Amazon has joined the effort to create more affordable housing by providing The Housing Fund, a housing nonprofit, an additional $1.5 million donation to help housing residents in Nashville, Tennessee who have been battered by the COVID-19 pandemic and other events over the past 2 years, including a substantial hike in taxes.
The Housing Fund plans to help local residents by easing the tax burden on eligible landlords who are committed to maintaining affordable housing and avoid rent increases for their residents. This donation comes on top of Amazon’s first contribution of $2.25 million in 2020, which established The Housing Resiliency Fund, aimed to help relieve tax burdens for qualified homeowners.
“Amazon’s latest contribution will enable The Housing Resiliency Fund to expand its reach to help landlords of small multifamily and naturally occurring affordable housing dwellings of 50 units or less,” said Marshall Crawford, president and CEO of The Housing Fund. “As their taxes go up, landlords also need relief so the burden is not passed on to tenants. These tenants are people who need to stay in their homes. We have been able to help hundreds of families so far and hope to continue that progress with Amazon’s support.”
Earlier this year, Nashville mayor John Cooper determined that the region’s projected population growth will require 53,000 new homes by 2030. To meet this goal, Cooper has established the Nashville affordable housing task force to preserve affordable housing stock, including the expiration of subsidized affordable housing. The task force’s report also theorized that this support could incentivize landlords to invest in the upkeep of their properties and keep them affordable.
The Housing Resiliency Fund expanded its support beyond original homeownership to provide funding to help eligible landlords. It will also continue to make payments to mortgage companies and the Metro government on behalf of qualified homeowners to mitigate the impact of rising housing prices. Since the Housing Resiliency Fund was established last year, Amazon’s donations have helped 412 households pay property taxes and remain in their homes, 76% of which are households of color and 74% of which make less than 80% of Nashville’s Area Median Income (AMI).
“Financial challenges of late continue to weigh heavily on the residents of Nashville,” said Catherine Buell, director of the Amazon Housing Equity Fund. “We are committed to helping them feel relief and assurance knowing that they can stay in their homes. We look forward to expanding our impact in the region even further by supporting our neighbors in keeping their communities stable, safe, and sustainable places to live.”
Amazon’s commitment to housing affordability initiatives are mainly aimed to improve communities where its employees live and work. The three communities where Amazon has a large and growing presence are Puget Sound region in Washington state, Arlington, Virginia, and Nashville, Tennessee
Since Amazon announced the opening of a new office in Nashville in 2018, the company has created more than 2,500 corporate and technology jobs in the city, which is halfway towards their goal of creating 5,000 new jobs.
