Amazon and Sound Transit Partner on Affordable Housing

Rising rent costs and real estate prices in the Puget Sound region have made transit-oriented development an impactful solution for connecting communities to jobs, services and resources. Transit-oriented affordable housing development also helps promote local community and economic development, environmental sustainability, and reduces commute times, expenses and environmental impacts.

Sound Transit, a Central Puget Sound transit system, is growing its light rail service as part of voter-approved expansions. Amazon and Sound Transit recently announced a partnership to accelerate the creation of up to 1,200 new affordable housing units on Sound Transit surplus properties near light rail stations.

Amazon’s investment will expedite pre-development efforts by providing early-stage funding as well as permanent financing for new affordable housing units developed on Sound Transit property. To date, Sound Transit’s TOD program has built, is constructing or is designing more than 1,500 affordable housing units on Sound Transit surplus property.

Amazon is committing $100 million in below-market funding to developers to help create and expedite the development of this affordable housing. The first $25 million will fund pre-development activities while the remaining $75 million will support the construction of new affordable housing, which is expected to begin within five years.

“Housing and transit are intertwined and this latest commitment will help ensure families from all income levels will benefit from the build-out of mass transit; greater affordability and equitable economic opportunity, easy access to daily needs and the environmental benefits of reduced traffic congestion and car reliance,” says Catherine Buell, head of community development, Amazon.