June 24, 2024
affordable housing

On June 11, 2024, Amazon announced it would replenish its Housing Equity Fund with an additional $1.4 billion, dedicating substantial resources to affordable housing in Arlington, VA, near its HQ2. The initial investment of $2.2 billion—devoted to Nashville, Seattle, and the DMV—took only 4 years to allocate, of which $1.1 billion was dedicated to boosting affordable housing across the Metro D.C. area. Such significant investments from the private sector are crucial, particularly since the government’s limited resources alone struggle to meet the demand for affordable housing.

The Community Foundation team recognizes the importance of this model and applauds Amazon's proactive approach. Amazon's previous $1 million donation to CFNOVA and our regional Community Foundation partners during the COVID-19 crisis provided a lifeline to many in need. Their ongoing collaboration reflects a shared vision for a community where everyone can find an affordable place to call home.

CFNOVA’s 2021 “Unequal Burden” report highlighted the urgent need for equitable housing solutions in Northern Virginia. Yet we can address these disparities effectively by partnering with leaders like Amazon. At our 2021 Shape of the Region Conference, then-Head of Community Development at Amazon Catherine Buell underscored the potential of private sector investments to complement public efforts. As we look forward, Amazon’s commitment is a beacon for other companies to follow, demonstrating how innovative private sector initiatives can drive meaningful change in our communities.

Amazon shared that it will release more information later this summer about how to apply for funding from its Housing Equity Fund.