Amazon grants $82 million in loans for affordable housing near subway stations
Amazon announced tuesday that it would provide nearly $82 million in loans for the construction of affordable housing near two subway stations in the Washington, DC area.
The retail giant said it would provide $25.4 million in low-interest loans to developer Urban Atlantic to create 291 new apartments near the New Carrollton subway station in Maryland and $56.3 million in dollars in low-interest loans to developer Gilbane Development Company to create 451 new apartments. near College Park tube station.
Amazon noted that the apartment development in College Park, Maryland would also include a public park for community events, including farmers’ markets.
The approximately $82 million in loans announced are part of a larger $124 million effort by the retail giant to create more than 1,000 affordable housing units in the Washington, D.C., and area of Puget Sound, Washington.
More than $1.2 billion has been channeled to preserve or create more than 8,000 affordable housing units since January 2021.
While Amazon’s second headquarters in Virginia will attract employees, county lenders and developers have expressed concern that Amazon HQ2 will displace those already in Arlington County Virginia unless new accommodations are added, Bisnow reported in November.
These county developers and lenders noted that the development of affordable and market-priced housing will be necessary to help residents stay in the area.
A survey published in July 2019 by Tenants and Workers United and George Washington University found that housing prices around the planned development area had already risen 17% at the time.