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Amazon.com Inc. AMZN,
said on Wednesday it was launching a $ 2 billion housing equity fund to make more than 20,000 affordable housing units available to families in the Puget Sound, Wash. area; Arlington, Virginia; and Nashville, Tennessee – three communities in which the company has or expects to have at least 5,000 employees each in the years to come. The fund will offer below-market loans and grants to housing partners, public agencies and minority-led organizations, the company said in a statement. Initial investments include $ 4,381.9 million in below-market loans and grants to the Washington Housing Conservancy to preserve or create up to 1,300 affordable housing units on the Crystal House property in Arlington and $ 185.5 million in loans and sub-market subsidies in King County. Housing Authority to preserve up to 1,000 affordable housing units in Washington State. Shares were down 2.3% pre-market but have gained 70% in the past 12 months, while the S&P 500 SPX,
gained 15%.
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