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PRESS ROOM: Amazon Commits an Additional $147 Million to Create and Preserve 1,260 Affordable Homes Primarily with Minority-Led Developers Across and Close to Washington D.C.
NNPA NEWSWIRE — The Amazon Housing Equity Fund has committed to create or preserve more than 10,000 affordable homes across the company’s hometown communities so far. Amazon’s commitment focuses on low-to-moderate income individuals and families, representing first responders, teachers, and service industry employees whose wages haven’t kept pace with escalating rents.
The post PRESS ROOM: Amazon Commits an Additional $147 Million to Create and Preserve 1,260 Affordable Homes Primarily with Minority-Led Developers Across and Close to Washington D.C. first appeared on BlackPressUSA.
Amazon’s Housing Equity Fund will support new developments in diverse and historically significant communities of color
ARLINGTON, VA — Amazon (NASDAQ: AMZN) announced a commitment of $147 million to create and preserve 1,260 affordable housing units in six of Washington D.C.’s eight wards and in nearby Maryland and Virginia communities – primarily in partnership with minority-led organizations.
This is the latest commitment from Amazon’s more than $2 billion Housing Equity Fund, which aims to combat affordable housing challenges and promote equity and inclusion in the communities the company calls home, including Washington state’s Puget Sound region; the Arlington, Virginia/Washington, D.C. region; and Nashville, Tennessee.
This announcement brings Amazon’s total commitment to help create or preserve affordable housing in the Washington, D.C. area to $992 million in support of over 6,200 affordable homes. This total includes Amazon’s marquee investment in Crystal House (which is over and above the $2 billion commitment), its $125 million transit commitment with the Washington Metropolitan Area Transit Authority (WMATA) and Amazon’s Real Estate Developers of Color Accelerator Programinvestments. Of this total, $696 million will be used to create or preserve nearly 3,600 units of affordable housing in partnership with minority-led organizations.
“We’re proud to work with a diverse set of experienced partners to create and preserve much-needed affordable homes that help keep long-term residents in the community while bolstering our diverse and historic neighborhoods,” said Catherine Buell, director of the Amazon Housing Equity Fund. “By working with these diverse development organizations, we can create long-lasting and inclusive affordable housing closer to public transit and other amenities that will improve quality of life for residents while helping ensure families across Washington D.C. are not displaced from their communities.”
Since launching in January 2021, the Amazon Housing Equity Fund has increased the long-term committed multifamily affordable housing stock in Arlington by 22% (based on data provided by Arlington County). These newly announced projects will build on this success and increase access to affordable housing throughout Washington, D.C.
“Working with minority real estate professionals in this way is impactful community development at its core,” said D.C. Mayor Muriel Bowser. “Amazon has taken the long view by standing with its partners and eliminating a significant barrier to entry for many real estate developers of color, access to capital. The Amazon Housing Equity Fund has empowered developers in the greater Washington D.C. area to expand opportunities for our neighbors through job creation and community revitalization.”
This announcement aligns with Mayor Bowser’s goal of creating 36,000 new housing units, a third of which will be affordable, by 2025. Each of these commitments will ensure the long-term preservation of affordability (generally 99 years, with limited exception) and makes housing available to individuals and families earning 30-80% of the area median income (AMI). Today’s announcement showcases partnerships with the following organizations:
The Congress Heights Apartments in the Congress Heights neighborhood of Ward 8, which will include the construction of 179 new affordable units for households earning between 30%-80% AMI. The Apartments will be developed by National Housing Trust (NHT), which works to ensure that privately owned rental housing remains in the affordable housing stock using the tools of real estate development, rehabilitation, finance, and advocacy – all with sustainability in mind.
Carver Terrace Apartments, located in the Carver Langston neighborhood of Ward 5, will include the preservation of 320 affordable units for households earning between 30%-60% AMI. These apartments will be preserved by Jair Lynch Real Estate Partners, a leading owner and developer of mixed-use properties and attainable housing.
The Residences at Benning Road will be the second affordable assisted-living community in Ward 7. This transit-oriented development, located at the former site of an Industrial Bank Branch (one of the first Black owned banks in the region), will create 156 new affordable apartments for households at 60% AMI within one block of the Benning Road Metro station. The Residences will be developed by Gragg Cardona Partners, a company that has been working for over two decades on revitalizing DC-area neighborhoods by using public/private partnerships to bring about new investments in housing, commercial space, and community facilities.
