FINANCE
Disciplined financial management and innovative capital-raising strategies set BRIDGE Housing apart.
Kettner Crossing
Capabilities
BRIDGE is one of the largest and best capitalized nonprofit housing providers in the country.
We go beyond leveraging traditional public resources to develop new models of equity and debt funding with leading financial institutions. Our close partnerships with investors and lenders enable us to deliver affordable housing at scale.
Over more than four decades, we have carefully cultivated financial and capital markets expertise, disciplined strategic planning and execution, and diversified revenue sources. Together, these create the capacity and flexibility to generate sustainable long-term growth and community impact.
FINANCING STRATEGIES
BRIDGE has pioneered the use of private-sector capital for nonprofit housing.
We have always been a nonprofit that operates like a business, pursuing entrepreneurial strategies and creative approaches to advance our mission. We have opened new avenues for nonprofit developers to tap private capital for development and acquisition – and we continue to innovate. A number of milestones demonstrate our industry leadership.
Elizabeth Van Benschoten
Chief Investment Officer & SVP, Capital Markets
BRIDGE Insights:
Perspectives from our Leadership Team
When it comes to creative strategies to finance affordable housing, BRIDGE has achieved many firsts. We were the first nonprofit housing developer to receive an S&P credit rating, enabling us to issue taxable General Obligation Bonds to accelerate our development pipeline, and later publicly offer tax-exempt construction bonds.
Both bond issues were unprecedented achievements for an affordable housing developer. They gave BRIDGE the rare distinction of having issued corporate bonds and the equivalent of tax-exempt municipal bonds.
BRIDGE was the first nonprofit housing developer on the West Coast to receive a Community Development Financial Institutional certification and has also fueled growth through joint ventures with major institutions, including the California state employee pension fund CalPERS.
Looking ahead, we will evaluate new and better ways to mobilize equity and debt, in collaboration with public and private sector partners, to deliver even more affordable housing on the West Coast.
CASE Study
hollywoodHUB
In January 2025, BRIDGE broke ground on an affordable housing project that received funding from its issue of Sustainability Bonds and tax-exempt construction bonds. Developed in partnership with Tri-County Metropolitan Transit District, HollywoodHUB will transform an important Portland light rail and bus hub into a modern, inclusive transit-oriented development with 222 affordable apartments, as well as amenities for both residents and the public.
KeyBank is delighted to support BRIDGE Housing by facilitating access to novel funding for HollywoodHUB. The strong demand for the construction bonds – from some of the biggest institutional investors – attests to the credibility BRIDGE Housing has earned from decades of financial stewardship and delivering on its mission to strengthen communities.”
Sam Adams
DEBT MARKETS
BRIDGE’s bond issues created new asset classes for the nonprofit affordable housing industry.
In 2020, BRIDGE raised $100 million in the first issue of Sustainability Bonds by a nonprofit developer. Underwritten by Morgan Stanley and nearly twice oversubscribed, the offering provided capital for predevelopment, development, and acquisition of housing within a framework of promoting affordability, transit-oriented development, and energy efficiency.
BRIDGE broke barriers again in 2024, raising $71.5 million in tax-exempt bonds to help finance construction of one of the largest affordable housing communities in Portland, Oregon.
Historically used by rated government entities such as housing authorities, this type of bond enabled BRIDGE to borrow at a below-market, fixed-interest rate, reducing development costs by $2.5 million. KeyBanc Capital Markets underwrote the offering, which was four-times oversubscribed.
Credit Rating
BRIDGE was the first nonprofit affordable housing provider to receive a credit rating by S&P Global Ratings, in 2015.
Upgraded in 2023 and reaffirmed in 2024, our AA- rating is the highest assigned to any nonprofit developer. S&P cited BRIDGE’s “extremely strong management and a strategic plan that supports its mission to provide quality low-income housing in the least affordable markets.”
S&P’s recognition is a tremendous vote of confidence at a critical moment when BRIDGE is accelerating investment and growth. As we implement our 2024-2027 Strategic Plan to expand our portfolio by one-third, the rating reinforces our credibility with financial partners and opens doors among the growing ranks of investors, from institutions to family offices and foundations, that share our mission to increase access to affordable housing.”
Delphine Sherman
INNOVATIVE PARTNERSHIPS
BRIDGE secured a $250 million set-aside for project financing from Morgan Stanley and National Equity Fund under a program that promotes housing for low- and moderate-income households.
The commitment, which we estimate will leverage up to $1 billion in additional capital, enables us to respond quickly to housing needs and opportunities. The revolving credit facility has facilitated a strategic pivot to boost acquisitions, supporting every property purchase since 2022. It is also a resource for funding capital improvements, refinancing projects, and acquiring partnership interests.
LOW-INCOME HOUSING TAX CREDIT
BRIDGE developed the first project in California that received two types of Low-Income Housing Tax Credit (LIHTC), an innovative financing structure that has been emulated by affordable housing developers nationwide.
CASE Study
Celadon at 9th and Broadway
Celadon was the first building in California to receive both 9% and 4% LIHTC. To use the respective tax credits, BRIDGE divided the building into two projects, floors 1-7 and 8-17. The $74.7 million, 250-unit, multigenerational development includes 25 units for youth aging out of foster care and adults under the Mental Health Services Act, 63 units for seniors in the Program of All-Inclusive Care for the Elderly (PACE) program, with the remainder for workforce housing. The LEED Gold certified project includes an eco-roof, solar panels, and drought tolerant landscaping.
Our finance and development teams work hand-in-hand on every community, from conception to completion. Our collaborative culture and commitment to positive impact have made BRIDGE a trusted partner.”