Music City will soon be getting more affordable housing, thanks to Amazon.
The online giant announced that they are pledging $2 billion to create more affordable homes in our area.
That $2 billion will be split among three cities where Amazon has or will soon have at least 5,000 employees. With the new office towers being built in the Nashville Yards, our city qualifies for some of that funding.
Amazon is launching the Housing Equity Fund, a program designed to preserve and create over 20,000 affordable housing units.
These homes will be in Puget Sound, Washington, Arlington, Virginia and here in Nashville.
The money will fund grants and below-market loans which will primarily go to minorities in specific neighborhoods where the affordable housing crisis disproportionately affects people of color.
"We really want to build inclusive, income communities. That’s really what we’ve defined ourselves as in the marketplace," said Kimberly Diggins with Amazon. "And not just providing housing affordability but also an environment where residents can come together across economic class, across racial divide, to provide a community for the residents."
Amazon says it won’t just be new houses. They’re focused on preserving what Nashville already has, instead of seeing existing houses get demolished and turned into so-called luxury homes.
"We’re seeing that there’s a huge loss of buildings that are being flipped to luxury developers. And we’re stepping in and providing low cost capital to be able to preserve those unit," said Catherine Buell with Amazon.
In addition to Amazon’s Housing Equity Fund, Amazon donated over $2 million to The Housing Fund nonprofit in Nashville. That money goes to help low-to-moderate income households, preserve homeownership and build financial stability.