“All you need is love” according to The Beatles, and as Valentine’s Day arrives amid what has been a long and stormy winter, I welcome the sentiment! It is a blessing to take time to focus on the love we feel for family, friends and our communities, and to appreciate the passion for mission shared by the BRIDGE team.
Love is something that can grow, be renewed and expand to fill the deepest need. Sadly, the same cannot be said for resources for affordable homes.
Contemplated changes to the federal tax code have already begun to impact investments in Low Income Housing Tax Credits—one of the main tools for creating new affordable housing. At BRIDGE, we are starting to see some market adjustments in pricing. However, as we are active in strong rental markets that are retaining Community Reinvestment Act interest, we’re keeping an eye on this while experiencing the shifts.
In the meantime, BRIDGE is not holding back on our construction and development pipeline of more than 7,000 apartments, representing $1.7 billion in total development costs. The need for affordable housing is higher than ever, and we are determined to get these new homes across the finish line. To that end, we’re tapping into every possible resource, including some newer ones: San Francisco’s Prop. A bond measure, which passed in 2015, the Affordable Housing and Sustainable Communities (“cap and trade”) program, and Measure K in San Mateo County. These are important funds that were only made possible through political will and wholehearted advocacy.
In late 2016, Standard & Poor’s reaffirmed BRIDGE’s “A+” credit rating, a testament to the business strengths we’ve shown to more than 25 lenders and investment partners throughout the years. We see the rating as a way to enhance our ability to generate resources for the development and preservation of affordable homes.
At the end of the day, while “money can’t buy me love” (as The Beatles also famously sang), it certainly has the power to strengthen communities through smart, place-based development. And there’s nothing we at BRIDGE love more than creating high-quality, affordable communities for families and seniors.