4111 Kansas Ave NW, a newly constructed residential building (originally designed as condominiums), to create 40 new affordable units for households earning between 50%-80% AMI in Ward 4. With Amazon’s support, the property was purchased by So Others Might Eat (SOME), a nonprofit with comprehensive programs that are designed to help neighbors experiencing homelessness and extreme poverty find pathways out of poverty and achieve long-term stability and success.
325 Vine will be a newly constructed apartment building in Ward 4 and will include 102 affordable units for households earning between 60%-80% AMI and will feature the preservation of two historic homes. The property is located across the street from the Takoma Metro station. SGA Companies is a full-service firm specializing in transit-oriented, multifamily residential and mixed-use retail properties in the Washington, D.C. metro area.
S Street Village will be a new development with 90 units of affordable housing at 60% AMI in Ward 1. The site will be developed by Manna, Inc., a nonprofit affordable housing consultancy and developer committed to helping low-income and moderate-income persons acquire affordable, quality housing across Washington, D.C.,
The Mount Pleasant Preservation Project will consist of the preservation of Richman Towers, Sarbin Towers and Park Marconiin the Mount Pleasant community in Ward 1. The Project will convert 165 apartments homes into affordable homes for households earning between 40%-80% AMI. Jubilee Housing is a nonprofit housing developer focused on creating affordable homes with onsite and nearby services in thriving communities.
Holmead Place Apartments consists of 100 homes in Ward 1, all of which will be converted in affordable, accessible residential units for households earning between 30%-80% AMI. Wesley Housing provides safe, quality and affordable housing to across the Washington D.C. metropolitan area.
In addition to these projects in Washington D.C., Amazon is providing funding to the following developers to create additional affordable housing in Maryland and Virginia:
A. Wash and Associates, Inc. and Northern Real Estate Urban Ventures (NREUV), are both Black-led real estate development organizations with deep ties to the Washington, D.C. area. They are collaborating on 210 on the Park, which will be a newly constructed development containing 130 affordable units for households earning between 70%-80% AMI. The apartment complex is located a short distance from the Capitol Heights Metro station in Prince George’s County, Maryland and includes retail space that will offer discounted rates for local and minority businesses.
Montgomery Housing Partnership (MHP) is a non-profit organization serving the residents of Montgomery County, Maryland and neighboring communities. The organization is committed to housing people, empowering families, and strengthening neighborhoods. Since 1989, MHP’s mission has been to preserve and expand access to quality, affordable housing. MHP is developing Nebel Street, which will be a new construction development containing 163 affordable homes for households earning between 30%-80% AMI.
Good Shepherd Housing and Family Services’ mission is to reduce homelessness, increase community support, and promote self-sufficiency. Good Shepherd Housing has served the housing needs of Northern Virginia families and individuals for more than 40 years. They are acquiring 18 homes in the Colchester Towne Condominiums and will preserve these at 50% AMI in Alexandria, Virginia.
With today’s announcement, the Amazon Housing Equity Fund has committed to create or preserve more than 10,000 affordable homes across the company’s hometown communities so far. Amazon’s commitment focuses on low-to-moderate income individuals and families, representing first responders, teachers, and service industry employees whose wages haven’t kept pace with escalating rents. To learn more about the Amazon Housing Equity Fund, please visit us here.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
The post PRESS ROOM: Amazon Commits an Additional $147 Million to Create and Preserve 1,260 Affordable Homes Primarily with Minority-Led Developers Across and Close to Washington D.C. first appeared on BlackPressUSA.
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Reading and Moving: Great Ways to Help Children Grow
NNPA NEWSWIRE — In these formative years, your little one will learn to walk, learn how to grab and hold items, begin building their muscle strength, and more. Here are some ways to facilitate positive motor development at home:
Council for Professional Recognition
Before a child even steps into a classroom or childcare center, their first life lessons occur within the walls of their home. During their formative years, from birth to age five, children undergo significant cognitive, motor, and behavioral development. As their primary guides and first teachers, parents, and guardians play a pivotal role in fostering these crucial aspects of growth.
The Council for Professional Recognition, a nonprofit, is dedicated to supporting parents and families in navigating questions about childcare and education training. In keeping with its goal of meeting the growing need for qualified early childcare and education staff, the Council administers the Child Development Associate (CDA). The CDA program is designed to assess and credential early childhood education professionals. This work gives the Council great insights into child development.
