Amazon.com Inc. is awarding more than $163 million in loans and grants to 12 developers working on 11 affordable housing projects in the District, Northern Virginia and suburban Maryland, the company said Wednesday.
Amazon’s (NASDAQ: AMZN) commitment will create or preserve 1,571 housing units, kept affordable long-term, which, in most cases, is 99 years. Four of the developments are located within one block of a Metro station.
One of the more well-known projects receiving Amazon funding is the Congress Heights Apartments in D.C.’s Ward 8, an apartment complex serving predominantly Black residents that’s been tied up for years in litigation and challenges over its living conditions. The National Housing Trust purchased the property last year and will redevelop the complex, with the help of $12.7 million in grants and loans from Amazon, said Priya Jayachandran, CEO of National Housing Trust.
