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Amazon investing more than $250 million for affordable housing in Washington state

Amazon.com Inc. AMZN, +3.55% announced multiple investments in affordable housing in Washington state on Tuesday. The housing projects will be created in partnership with the Washington Metropolitan Area Transit Authority (Metro) and Sound Transit. The e-commerce giant will spend $124.4 million to create 1,060 affordable homes in the Puget Sound region; another $81.7 million for 742 homes near stations in the Greater Capital region; and $42.5 million for 318 homes near light rail stations in the Puget Sound. Amazon committed $300 million to building “transit-oriented” affordable housing in 2021, with homes located in the company’s headquarters of Washington state’s Puget Sound region; the Arlington, Va region; and Nashville. The Amazon Housing Equity Fund aims to spend $2 billion to create and preserve 20,000 affordable homes. The company says its investments have increased the amount of affordable housing in the Bellevue, Wash. area by 20% in one year. Amazon stock has slid nearly 8% over the past year while the S&P 500 index SPX, +1.70% is up 5.1%.

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