The company’s philanthropy comes after the formation of an affordable housing task force by Nashville Mayor John Cooper spurred by projected population growth rates that will require the construction of more than 53,000 new homes by 2030.
To meet the goal, the task force recommended the city preserve affordable housing stock and prioritize preservation of expiring subsidized and naturally occurring affordable housing. An ensuing report found the support’s potential for incentives to invest in the upkeep of properties to keep them affordable.
“The Housing Equity Fund is Amazon’s below-market capital that we’re providing to developers,” Catherine Buell (pictured), director of the fund, explained during a telephone chat. “The Housing Resiliency Fund is intended to help stabilize monthly tax and mortgage payments for low- to moderate-income households in Nashville who are experiencing the pressures of the tax increase.”
In Nashville, she added, many of the affected residents are seniors who are especially vulnerable to losing their homes following property tax hikes. “We’re looking to help alleviate that pressure,” Buell said.
While Amazon seeks to maintain beneficiaries’ privacy, some residents volunteered insights into how the company’s contributions have helped them personally. Nashville resident Nahla Shalan, a housing fund grant recipient, described the struggle in providing for her family as the main breadwinner after losing her job.