Amazon And LISC Puget Sound Launch New Initiative To Expand Affordable Housing

In a significant move to address the pressing need for affordable housing in the Puget Sound region, the Local Initiatives Support Corporation (LISC) Puget Sound has joined forces with the Amazon Housing Equity Fund to launch the second cohort of Housing Equity Accelerator Fellows. This initiative brings together a diverse group of 20 emerging housing developers, including 10 for-profits and nine non-profits, all united by a common goal: to advance affordable housing and community development.

"We’re grateful for the opportunity to partner with LISC on this critical work," stated Senthil Sankaran, Principal at The Amazon Housing Equity Fund. "The Housing Equity Accelerator is essential for creating affordable housing where it’s needed most and for creating greater equity across the industry."

The Housing Equity Accelerator (HEA) program is designed to enhance the capacity of these developers to create more affordable housing units and to generate wealth and equity. Through a tailored 12-month curriculum, ongoing technical support, networking opportunities, and access to grants and loans, HEA aims to equip participants with the necessary skills to scale their businesses.

Lauren McGowan, Executive Director of LISC Puget Sound, highlighted the urgency of the situation: "Given Washington state's need to add over 1.1 million homes in the next 20 years, with over half being affordable for our lowest income neighbors, these developers are an essential part of the solution."

The new cohort exemplifies diversity, including eight women and representation from African American, Black Immigrant, American Indian, Asian, and Latin American communities. Importantly, sixteen of the fellows have lived experience in affordable housing, which strengthens their connection to the communities they aim to serve.

From Everett to Seattle to Tacoma, the fellows are working on a wide range of developments that showcase their dedication to addressing housing challenges across the region. "Housing is the foundation for healthy families and strong communities," remarked Michael Pugh, LISC president and CEO.

The 2024 HEA Fellows include Alexandria Brown from Louis Rudolph Homes, Bilan Aden from African Community Housing & Development, Caleb Jackson from Uplift Investment Group, and many others who are committed to making a difference in their communities.

About LISC: As one of the country’s largest community development organizations, LISC has been instrumental in forging vibrant, resilient communities across America. With a focus on closing systemic gaps in health, wealth, and opportunity and advancing racial equity, LISC has invested $29.7 billion since its founding. This has resulted in more than 489,261 affordable homes and apartments and developed 81.5 million square feet of retail, community, and educational space. The Housing Equity Accelerator is a testament to LISC Puget Sound's commitment to addressing economic, housing, and racial justice in collaboration with its partners.