Amazon Housing Fund
City of Dallas
HR&A is supporting program design and implementation for Amazon’s Housing Equity Fund, a $2 billion commitment to preserve existing housing and create inclusive housing developments through below-market loans and grants to developers, public agencies, and organizations. HR&A led negotiation and underwriting efforts for over 9,000 new affordable homes in the Washington DC area and will continue to support Amazon with their additional commitment of $1.4 billion.
HR&A Advisors has been working with Amazon since 2020 to help develop and implement the Amazon Housing Equity Fund, which was founded to help increase affordable housing opportunities in locations where Amazon has a significant presence. In cities like Washington D.C., Nashville, Austin, and Seattle, among others, we have helped Amazon address affordable housing shortages via subsidized loans, grants, and partnerships with local governments and nonprofits. Since helping design and then launch the program in January 2021, we have supported Amazon’s efforts to preserve 21,000+ homes and have underwritten and closed over $1B in housing transactions for the public sector and impact investors. A key tenant of the AHEF is also to provide access to capital for minority-led developers, resulting in 62% of these transactions supporting BIPOC-led developers.
To develop a large-scale portfolio investment strategy for housing affordability, HR&A created an affordable housing finance summary of potential investment strategies, conducted a landscape analysis of peer investments in housing, worked with Amazon to refine investment goals and priorities, and developed a clear and concise financial framework to evaluate potential investment options. HR&A conducted an initial market scan in target geographies, assessed the housing need in those geographies to evaluate programmatic components, and conducted high-level financial analysis to test investment portfolio scenarios.
After the first phase leveraging Amazon’s initial $2 billion investment to preserve 21,000+ homes and positively impact 46,000+ residents, Amazon committed an additional $1.4 billion for a second phase.
- Q&A with Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund — UrbanLand Magazine
- Amazon Promised to Deliver Affordable Housing. How’s It Doing? — Bloomberg
- Everything you need to know about Amazon’s Housing Equity Fund—a $3.6 billion commitment to help people access affordable housing — Amazon
- Op-Ed: A Simple Housing Fix for Wake County — INDYweek
Projects
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HR&A co-led a multidisciplinary team developing an equitable transit-oriented development (ETOD) strategy for CapMetro's Project Connect, spanning 100+ station areas. Working with Austin Transit Partnership and the City of Austin, we created a comprehensive policy toolkit that minimizes displacement while maximizing economic opportunities for local residents and businesses.
As part of the Residential Retrofits for Energy Equity (R2E2) partnership, HR&A is providing training and capacity building assistance for awardees of the U.S. Department of Energy’s Buildings Upgrade Prize (Buildings UP). Separate from this work, R2E2 provides technical assistance to state and local governments, community-based organizations, and other entities to jumpstart energy retrofit programs for both single family and multifamily low- to moderate-income housing (“LMI” housing), especially in frontline communities.
In response to input from residents, affordable housing advocates and developers, the City of New Haven engaged HR&A to develop an inclusionary zoning policy that ensures long-term affordability, inclusive growth, and thriving neighborhoods. Over 50 affordable homes have been approved since the ordinance’s approval in 2022.
HR&A supported the New Urban Mobility Alliance (NUMO) to leverage the historic influx of federal infrastructure funding as an opportunity to champion a paradigm shift in how communities approach infrastructure investment. As part of this effort, HR&A supported 15 cities to design projects that reconnect communities, led workshops on measuring and mitigating displacement, and developed the Good Start Toolkit, which offers guidance for working with communities on similar efforts across the country.
