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Amazon will put $2 billion toward affordable housing near its headquarters

Amazon says the fund could create or preserve 20,000 affordable homes.

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Amazon is creating a fund for affordable housing. 
Angela Lang/CNET

Amazon will be putting $2 billion toward affordable housing in some of the cities where it has facilities, the company said Wednesday.

The Housing Equity Fund aims to  "create or preserve 20,000 affordable homes in all three of our headquarters regions -- Arlington, Puget Sound, and Nashville. It will also help local families achieve long-term stability while building strong, inclusive communities," Amazon founder and CEO Jeff Bezos said in a statement. 

The money will be in the form of below-market loans and grants to housing partners, as well as both traditional and nontraditional housing agencies, and minority-led agencies. 

Amazon will kick its investments off with $381.9 million for housing in Arlington, Virginia, and $185.5 million for Washington state.

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