Amazon has announced a partnership with the National Housing Trust (NHT) to help historically “underserved households” become future homeowners.
The company plans to invest $40 million to help families purchase homes and begin to build generational wealth.
NHT is a nonprofit organization focused on creating affordable homes to advance racial equity and lessen economic disparity. They say the money could provide homes for up to 800 families.
A study released from Princeton University’s Eviction Lab this year show that suburban evictions have risen in Seattle. According to the survey, nearly 79% of evictions happened in the suburbs. That is a 7% increase from 2000.
“Those who are able to own homes are more likely to experience long-term economic stability, while those who can’t are more likely to struggle financially,” said spokesperson Senthil Sankaran. “This new initiative will allow us to explore ways to help more moderate-income households realize their dreams of homeownership and, in turn, help build wealth that can pass on to the next generation.”
The partnership also includes the Seattle-King Counties & Kittitas Habitat for Humanity and the African Community Housing & Development (AHCD).
The Habitat for Humanity will work to provide flexible financing while supporting the construction of over 240 homes, as well as a down-payment assistance program.
The African Community Housing & Development will provide support and technical assistance to strengthen home production
“African Community Housing & Development is grateful for this generous investment in our operational success,” said ACHD Executive Director Hamdi Abdulle. “This funding, in combination with technical assistance, will allow ACHD to further develop our holistic services and affordable homeownership projects for the African Diaspora community in King County. ACHD knows that when we invest in affordable homeownership, we invest in advancing human dignity.”
Amazon hopes that this partnership helps the price of homes to stay affordable while stabilizing families and combating gentrification.