Rapid portfolio growth, deployment of innovative financing tools, and addition of experienced executives position nonprofit to deepen its impact in 2025
SAN FRANCISCO (December 19, 2024) – BRIDGE Housing, the leading nonprofit affordable housing developer on the West Coast, is concluding 2024 with tremendous momentum fueled by a remarkable year of progress in its affordable housing mission.
During 2024, BRIDGE Housing grew its portfolio by 11.5%, to 14,774 apartments in California, Oregon and Washington. BRIDGE’s assets surpassed $4 billion, the highest valuation in its history, as it accelerated efforts to create and preserve affordable housing in some of the nation’s costliest markets.
“Our strong financial foundation, pioneering approach to raising capital, and creative vision for the future have allowed us to achieve remarkable growth this year while remaining true to our mission of creating affordable housing that empowers residents and communities,” said BRIDGE Housing President and CEO Ken Lombard. “Guiding all of this is our exceptional BRIDGE team, which brings both talent and heart to everything from finance and development to property management and community engagement. We’re now excited to embark on an even bigger, bolder year ahead.”
Significant Portfolio Growth
In 2024, BRIDGE Housing accelerated growth across the organization and the region, significantly extending its impact. Among its milestones, BRIDGE:
- Completed 10 housing communities, adding 903 units
- Broke ground on seven development projects with a total of 910 units
- Acquired three housing communities with a combined 682 apartments, including market-rate units to be converted into income-restricted housing
- Delivered more than 82,000 hours of support and enrichment programs for residents with 28 nonprofit partners
The momentum is on track to build in 2025, the second year of a Strategic Plan that calls for the development or acquisition of 5,100 affordable housing units by 2027. Overall, BRIDGE Housing has a development pipeline of 8,295 new units, with another 1,848 units in its acquisition pipeline.
Innovative Financial Partnerships
Fueling the growth are innovative financial partnerships and strong credibility in capital markets. In 2024, S&P Global Ratings reaffirmed its AA- credit rating for BRIDGE Housing, the highest assigned to any nonprofit developer. BRIDGE leveraged this rating to raise $71.5 million to fund a major new affordable housing community in Portland, Ore. – becoming the first nonprofit housing developer to issue publicly offered tax-exempt construction bonds.
Meanwhile, BRIDGE’s $250-million revolving credit facility with Morgan Stanley and National Equity Fund enabled it to move quickly on acquisitions in a challenging real estate market. Also in 2024, BRIDGE was awarded $119.6 million in grants from the California Department of Housing and Community Development and California Strategic Growth Council.
“We are seizing significant opportunities to create positive impact by acquiring housing units set to transition to market-rate rent and maintaining their affordability for the long-term,” said BRIDGE Executive Vice President Sierra Atilano, who oversees development and acquisitions. “At the same time, we are actively filling our development pipeline. By leveraging a variety of financial tools, we can protect and grow affordable housing stock to address the housing crisis.”
Strengthening Industry Leadership
To meet its growing ambitions, BRIDGE Housing welcomed a variety of new senior leaders in 2024 who are bringing new ideas, strategies, and resources to the urgent mission of providing quality affordable housing. They include Elizabeth Van Benschoten as Senior Vice President of Capital Markets, Sean Clark as Senior Vice President of Acquisitions and Development, Eric Brown as Senior Vice President of Communications and Policy, and Melissa Martin as Senior Vice President of Property Management.
BRIDGE Housing achieved numerous milestones in its role as a leader in its field. California’s Governor and Attorney General, the Mayor of San Francisco, and other leaders at the federal, state, and local level attended events at BRIDGE properties, driving widespread media coverage and public awareness. At the same time, executives continued to be recognized as thought leaders, publishing opinion pieces and participating in numerous conferences and forums dedicated to promoting solutions to the housing affordability crisis.
High-Impact Resident Services
For its 30,000-plus residents, BRIDGE Housing expanded services that enhance well-being and quality of life. One initiative featured a summer program for underserved teenagers in Los Angeles’s Watts neighborhood. BRIDGE launched a successful partnership with Harbor Freight Tools for Schools, the flagship program of The Smidt Foundation, to provide skilled trades education at Jordan Downs, a 1940s-era housing project. BRIDGE is helping to transform Jordan Downs with new residential units, the addition of retail and community spaces, and new parks and open spaces.
More broadly, BRIDGE Housing built upon the legacy of its impactful scholarship program, awarding scholarships to 60 residents pursuing post-secondary education and raising $540,000 for future grants.
About BRIDGE Housing
BRIDGE Housing Corporation is a leading nonprofit developer, owner, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 22,000 affordable homes in California, Oregon and Washington, with a total development cost of $5.8 billion. Its current portfolio totals more than 14,000 apartments that are home to more than 30,000 residents, with more than 10,000 additional units in the development and acquisition pipelines. For more information, visit www.bridgehousing.com.