SAN FRANCISCO, December 8, 2020–BRIDGE Housing closed today on $100 million in Taxable Bonds, Series 2020 (Sustainability Bonds). BRIDGE will use bond proceeds for predevelopment, development and acquisition of multifamily housing that fit within its Sustainability Bond Framework of affordable housing, transit-oriented development, green building and energy efficiency. The nonprofit operates in California, Oregon and Washington.
“This impact bond brought ESG (Environmental, Social and Governance) investors to the table to invest in affordable housing,” said Cynthia A. Parker, President & CEO of BRIDGE Housing. “The new capital will accelerate our 9,000-unit development pipeline of affordable housing, which is fundamental to economic and social recovery and growth. We know that the families and seniors we serve gain stability not just from an affordable place to live, but also from the on-site support services we provide.”
The bond offering, underwritten by Morgan Stanley, cited BRIDGE’s General Obligation Rating of A+ (Stable) from Standard and Poor’s, and an opinion from Sustainalytics, a third-party sustainability rating organization: “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).” Sustainalytics noted that BRIDGE’s framework will contribute to the advancement of the UN Sustainable Development Goals of reducing poverty and inequality, and promoting affordable and clean energy and sustainable cities and communities.
The bonds are expected to mature in 2030.
For more information about BRIDGE Housing, visit www.bridgehousing.com.