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Amazon has announced a new initiative to support affordable homeownership projects in various regions of the United States, including the Puget Sound area. The company is partnering with the National Housing Trust to provide $40 million in grants and loans for individuals and families from underserved communities in Washington State’s Puget Sound, Arlington (Virginia), and Nashville (Tennessee).

According to Senthil Sankaran, Managing Principal of Amazon’s Housing Equity Fund, this pilot program aims to help moderate-income residents achieve their dream of owning a home and building generational wealth. This expansion of Amazon’s Housing Equity Fund – which was established in 2019 – has already committed over $1.7 billion towards creating or preserving more than 14,000 affordable rental homes within its hometown communities.

This news was originally published on Connect CRE.