Celadon at 9th and Broadway

Financing Strategies

BRIDGE has always been a nonprofit that operates like a business, and we continue to pursue entrepreneurial strategies to sustain our mission.

From leveraging federal resources, like Low Income Housing Tax Credits, to cultivating partnerships with leading Wall Street firms, we are bolstering our financial strength and flexibility and opening new avenues for private market-based capital. A number of milestones attest to our industry leadership.

Jim Mather
EVP & Chief Investment Officer

BRIDGE Insights:

Perspectives from our Leadership Team

When it comes to innovative financial strategies in the affordable housing sector, BRIDGE has proudly achieved many firsts. We were the first nonprofit housing developer to receive an S&P rating. That rating was instrumental in supporting our work to issue $100 million in General Obligation Bonds to accelerate our affordable housing development pipeline.

In issuing those bonds, BRIDGE created a new asset class in the public capital markets for affordable housing developers. BRIDGE also was the first nonprofit housing developer on the West Coast to receive a Community Development Financial Institutional (CDFI) certification, which provided yet another important financial tool to support our work.

At BRIDGE, our history of innovation and ability to deliver tangible results have distinguished us as an industry leader. As we look to the future, we continue to evaluate new and better ways to finance projects, in collaboration with public and private sector partners, to expand the volume of affordable units we can deliver in our markets along the West Coast.

Partnership with Morgan Stanley and the National Equity Fund

BRIDGE secured a $250 million set-aside for project financing from Morgan Stanley and National Equity Fund under a program to preserve housing for low- and moderate-income residents.

The commitment, which we estimate will leverage up to $1 billion in additional capital, has already facilitated the acquisition of two existing multifamily communities in the Bay Area. It will enable us to respond quickly to housing needs and opportunities, from acquiring properties and partnership interests to funding capital improvements and refinancing projects.

Credit Rating

BRIDGE was the first nonprofit affordable housing provider to receive a credit rating by S&P Global Ratings, in 2015.

Our rating was upgraded in 2023 from A+ to AA-, the highest assigned to any nonprofit developer, reflecting BRIDGE’s strong financial health and confidence in our leadership’s ability to execute ambitious growth plans.

S&P’s recent upgrade of BRIDGE from A+ to AA- strengthens our credibility even more with investors, lenders, and other partners. The upgrade is a result of many factors, including our strong financial health and S&P’s confidence in our leadership. The S&P team visited BRIDGE properties and met with our CEO, Ken Lombard, and senior executives to drill down on our overall performance and growth strategies. The upgrade reflects a great team effort at BRIDGE and is a tremendous vote of confidence in our future direction.”

Delphine Sherman
EVP & Chief Financial Officer

Sustainability Bonds

BRIDGE created a new asset class for the nonprofit affordable housing industry in 2020 by becoming the first developer to issue Sustainability Bonds.

The $100 million offering, which was underwritten by Morgan Stanley and nearly twice oversubscribed by investors, provided capital for predevelopment, development, and acquisition of multifamily housing within a framework of promoting affordability, transit-oriented development, green building, and energy efficiency.

CASE Study


Portland, Oregon

Located in Portland, hollywoodHUB is one of 60 BRIDGE projects being partially funded by the Series 2020 Sustainability Bonds. In collaboration with TriMet, BRIDGE is transforming the Hollywood Transit Center (HTC) into a community focused light rail and bus station with a 222-unit housing development and new courtyard. The site will also include a memorial to honor the two men who were killed in a horrific, racists attack at the transit center in 2017.

Estimated Completion: 2026

The BRIDGE Housing Sustainability Bond Framework is robust, transparent, and in alignment with the four core components of the Green Bond Principles (2018) and Social Bond Principles (2020).”


a Morningstar company


BRIDGE developed the first project in California that received two types of 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.


Wells Fargo is proud to work with BRIDGE Housing to create an affordable and attractive place for San Diego seniors to call home. The team’s values align with ours, and our national priority to create and preserve much-needed housing in the communities where we live and serve.”

Jeff Bennett
Senior Vice President/Relationship Manager, Wells Fargo