Amazon Pledges $42.5M For Affordable Housing In Bellevue, SeaTac

Seattle WA

15 March, 2022

5:32 PM

Description

SEATTLE, WA —Amazon announced Tuesday that it has committed $42.5 million to projects in Bellevue and SeaTac that will create more than 300 affordable homes near light rail stations. The company said it is working in partnership with Sound Transit to complete the developments and with BRIDGE Housing in Bellevue and Mercy Housing Northwestern in SeaTac. In Bellevue, Amazon will help create 233 new-construction affordable apartments at Spring District/120th Station, which are scheduled to open in 2023. As part of the project, Amazon has made a $25.8 million low-rate loan commitment and predevelopment grant to BRIDGE Housing, a nonprofit developer, owner and manager of affordable housing. BRIDGE Housing has teamed up with YMCA of Greater Seattle for youth and family services at the property. In SeaTac, the project will create a minimum of 85 new construction affordable apartments next to Angel Lake Station. The project includes Amazon's $16.7 million low-rate loan commitment and predevelopment grant to Mercy Housing Northwest. Mercy Housing Northwest will in turn partner with The Arc of King County, a nonprofit which supports people with intellectual and developmental disabilities, to provide onsite resident services. The projects are part of Amazon's $300 million transit commitment in which the company is partnering with local transit agencies to create 3,000 new, affordable homes in the company's three hometown communities: the Puget Sound region, Arlington, Virginia and Nashville, Tennessee. The transit commitment, Amazon said, is one of several projects made possible by the Amazon Housing Equity Fund, a more than $2 billion commitment to create and preserve 20,000 affordable homes in communities the company calls home. "The Amazon Housing Equity Fund is tackling the affordable housing crisis on multiple fronts and through innovative solutions, such as teaming up with public transit authorities, which brings people closer to more opportunities, services and a better quality of life," said Catherine Buell, director of the Amazon Housing Equity Fund. Buell continued: "We know that our investment in these areas brings many economic opportunities for residents in the region, but we also acknowledge that this growth needs to benefit everyone in the community. The progress we have made in our first year is promising, but we have more to do." Locally, Amazon said it has committed more than $344.3 million in Puget Sound since launching the Amazon Housing Equity Fund 14 months ago. This has helped to create and preserve more than 2,870 affordable homes for residents in the region, according to the company. Amazon said data provided to the company by the city of Bellevue showed that the Amazon-funded projects in that city have increased the long-term multifamily affordable housing stock there by 20 percent. "The scale that Amazon has gone to in order to create and preserve affordable housing in our region makes a real difference," Bellevue Mayor Lynne Robinson said. "Their commitment is bringing much-needed affordability and accessibility to Bellevue residents." More information about Amazon's Housing Equity Fund and details about the company's recent announcements are available online.