Within 5 years, in three areas where Amazon is a big employer, the fund will participate in the development and renovation of affordable housing.
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Amazon also announced the creation of a $2 billion housing equity fund that will concentrate on developing low-income and low-income households with affordable housing. Financing can be achieved at prices below the cost of the market.
Within five years, the fund plans to invest in the development and rehabilitation of homes in Arlington, Puget Sound and Nashville, three regions of the United States, where the company is one of the largest employers. In each of the region, Amazon will reach families receiving between 30% and 80% of the national income. In total, more than 20,000 housing units are planned to be built or reconstructed by the fund.
The first project of more than $567 million would be to build approximately 1.3 thousand homes in Arlington, Virginia, and approximately 1,000 homes in Puget Sound, Washington.
The Wall Street Journal confirmed that online retailer Amazon does not plan to make money on these investments, and there is no specific tax regime on them, quoting a source familiar with the program.
Apple agreed to spend $2.5 billion on housing development in California, and Microsoft $750 million for construction in the Seattle area, according to the WSJ, the Google parent corporation, Alphabet-allocated $1 billion for the construction of affordable housing in the San Francisco Bay Area.
In order to construct affordable housing in California, Facebook has dedicated $1 billion. The social network revealed it will invest $150 million on housing for low-income families in five Silicon Valley counties at the end of 2020.
In Friday’s trading, stocks of these companies showed mixed dynamics with Amazon.com, Inc. (AMZN) closed with a slight rise of +0.65% to $3182.7. Facebook, Inc. (FB) saw a bit drop of -0.44% to close the session at $267.57; Alphabet Inc. (GOOGL) increased to $1797.83, rising +1.32 percent; Microsoft Corporation (MSFT) stable rising +0.61% to $219.62 while Apple Inc. (AAPL) kept the stock price change to just +0.86% closing at $132.05.