Cognitive Development: Building the Foundation of Learning
Cognitive development lays the groundwork for a child’s ability to learn, think, reason, and solve problems.
- Read Together: One of the most powerful tools for cognitive development is reading. It introduces children to language, expands their vocabulary, and sparks imagination. Make reading a daily ritual by choosing age-appropriate books that capture their interest.
- Play Together: Play is a child’s entry to the physical, social, and affective worlds. It’s a critical and necessary tool in the positive cognitive development of young children and is directly linked to long-term academic success.
- Dance and Sing Together: These types of activities help young children develop spatial awareness and lead to improved communication skills. As a bonus, it’s also helpful for improving gross motor skills.
- Invite your Child to Help you in the Kitchen: It’s a fun activity to do together and helps establish a basic understanding of math and lifelong healthy eating practices.
- Encourage Questions: As children find their voice, they also find their curiosity for the world around them; persuade them to ask questions and then patiently provide answers.
Motor Development: Mastering Movement Skills
Motor development involves the refinement of both gross and fine motor skills, which are essential for physical coordination and independence. In these formative years, your little one will learn to walk, learn how to grab and hold items, begin building their muscle strength, and more. Here are some ways to facilitate positive motor development at home:
- Tummy Time: Starting from infancy, incorporate daily tummy time sessions to strengthen neck and upper body muscles, promoting eventual crawling and walking. You can elevate the tummy time experience by:
- Giving children lots of open-ended toys to explore like nesting bowls, a pail and shovel, building blocks, wooden animals, and people figures.
- Hanging artwork on the wall that appeals to infants, including bold colors, clear designs, and art from various cultures.
- Providing mobiles that children can move safely and observe shapes and colors.
- Outdoor Play: Provide opportunities for outdoor play, whether it’s at a park, playground, or in a backyard. Activities such as running, jumping, climbing, and swinging enhance gross motor skills while allowing children to connect with nature. Also, try gardening together! Not only does gardening promote motor skill development, but it offers many other benefits for young children including stress management, cognitive and emotional development, sensory development, and increased interest in math, sciences, and healthy eating.
- Fine Motor Activities: Fine motor skills relate to movement of the hands and upper body, as well as vision. Activities that encourage hand-eye coordination and fine motor skill development include:
- Drawing and coloring
- Doing puzzles, with size and piece amounts dependent on the age of the child
- Dropping items or threading age-appropriate beads on strings
- Stacking toys
- Shaking maracas
- Using age-appropriate, blunt scissors
- Playing with puppets or playdough
This is the type of knowledge that early childhood educators who’ve earned a Child Development Associate credential exhibit as they foster the social, emotional, physical, and cognitive growth of young children.
Supporting Early Childhood Educators
Recently, a decision in Delaware has helped early childhood professionals further their efforts to apply this type of knowledge. Delaware State University, Delaware Technical Community College, and Wilmington University have signed agreements to award 12 credits for current and incoming students who hold the Child Development Associate credential.
Delaware Governor John Carney said, “I applaud the Department of Education and our higher education partners for this agreement, which will support our early childhood educators. Research shows how important early childhood education is to a child’s future success. This new agreement will help individuals earn their degrees and more quickly get into classrooms to do the important work of teaching our youngest learners in Delaware.”
Council for Professional Recognition CEO Calvin E. Moore, Jr., said his organization is honored to be a part of this partnership.
“Delaware and the work of these institutions is a model that other states should look to. This initiative strengthens the early childhood education workforce by accelerating the graduation of more credentialed educators, addressing the critical need for qualified educators in early childhood education. We have already seen the impact the work of the Early Childhood Innovation Center has brought to the children of Delaware.”
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Student Loan Debt Drops $10 Billion Due to Biden Administration Forgiveness
NNPA NEWSWIRE — The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).
New Education Department Rules hold hope for 30 million more borrowers
By Charlene Crowell, The Center for Responsible Lending
As consumers struggle to cope with mounting debt, a new economic report from the Federal Reserve Bank of New York includes an unprecedented glimmer of hope. Although debt for mortgages, credit cards, auto loans and more increased by billions of dollars in the second quarter of 2024, student loan debt decreased by $10 billion.
