Amazon Housing Equity Fund commits $3.6 billion to affordable housing

At Amazon, we believe everyone should have access to housing they can afford. The Amazon Housing Equity Fund (HEF) is our $3.6 billion commitment to help address this need. Here’s everything you need to know.

What is the Housing Equity Fund?

In January 2021, Amazon launched HEF with the goal of creating and preserving thousands of affordable homes across three of its hometown communities—Washington State's Puget Sound region; the Arlington, Virginia/National Capital region; and Nashville, Tennessee—three communities that Amazon calls home. We established HEF to help fund the creation or preservation of affordable homes for individuals and families earning moderate to low incomes across these three communities, and we provide these funds in the form or low-interest loans or grants.

When the Fund launched, Amazon had committed $2 billion to help create and preserve 20,000 affordable homes across these communities. In just three years, we managed to surpass this goal, providing over $2.2 billion to fund more than 21,000 affordable homes. While we surpassed our original goal, we’re also aware that there is a critical need for more affordable housing, and we’re dedicated to helping address this need. In June 2024, we extended the Fund with an additional $1.4 billion for an additional 14,000 affordable homes, bringing Amazon’s total commitment to more than $3.6 billion to help create or preserve over 35,000 affordable homes across these communities.

Following the June announcement, Amazon has supported nine projects totaling 2,222 affordable homes, with over $100 million in funding. These projects represent significant milestones in addressing housing affordability:

Puget Sound Region

The National Capital Region

How does Amazon’s Housing Equity Fund work?

Two professionals in hard hats and hi-vis vests on job site

Developers across these three communities apply to HEF for funding, either in the form of grants or below-market rate loans (payments on these loans go back into the Fund to support more affordable housing). These funds support preservation projects and new construction.

We focus on preservation of affordable housing as it allows us to ensure that existing affordable housing stays affordable, which helps to prevent displacement of residents in need of affordable homes. Many existing affordable homes, such as apartment buildings, are sold and converted into market rate housing, and our goal is to help keep these homes affordable for the long term.

Much of our funding also goes to new construction of affordable housing, as the demand for affordable housing continues to grow. Whether we’re supporting preservation or new construction, the vast majority of affordable housing we fund must stay affordable for a century, which means these homes stay affordable for generations to come.

Who does the Housing Equity Fund serve?

The Fund is designed to help moderate-to low-income residents—households that earn 30% to 80% of the area median income—access quality affordable housing. That often includes first responders, teachers, health care workers, and others who may not typically qualify for subsidies but whose wages haven’t kept pace with escalating rents. We also prioritize affordable housing in locations that allow thousands of families to live closer to where they work or near transportation hubs, removing a major barrier to success.

“We created the Amazon Housing Equity Fund because we believe all people should have access to housing they can afford,” said Amazon CEO Andy Jassy. “The fund helps people access affordable housing in the communities around our offices in the Puget Sound region, HQ2 in Arlington, Virginia, and in Nashville, Tennessee. We know housing is a really big challenge for a lot of people, especially in and around expensive metro areas, and we feel strongly that we can help give back to our communities by helping preserve and create thousands of affordable homes.”

What are the impacts of the Housing Equity Fund?

Couple examining kitchen in new apartment or home

The 21,000 homes that the Fund helped to create and preserve in its first three years will enable more than 46,000 residents to access affordable housing, and the majority of this housing will remain affordable for a century. With the additional $1.4 billion Amazon committed to extend the Fund, we expect to help more than 30,000 residents in need of affordable housing. Learn more about HEF’s positive impacts to date.

What is the Amazon Housing Equity Accelerator?

Since we launched the fund, we’ve also been intentional about creating greater economic equity by supporting diverse-led developers. We do this through the Amazon Housing Equity Accelerator, a free, 18-month program designed to foster the careers of diverse real estate developers while lowering the barriers they often face. In the Fund’s first three years, we invested over $25 million to support the program and graduated 38 diverse developers, and we’re continuing to fund this program as we look to the future.

How can prospective development partners apply for funding through the Housing Equity Fund?

If you are a prospective development partner with experience in creating or preserving multi-family affordable housing developments across these three communities—Washington State's Puget Sound region, the Arlington, Virginia/National Capital region, and Nashville, Tennessee—and are interested in learning about how to apply for funding from HEF, visit the Amazon Housing Equity Fund application page.

What else is Amazon doing to increase affordable housing?

While the Fund primarily has (and will continue to) support affordable rental housing, we’re are also piloting other ways to increase access to affordable housing. For example, in 2023 we funded a $40 million program to make it easier for moderate-income residents to become homeowners, with the goal of creating generational wealth for historically underserved communities. Going forward, we’ll continue to pursue new ways for the Fund to create positive housing outcomes for low- to moderate-income residents.

As we look ahead, our focus will remain on finding the most effective ways to create affordable homes near transit, jobs, schools, healthcare and community resources to create better outcomes for all.

Read our impact report and learn more about the Amazon Housing Equity Fund.