CNN BUSINESS | Amazon to invest $2 billion to build affordable housing in these three cities

(CNN) – Amazon is pledging to invest more than $2 billion over the next five years toward affordable housing in three cities where it has major operations.

The tech giant’s new Housing Equity Fund will invest in moderate- to low-income housing around Seattle, Nashville and Arlington, Virginia, where the company ultimately expects to have at least 5,000 employees each.

“This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes in all three of our headquarters regions — Arlington, Puget Sound, and Nashville,” said Jeff Bezos, Amazon’s founder and CEO, in a statement. “It will also help local families achieve long-term stability while building strong, inclusive communities.”  —read more—