According to the New York Fed, borrowers ages 40-49 and ages 18-29 benefitted the most from the reduction in student loan debt.
In a separate and recent independent finding, 57 percent of Black Americans hold more than $25,000 in student loan debt compared to 47 percent of Americans overall, according to The Motley Fool’s analysis of student debt by geography, age and race. Black women have an average of $41,466 in undergraduate student loan debt one year after graduation, more than any other group and $10,000 more than men.
This same analysis found that Washington, DC residents carried the highest average federal student loan debt balance, with $54,146 outstanding per borrower. Americans holding high levels of student debt lived in many of the nation’s most populous states – including California, Texas, and Florida.
The Fed’s recent finding may be connected to actions taken by the Biden administration to rein in unsustainable debt held by people who sought higher education as a way to secure a better quality of life. This decline is even more noteworthy in light of a series of legal roadblocks to loan forgiveness. In response to these legal challenges, the Education Department on August 1 began emailing all borrowers of an approaching August 30 deadline to contact their loan servicer to decline future financial relief. Borrowers preferring to be considered for future relief proposed by pending departmental regulations should not respond.
If approved as drafted, the new rules would benefit over 30 million borrowers, including those who have already been approved for debt cancellation over the past three years.
“These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others,” said U.S. Secretary of Education Miguel Cardona.
The draft rules would benefit borrowers with either partial or full forgiveness in the following categories:
- Borrowers who owe more now than they did at the start of repayment. This category is expected to largely benefit nearly 23 million borrowers, the majority of whom are Pell Grant recipients.
- Borrowers who have been in repayment for decades. Borrowers of both undergraduate and graduate loans who began repayment on or before July 1, 2000 would qualify for relief in this category.
- Borrowers who are otherwise eligible for loan forgiveness but have not yet applied. If a borrower hasn’t successfully enrolled in an income-driven repayment (IDR) plan but would be eligible for immediate forgiveness, they would be eligible for relief. Borrowers who would be eligible for closed school discharge or other types of forgiveness opportunities but haven’t successfully applied would also be eligible for this relief.
- Borrowers who enrolled in low-financial value programs. If a borrower attended an institution that failed to provide sufficient financial value, or that failed one of the Department’s accountability standards for institutions, those borrowers would also be eligible for debt relief.
Most importantly, if the rules become approved as drafted, no related application or actions would be required from eligible borrowers — so long as they did not opt out of the relief by the August 30 deadline.
“The regulations would deliver on unfulfilled promises made by the federal government to student loan borrowers over decades and offer remedies for a dysfunctional system that has often created a financial burden, rather than economic mobility, for student borrowers pursuing a better future,” stated the Center for American Progress in an August 7 web article. “Meanwhile, the Biden-Harris administration also introduced income limits and caps on relief to ensure the borrowers who can afford to pay the full amount of their debts do so.”
“The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).”
These pending regulations would further expand the $168.5 billion in financial relief that the Biden Administration has already provided to borrowers:
- $69.2 billion for 946,000 borrowers through fixes to Public Service Loan Forgiveness (PSLF).
- $51 billion for more than 1 million borrowers through administrative adjustments to IDR payment counts. These adjustments have brought borrowers closer to forgiveness and addressed longstanding concerns with the misuse of forbearance by loan servicers.
- $28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
- $14.1 billion for more than 548,000 borrowers with a total and permanent disability.
- $5.5 billion for 414,000 borrowers through the SAVE Plan.
More information for borrowers about this debt relief is available at StudentAid.gov/debt-relief.
Charlene Crowell is a senior fellow with the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
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Congressional Black Caucus Releases Groundbreaking Corporate Accountability Report on DEI
NNPA NEWSWIRE — Most Fortune 500 companies participating in the CBC’s survey demonstrated their commitment to DEI even after the Supreme Court’s ruling. CBC members said this is crucial because conservative organizations, such as Stephen Miller-led America First Legal, are increasingly waging legal and political attacks against corporations’ diversity initiatives. These groups argue that DEI initiatives violate federal law, threatening legal action against companies that continue to promote workplace diversity.
