Affordable housing and economic development go hand-in-hand. More affordable housing means more people contribute money to the local economy – as workers, taxpayers, and consumers.
“Individuals living in affordable housing are economic drivers. They fill jobs, spend at local businesses, and contribute to our tax base. Affordable housing ensures they can live here and continue contributing to our local community,” said Lenore Stanton, Chair, Fairfax County Redevelopment and Housing Authority (FCRHA). “Amazon understands the role affordable housing plays in their business success in the region.”
Amazon Committed more than $1 billion for Affordable Housing in Fairfax County and the Greater D.C. Region
In Fairfax County, the Amazon Housing Equity Fund has invested $118.2 million into affordable housing. In total, over $1 billion in loans and grants have been committed to affordable housing initiatives in the Northern Virginia and Washington D.C. areas through their Housing Equity Fund. A list of projects can be found on the Amazon Housing Equity Fund’s website.
In Fairfax County, millions of dollars have been committed to create and preserve affordable housing including:
Dominion Square West: $55 million
An investment of $55 million from the Amazon Housing Equity Fund was added to $33 million in financing support from the Fairfax County Board of Supervisors, and $10 million from the FCRHA, to redevelop a former car dealership into 516 new affordable homes in Tysons Corner. Dominion Square West boasts access to the Spring Hill Metro station and a community center that will be operated by the Fairfax County Department of Neighborhood and Community Services. The development will serve households at 30-50 percent AMI. APAH is the FCRHA’s development partner on this project.
Colchester Towne Condominiums: $2 million
Good Shepherd Housing and Family Services, a non-profit located on the Richmond Highway Corridor in Alexandria, received Amazon Housing Equity funds to preserve 18 units of Colchester Towne Condominiums as affordable housing. In addition to affordable home preservation, Good Shepherd Housing provides supportive case management services to residents aimed at helping them achieve long-term housing security.
Cityside Huntington Metro: $61.2 million
Located at 6034 Richmond Highway in Alexandria, all 569 apartments at the Cityside Huntington Metro complex will be preserved as affordable. The Amazon Housing Equity Fund together with Lincoln Avenue Capital and other partners are working together on the property.
Affordable Homeownership on the Horizon
Amazon Housing Equity Fund partnered with the National Housing Trust to help people from under-resourced communities become home owners. Amazon announced it will invest $40 million across Northern Virginia, Nashville, TN, and Puget Sound, WA to help people purchase 800 homes as a path to build generational wealth.