Amazon.com Inc. AMZN,
said Wednesday it will launch a $ 2 billion real estate capital fund to make more than 20,000 affordable homes available to families in the Puget Sound region of Washington state; Arlington, Virginia; and Nashville, Tennessee, three communities where the company has or expects to have at least 5,000 employees each in the coming years. The fund will offer lower-than-market loans and grants to housing partners, public agencies and minority-run organizations, the company said in a statement. Early investments include $ 4381.9 million in loans and grants below market in the Washington Housing Conservancy with the goal of preserving or creating up to 1,300 affordable homes owned by Crystal House in Arlington and $ 185.5 million in loans and lower market subsidies. The Housing Authority will preserve up to 1,000 affordable homes in Washington state. Shares fell 2.3% before the market, but have risen 70% in the last 12 months, while the S&P 500 SPX,
has gained 15%.