Amazon is helping fund a new affordable housing apartment complex near the College Park Metro station.
As part of an effort to help develop affordable housing near Metro stations around the greater D.C. area, the online retailer will provide $56.3 million to the Gilbane Development Co. to build the Atworth in College Park.
The money will help offset the cost of development, allowing Gilbane to rent the 451 apartments to people making less than 80 percent of the median family income in D.C., which means a family of four making less than $103,200 would qualify.
Catherine Buell, director of the Amazon Housing Equity Fund, said that teaming up with Metro “brings people closer to more opportunities, services, and a better quality of life.”
The Atworth, which also includes 5,000 square feet of retail, a parking garage and a small public park, will be particularly well situated.
Located on a 6.4 acre site next to the College Park Metro, the complex will also be near a Purple Line stop and the Discovery District. The Atworth is currently slated to be completed in spring of 2024.
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Wow! $103.2K is the MEDIAN INCOME?
According to HUD, the Median Family Income for a family of four in the greater D.C. area is currently $129,000, so 80% of the median family income is $103,200.
Amazon might use “caps” for the price per square foot and the density and more. Life on the edge means manipulating “caps”.