In collaboration with Metropolitan Development and Housing Agency (MDHA), Amazon has decided to invest more than 10 million dollars in terms of affordable housing.
The Amazon Housing Equity Fund is committing to an incredible number of 2 billion dollars to create and preserve twenty thousand affordable houses for various individuals.
Maxwell Drever observes that this would help in aiding the families who are living on low or even moderate incomes, specifically in Nashville.
The opportunity for jobs also opened up by a wide margin. More than 2500 jobs opened up, and people were hired to get the project for affordable housing running smoothly.
Cherry Oak Apartments
A $7.1 million rate loan has been set for Cherry Oak Apartments, and with that, 96 units of residential apartments will be built. With the mutual partnership with Metropolitan Development Housing Agency, 53 affordable housing units will be set up there. It will be a unit for mixed-income families.
For the residents in Cherry Oak Apartments making 80% or less than that of the Area Median Income, this will be a perfect opportunity.
CrossBridge
In addition to that, $3.5 million are granted to CrossBridge. The local non-profit of Crossbridge is given a housing project of 84 units. It will be done in a combination of building and renovating, with 34 units to be renovated and 50 units to be built from scratch. The 3.5 million dollars of grant dedicated to CrossBridge will be dedicated to funding two entire housing projects that will be spanned on the city block located at Lindsley Avenue.
The investment will pave the way to build and renovate a couple of homes. The number of affordable homes that will be structured would be beneficial to many people! This would generate a social cause that would help support the local nonprofit CrossBridge Inc.
According to Amazon, the people residing in the affordable housing units can live for around 99 years without any problems concerning affordability. The people living there will be at the mark or below 80% of the AMI (Area Median Income).
The grant provided to CrossBridge also covers supportive services and housing. Conclusion: there are supportive services that aid people in overcoming their addictions, provide counseling to them, and provide long-term subsidies.
According to Maxwell Drever, this will serve as massive support for many people and bring harmony throughout Nashville.
Bill Hart, the CrossBridge vice president, and general counsel said,
“By offering high-quality, safe, and affordable housing within the context of a supportive community, we provide a reliable path to break the cycles of addiction, incarceration, and homelessness.”
Takeaway
According to Maxwell Drever, this is an amazing step for people on 80% or fewer wages as per the AMI. This will ensure a sense of security and put a roof over a massive amount of people.
