SAN FRANCISCO (September 20, 2023) – BRIDGE Housing, a leading nonprofit developer, owner, and manager of affordable housing, announced today it has been awarded an $8 million donation from MacKenzie Scott’s philanthropic organization, Yield Giving.
The unrestricted grant will support the expansion of BRIDGE’s work to deliver quality housing communities along the West Coast, which offer affordable, sustainable rents and a range of tenant services offered at no cost. These services range from on-site childcare and homework clubs to financial literacy and senior wellness programs.
“We are deeply grateful to MacKenzie Scott for her generosity and her confidence in our innovative leadership in addressing the housing affordability crisis for working families on the West Coast,” said Ken Lombard, BRIDGE President and CEO. “At a moment when we are widening our mandate, these resources will help us advance our mission to develop and preserve affordable housing and deliver meaningful, lasting services that enhance the quality of life for residents who live in BRIDGE communities.”
MacKenzie Scott has emerged as one of the nation’s preeminent philanthropists in recent years, donating generously to a variety of leading nonprofit organizations that are addressing some of our most important social challenges. Scott has said that recipient organizations have strong track records of serving under-supported needs, and are selected through a rigorous evaluation process.
Expanding its traditional role developing new affordable housing, BRIDGE has accelerated acquisitions of existing properties to preserve housing for low-income residents, as well as moderate earners who do not qualify for subsidized housing but often cannot afford to live close to their jobs in major metropolitan areas. In July, BRIDGE announced the acquisition of the 195-unit Eaves Daly City complex in Northern California’s San Mateo County, with plans to permanently preserve the affordability of at least half of the units for households earning up to 80% of area median income.
Since 1983, BRIDGE has been an innovative leader in affordable housing along the West Coast by creating strong communities, improving residents’ lives, and delivering positive social impact. BRIDGE has participated in the development of more than 21,000 affordable units, with a total development cost of $5.2 billion; currently has a portfolio of 13,000 apartments that are home to 30,000 people; and has more than 8,000 units in its development pipeline across California, Oregon, and Washington. BRIDGE has long sustained its operations through strong financial returns, and along with philanthropic grants, the nonprofit has forged creative partnerships with private- and public-sector financial institutions.
“MacKenzie Scott is profoundly committed to social justice and ensuring access to safe, stable and affordable housing,” Lombard said. “BRIDGE is motivated by those same values, and we are honored to be included in her vision for a healthier and more equitable society.”