Internet giant Amazon announced Wednesday that it's increasing its investment in affordable housing by another $1.4 billion. This brings the total investment in its "hometown communities" to over $3.6 billion.

The company's goal is to create and preserve more than 35,000 affordable housing units across Nashville, Puget Sound, and Arlington, Virginia. This would benefit an estimated 46,000 individuals.

Amazon has already exceeded its original five-year goal of 20,000 units, two years ahead of schedule. The additional funding will support the construction of another 14,000 units.

The Amazon Housing Equity Fund focuses on helping moderate-income to low-income residents find affordable housing near their workplaces or public transportation. Approximately 92% of the units built under the Fund are located near bus or rail stations, and many have multiple bedrooms to accommodate families.

The Fund has been particularly beneficial for essential workers like first responders, teachers, and healthcare workers who may struggle to afford rising rents.

Amazon CEO Andy Jassy expressed his commitment to preserving affordable housing for generations to come. He hopes that the company's investment, combined with public and private resources, will make a significant impact on thousands of people's lives.

In addition to the Housing Equity Fund, Amazon has also invested over $25 million in supporting diverse real estate developers through its Amazon Housing Equity Accelerator initiative. This program aims to help these developers overcome barriers and succeed in the industry.