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6/18/2021
Sound Transit and Amazon have forged a partnership to accelerate the creation of up to 1,200 new affordable housing units on the agency's surplus properties near light-rail stations across the Puget Sound region.
Amazon is committing $100 million in below-market funding to developers to help create and expedite the development of Sound Transit property offered for affordable housing, Sound Transit officials said in a press release.
The first $25 million will fund pre-development activities, such as site due diligence, engineering and permitting, while the remaining $75 million will support the housing construction, which is expected to begin within five years.
Sound Transit is expanding light-rail service as part of voter-approved expansions. In addition, the agency has committed to promoting inclusive uses on its sites that that reflect the local community as part of Sound Transit board's equitable transit-oriented development (TOD) policy.
To date, the TOD program has led to the creation of more than 1,500 affordable housing units on Sound Transit surplus property.