funding with the $161.5 million in loans and $24 million in grants from Amazon to fund the latest purchase on their bill, of 3 apartment buildings, including 470 units in Bellevue, about 10 miles (16 kilometres) west of Seattle, according to reports. Before Amazon, other tech companies too, have invested money to bolster affordable housing, after hordes of complaints flooded in about “worsened inequality in cities by pushing housing prices higher”.
In its latest venture, Amazon’s investment was also directed to Arlington, Virginia, and Nashville, and Tennessee- the region where it has hubs. The company officials mentioned that the $2 billion would preserve or create 20,000 affordable housing units over the span of 5 years.
As per the statement of CEO Bezos, the funding will “help local families achieve long-term stability while building strong, inclusive communities.”
Previously Amazon and Bezos have been involved in donating large sums towards affordable housing and homelessness services, which includes the setup of a homeless shelter on the campus of its Seattle headquarters.
