SAN FRANCISCO, Calif. (October 21, 2024) – BRIDGE Housing, the leading nonprofit affordable housing developer and manager on the West Coast, today announced that Executive Vice President and Chief Investment Officer Jim Mather will retire at the end of 2024 after an illustrious 40-year career in affordable housing and community development.
Mather will transition to a Senior Advisor role, where he will continue to lend his expertise to the BRIDGE Capital Markets team for the next year to maintain its ambitious growth trajectory and expand the reach of its mission through new development and acquisitions.
Mather joined BRIDGE in 2019 and was instrumental in developing innovative financial strategies that broadened access to capital markets for affordable housing providers. In 2020, BRIDGE became the first nonprofit affordable housing developer to issue general-obligation sustainability bonds, raising $100 million and creating a new asset class to fund the acquisition, development, and predevelopment of multifamily housing.
In 2022, he helped secure a $250 million commitment from Morgan Stanley and the National Equity Fund, financing that has been critical to BRIDGE’s strategic plan to accelerate the acquisition and preservation of affordable housing communities. In 2023, S&P Global Ratings raised BRIDGE’s credit rating to AA-, the highest rating for any nonprofit developer. That rating was reaffirmed this year.
Overall, during Mather’s tenure the BRIDGE Capital Markets team successfully placed financing for 34 new projects, totaling $900 million in LIHTC equity and $1.6 billion in debt financing.
“Capital is the lifeblood of our mission to increase access to affordable housing, and Jim has been indispensable in unlocking new sources of financing while deftly managing our financial risks,” said BRIDGE President and CEO Ken Lombard. “We are grateful for his service to BRIDGE as we expand our balanced and sustainable portfolio, and delighted he will stay on as a Strategic Advisor during this transitional period.”
With nearly 13,900 units and a portfolio totaling $3.5 billion, BRIDGE is the largest nonprofit affordable housing developer and manager on the West Coast, serving 30,000 residents in California, Oregon and Washington. More than 5,000 additional units are in the development pipeline.
“BRIDGE is a remarkable organization – a pioneering leader in its field that transforms lives and strengthens communities on a daily basis. This rewarding experience has been an extraordinary capstone on an incredibly fulfilling career,” Mather said. “I am grateful to my talented colleagues, and look forward to supporting them over the year to come in driving our important work forward.”
About BRIDGE Housing
BRIDGE Housing is a leading nonprofit developer, owner and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE has participated in the creation of more than 21,000 affordable homes in California, Oregon and Washington, with a total development cost of $5.2 billion. Its current portfolio totals more than 13,000 apartments that are home to 30,000 residents, with another 8,000 units in the development pipeline. For more information, visit www.bridgehousing.com.