Amazon introduced on Tuesday that it might be awarding near $82 million in loans for reasonably priced housing building close to two Metro stops within the Washington, D.C., space.
The retail large mentioned it might be offering $25.4 million in low-rate loans for developer City Atlantic to create 291 new residences close to the New Carrollton Metro station in Maryland and $56.3 million in low-rate loans to developer Gilbane Growth Firm to create 451 new residences close to the School Park Metro station.
Amazon famous that the condo growth in School Park, Md., would additionally embody a public park for group occasion use, together with for farmers markets.
The roughly $82 million in loans introduced are part of a bigger $124 million effort by the retail large to create over 1,000 reasonably priced houses within the Washington, D.C., space and Puget Sound area of Washington state.
Over $1.2 billion has been funneled to protect or create greater than 8,000 reasonably priced houses since January 2021.
Whereas Amazon’s second headquarters in Virginia will draw staff, county lenders and builders have voiced concern that Amazon HQ2 will displace these already in Virginia’s Arlington County except new housing is added, Bisnow reported in November.
These builders and county lenders famous that growth of reasonably priced housing and market-rate housing might be wanted to assist residents stay within the space.
A survey printed in July 2019 by Tenants and Employees United and George Washington College discovered that housing costs across the deliberate growth space had already elevated on the time by 17 %.