2024 Fall Issue of Urban Land - 81
SENTHIL SANKARAN
Q&A WITH
MANAGING PRINCIPAL,
AMAZON HOUSING EQUITY FUND
A $3.6 billion commitment to create or
preserve 35,000-plus affordable homes
SIBLEY FLEMING
Led by Senthil Sankaran, the Amazon
Housing Equity Fund supports the creation
and preservation of multigenerational
affordable housing for moderate- and lowincome
families. That includes firefighters,
teachers, and police who fall between 30
percent and 80 percent of area median
income (AMI).
" We are very intentional about that being
our primary targeted range . . . mainly
because, below 30 percent of AMI, the
deepest need . . . usually has other public
subsidies . . . attached to it, " Sankaran says.
In contrast, the 50-percent- to 80percent-AMI
projects don't have other
public resources. " These are working families,
so we wanted to make sure that we're
able to address their needs . . . even though
Atrium Court will create 271 units of affordable
workforce housing, 80 jobs, and ground-level
retail space adjacent to a light-rail station
in the historic and diverse South Seattle
neighborhood.
they might not qualify for other public subsidies. "
The
fund does not develop or own property.
It acts as a financial accelerator, forging
partnerships with highly motivated, missionfocused
developers and owners building
affordable housing with deals already
etched but in need of that last bump to get
the project over the finish line.
Launched in January 2021 with $2 billion,
the fund's mission was to create or preserve
20,000 affordable homes across Amazon's
three " hometown markets " by 2030: the
Puget Sound region; the Washington, D.C./
Arlington, Virginia region; and Nashville,
Tennessee. The fund now stands at $3.6
billion.
Senthil Sankaran
Managing Principal, Amazon
Housing Equity Fund
FALL 202 4
URBAN LAND
81
FEATURES
HOUSING DIVERSIT Y C ORPOR A TION
ULI W ASHING T ON
2024 Fall Issue of Urban Land
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