By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
Congressional Black Caucus (CBC) Chairman Steven Horsford (NV-04) and CBC members have released a first-of-its-kind report titled “What Good Looks Like: A Corporate Accountability Report on Diversity, Equity, and Inclusion.” The report aims to hold Fortune 500 companies accountable for their commitments to diversity, equity, and inclusion (DEI) in the wake of George Floyd’s murder and the racial justice movement that followed. This initiative comes as corporate America faces renewed scrutiny following the Supreme Court’s decision to overturn affirmative action in the Students for Fair Admissions v. Harvard case.
The CBC’s report highlights which corporations are making tangible progress in advancing DEI and offers a roadmap for other companies to follow. Despite efforts from right-wing groups to dismantle diversity initiatives, the report finds that many Fortune 500 companies are standing firm in their commitments. The report also examines DEI practices in manufacturing, finance, insurance, and technology sectors, providing industry-specific insights.
Most Fortune 500 companies participating in the CBC’s survey demonstrated their commitment to DEI even after the Supreme Court’s ruling. CBC members said this is crucial because conservative organizations, such as Stephen Miller-led America First Legal, are increasingly waging legal and political attacks against corporations’ diversity initiatives. These groups argue that DEI initiatives violate federal law, threatening legal action against companies that continue to promote workplace diversity.
The Findings
The CBC’s report offers a detailed analysis of diversity efforts across various industries, using data from the Global Industry Classification Standard (GICS) and the North American Industry Classification System (NAICS). Key findings include:
- Sector Representation: The bulk of the responses came from companies in manufacturing (31%), finance and insurance (25%), and information (16%).
- Best Practices: The report identifies 12 best practices, including leadership accountability, data disaggregation, talent retention, and pay equity. These examples provide a model for other companies to implement DEI strategies effectively.
- Progress and Challenges: While many companies have made significant strides, persistent gaps remain, particularly in leadership diversity and retention rates. The report encourages corporations to move beyond public statements and implement measurable DEI outcomes.
The CBC hopes the report will serve as a tool for corporations to benchmark their progress and adopt more robust DEI measures. “What Good Looks Like” outlines not only where companies are succeeding but also where opportunities for improvement lie, urging corporate leaders to align their actions with their stated DEI values.
Conservative Backlash and the Fight for DEI
Officials said the CBC’s efforts to hold corporations accountable come amid heightened political tensions. Since the Supreme Court’s ruling, Donald Trump and his supporters have escalated their attacks on DEI programs. Right-wing legal campaigns have targeted not only corporate diversity efforts but also federal programs aimed at leveling the playing field for Black and minority-owned businesses.
Conservative attorneys general from over a dozen states have warned Fortune 500 companies, threatening legal action over their diversity programs. Additionally, anti-DEI bills have been introduced in more than 30 states, aiming to restrict diversity efforts in college admissions and the workplace.
Despite the attacks, the CBC said it remains steadfast in its commitment to advancing racial and economic equity. In December 2023, the CBC sent Fortune 500 companies an accountability letter urging them to uphold their DEI commitments in the face of political pressure, which catalyzed the report.
Corporate America’s response has been overwhelmingly positive. Since the CBC’s letter, companies have held over 50 meetings with CBC representatives, affirming their dedication to diversity. The CBC has also convened discussions with industry trade associations and hosted a briefing with more than 300 Fortune 500 company representatives to strengthen collaboration on DEI efforts.
Moving Forward
The CBC’s report is not just a reflection on past efforts but a call to action for the future. It highlights the importance of cross-industry learning, encouraging companies to share best practices and build upon one another’s successes. The CBC also recommends that corporations adopt consistent performance metrics to track progress and foster accountability.
Looking ahead, the CBC plans to push for more economic opportunities for Black Americans, focusing on closing the racial wealth gap. Horsford emphasized that DEI is not only a moral imperative but also an economic one. Research from McKinsey & Company shows that racially diverse companies outperform their peers by 39% in profitability, further underscoring the business case for diversity.
The CBC’s report offers a roadmap for companies committed to fostering a more inclusive and equitable future despite political and legal challenges.
“Following the murder of George Floyd on May 25, 2020, we witnessed a nationwide response calling for long-overdue justice and accountability,” Horsford wrote in the report. “Millions of Americans flooded the streets in protest to advocate for an end to the cycles of violence against Black Americans that are perpetuated by systemic racism ingrained deeply in the United States.
“Now, in order to move forward and achieve the goals of these commitments, we must evaluate where we are and stay the course. We cannot allow a handful of right-wing agitators to bully corporations away from their promises.”
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