Amazon and Metro are joining forces in the Washington region’s latest effort to boost a dwindling supply of affordable housing.
The tech giant, one of the area’s largest corporate presences, announced Wednesday it will help to fund construction of more than 1,000 new housing units for middle- and low-income residents — all of which will be on land owned by Metro or near Metro stations.
Amazon said it will commit $125 million to developers who have entered into joint development agreements with Metro. Out of the total, $25 million will be set aside for minority-led development companies. (Amazon founder and chief executive Jeff Bezos owns The Washington Post.)
“By providing flexible, low-cost capital, we’re not only able to help support the work that WMATA has been able to do for some time, but help accelerate it,” said Catherine Buell, head of community development at Amazon.