BRIDGE will use its award as a revolving source of predevelopment, acquisition and financing of affordable housing for people with low incomes.
“The Capital Magnet Fund was created to spur investment in affordable housing and economic development, and we’re looking forward to deploying these funds to bring long-lasting benefits to people and communities,” said Kenneth T. Lombard, President and CEO of BRIDGE Housing. With the award, BRIDGE will leverage other public- and private-sector financing and advance its pipeline of nearly 10,000 homes on the horizon.
BRIDGE is one of 27 nonprofit housing organizations nationwide to receive funding under this round of the highly competitive Capital Magnet Fund program. BRIDGE’s previous award of $6.2 million (FY2018) supported more than 3,500 units of affordable housing and leveraged more than $1 billion of private capital for the creation and preservation of affordable housing.
For more information about BRIDGE, visit www.bridgehousing.com.