The Amazon Housing Equity Fund has announced groundbreaking on two new affordable apartment communities in the greater Seattle metropolitan area to which it has committed $31.3 million.

The fund committed to a $11.2 million below-market-rate loan in support of the MLK Mixed-Use and Early Learning Center, in development with the Low Income Housing Institute (LIHI), a multifamily project that will create 148 new affordable homes and an early learning center operated by Refugee Women’s Alliance (ReWA). In addition, it recently announced a $20.15 million below-market-rate loan to create the Terrapin Apartments, in development by Johnson & Carr, a transit-oriented development that includes 172 workforce housing apartments in Downtown Bellevue within a half-mile of the new Bellevue Downtown Link Light Rail Station.

“These new affordable homes will provide families in Seattle with access to quality, affordable housing along with access to early-learning resources, and proximity to transit and other critical resources,” said Amazon Housing Equity Fund managing principal Senthil Sankaran. “We’re grateful for the opportunity to partner with LIHI on this project, and to help create greater equity through access to affordable housing and essential services.”

“Housing supply constrictions continue to put pressure on an already stressed housing affordability crisis, particularly in Washington, where we face the additional challenge of escalating construction costs and high interest rates in the state. We are grateful to rely on our [partners]...to support our commitment to bringing more multifamily residences to the region,” said Johnson & Carr president Tyler Carr. “Given the current market dynamics, it is now only with Amazon’s essential involvement that we can bring these 172 new homes to Downtown Bellevue at this critical time.”

(Photo credit: Getty Images/Phil Augustavo)