$19 Million Awarded to BRIDGE Housing Developments in Portland, Los Angeles, San Francisco

SAN FRANCISCO, CA, June 28, 2018---Four affordable housing developments in BRIDGE Housing’s pipeline were awarded a total of $19,070,000 in funding this week.

The Affordable Housing and Sustainable Communities (AHSC) program awarded $15 million to 1950 Mission, a co-development by BRIDGE and Mission Housing Development Corp. The property will provide 157 affordable homes for families (including 20% for formerly homeless families) in San Francisco’s Mission District.

“We’re thrilled that the AHSC grant to 1950 Mission will mitigate displacement by helping to create much-needed affordable housing plus bike parking and services, child care, artists’ studios and community spaces, all in a transit-rich location,” said Cynthia Parker, President & CEO, BRIDGE Housing. Funded by auction proceeds from California’s Cap-and-Trade emissions reduction program, AHSC is administered by the Strategic Growth Council and implemented by the California Department of Housing and Community Development.

Three BRIDGE developments received more than $4 million in Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco:

  • $1.87 million for RiverPlace Phase 2 in Portland, OR: a mixed-use development that will create 187 affordable family apartments aimed at assisting underserved communities of color that have been priced out of the downtown area.
  • $1.2 million for Jordan Downs Phase 1A in Watts, Los Angeles: 115 affordable apartments that constitute the first residential phase of a long-term, public-private effort to rebuild 700 units of distressed public housing and create at least 710 new homes with a range of affordability, plus extensive community, retail and service space.
  • $1 million for Potrero Block X (1101 Connecticut) in San Francisco: 72 affordable apartments that constitute the first residential phase of the HOPE SF Potrero master plan, a comprehensive revitalization effort to rebuild 606 units of distressed public housing and create another 1,000 new homes with a range of affordability, community facilities, open space and social services to improve the lives of current and future generations.

AHP grants are awarded through FHLBank San Francisco member financial institutions working in partnership with community-based housing organizations to apply for funding through a competitive process. “AHP is a critical tool for creating affordable housing that will transform people’s lives,” said Parker. “We’re grateful to the FHLBank San Francisco and the partner institutions for these three awards—Bank of the West, Bank of America and Century Housing—for their commitment to expanding housing opportunities and helping people and communities thrive.”

BRIDGE is a leading nonprofit developer, owner and manager of affordable housing in California and the Pacific Northwest. For more information about BRIDGE Housing, visit www.bridgehousing.com.

###

Scroll Up