Amazon's One-Two Punch Against Homelessness

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Published: June 11, 2019 11:40 am

Last Updated: January 30, 2020 7:48 pm

Amazon.com Inc. (NASDAQ: AMZN) announced on Tuesday that it has made in-kind and cash donations to its Seattle nonprofit partners Mary’s Place and FareStart.

This includes a first-of-its-kind family shelter within an Amazon building for Mary’s Place and classroom and restaurant space for FareStart’s job training program for people experiencing homelessness or living in poverty.

The collective value of these donations, including annual rent, is more than $130 million, with Mary’s Place alone receiving $100 million in in-kind and cash donations over the next 10 years.

Separately, Amazon announced an initial $8 million total donation to Plymouth Housing and the Arlington Community Foundation, based in the company’s two headquarters regions: Seattle and Arlington, Virginia.

Also, beginning today, Amazon launched an employee match campaign to encourage employees to donate to 20 select nonprofits addressing housing and homelessness in the company’s two headquarter regions. Amazon will match the donation one-for-one, up to $5 million, through September 30.

Paul Lambros, CEO of Plymouth Housing, commented:

As the city of Seattle continues to look for solutions to homelessness, this generous donation from Amazon will help us meet the immediate needs of thousands of people in the coming years. Chronic homelessness is a disabling condition and a complex issue requiring the attention and support of the whole community. We’re very grateful to Amazon for continuing to step up in addressing this pressing need.

Shares of Amazon traded up about 1% at $1,880.60 Tuesday morning, in a 52-week range of $1,307.00 to $2,050.50. The consensus price target is $2,170.21.