Amazon’s $2B housing push has mostly left out D.C. area’s poorest
is a voluntary endeavor, and many local officials have praised the tech giant for committing so much money to address a long-standing shortage of affordable housing. Others argue that Amazon can and should do more, in part because the company — which earned about $33.4 billion last year — stands to profit from interest on the loans it is volunteering.
Catherine Buell, the director of Amazon’s Housing Equity Fund, said the company’s $2 billion effort is designed to address a specific “market need”: increasing the housing supply for low-to-moderate-income workers, who make between 30 and 80 percent of theAdvertisement 4,100 units secured so far, just 215 will be set aside for residents who make 50 percent or less of the area median income.
The building is close enough to Amazon’s new offices to see the cranes at work in the distance. In February, it was purchased by the nonprofit Alexandria Housing Development Corporation, thanks to a $51.4 million loan from Amazon’s Housing Equity Fund. Under the new limits imposed by AHDC, they would spend about $22,000 annually on rent. Her family already relies on SNAP benefits to afford groceries, Santos said, and they applied in January to Alexandria for rental assistance. If prices remain this high, she fears she may have to leave the area for good.A longtime issueFor at least two decades, the number of housing units in and around D.C. has not been able to keep up with the area’s booming population.
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