Amazon to Add $1.4B Investment in Housing Equity Fund, Surpasses Goal

On June 12, TapTechNews reported that according to the Associated Press, on Tuesday local time, Amazon's chief executive Andy Jassy announced that Amazon would increase its investment by $1.4 billion (TapTechNews note: currently about 10.159 billion yuan) in the Housing Equity Fund established three years ago to build or maintain 14,000 units of affordable housing.

These houses are built in areas where Amazon has major corporate offices. This funding brings Amazon's total investment to more than $36 billion (currently about 26.124 billion yuan) for the construction and maintenance of over 35,000 units of affordable housing in the Puget Sound region, Arlington, Virginia, and Nashville, Tennessee.

In January 2021, Amazon launched the Housing Equity Fund and set a goal of funding 20,000 units of housing within five years. Amazon said this time that it has exceeded the original goal two years ahead of schedule. This emphasizes our commitment to affordable housing and helping thousands of families live closer to their workplaces or transportation hubs, thereby eliminating a major obstacle to success.

Amazon's chief executive Andy Jassy said that the purpose of the Housing Equity Fund is to protect and create housing that will still be affordable in the next century and ensure that families can stay in their own communities for generations. He believes that the company can help and give back to the community by helping maintain and build thousands of units of affordable housing.