Amazon, the global e-commerce and technology giant, has announced a partnership with The Housing Fund, a local nonprofit organization, to create affordable housing opportunities in Nashville. The partnership is part of Amazon’s Housing Equity Fund, a $2 billion commitment to preserve and create over 20,000 affordable homes across three regions in the U.S.
According to The Tennessean, Amazon will invest $75 million in below-market loans and grants to The Housing Fund, which will use the funds to support moderate- to low-income families and individuals with rent assistance, home ownership education and counseling, and the development and preservation of affordable rental homes. Families of four making up to $120,000 will be able to apply for the loans.
The partnership aims to address the housing affordability challenges in Nashville, which has seen a rapid population growth and rising housing costs in recent years. According to the U.S. Census Bureau, Nashville’s population increased by 11.6% from 2010 to 2020, while the median home value rose by 89.8% in the same period.
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Marshall Crawford, the president and CEO of The Housing Fund, said that the partnership with Amazon will help create “a more inclusive and equitable Nashville” by providing access to safe, decent and affordable housing for residents who are most in need.
John Schoettler, Amazon’s vice president of global real estate and facilities, said that Amazon is committed to supporting the communities where its employees live and work, and that the partnership with The Housing Fund is part of its long-term investment in Nashville.
Amazon has a significant presence in Nashville, with more than 1,000 employees and plans to create 5,000 more jobs at its Operations Center of Excellence in downtown Nashville. The company also supports several local organizations and causes, such as Second Harvest Food Bank of Middle Tennessee, Conexion Americas, Nashville State Community College Foundation, and Nashville Public Library Foundation.
The partnership between Amazon and The Housing Fund is expected to have a positive impact on the lives of thousands of Nashvillians who are struggling to find or keep their homes amid the housing crisis. By working together, the two organizations hope to create a more sustainable and inclusive future for Nashville.