The plan is available for download at www.bridgehousing.com/publications. Developed through an intensive process with its Board and senior staff, the plan is a five-year road map for BRIDGE as it continues to grow as a leader, producer, operator and owner of affordable housing in the context of holistic communities.
The plan focuses on six interrelated initiatives: Real Estate Development; Capital and Fund Development; Community Development and Resident Services & Evaluation; Internal Strengthening; Information Technology; and a new Innovation Lab, which will incubate, pilot and launch new initiatives that address issues such as cost-containment strategies and the need for moderate-income housing.
To measure progress and success, BRIDGE identified the following performance metrics to reach by the end of 2023:
- Real estate production (ground-up development and acquisitions): 9,000 units
- Project capital raised for developments: $3.8 billion as defined by project pipeline
- Real estate construction cost: 5 methods of cost reduction tested
- Community-serving assets: 25 developed or planned
- Preschool enrollment at Jordan Downs and Potrero: 25% growth in enrollment among original residents
- Fund development campaign: $35 million in funds raised or committed
- Resident quality of life: 75% experience improved quality of life after moving into a BRIDGE property
During the next five years, the plan will be subject to frequent review so that mid-course horizon shifts can be adjusted as required. “Ultimately, this plan will help us adapt nimbly to change and continue to lead by our signature keywords: quality, quantity, affordability,” said Cynthia A. Parker, President and CEO of BRIDGE.
Under the organization’s first strategic plan (2013-2017), BRIDGE doubled its production through broadening its geographic footprint to the entire West Coast; deepening its capacity for capital aggregation, complex transactions and stewardship of an ever-expanding portfolio; and strengthening its commitment to holistic community development, product diversity and resident outcomes.
“As a result, BRIDGE has become a larger and stronger organization that is able to meet the challenges of an increasingly complex environment: layered local and state funding and regulations, diverse needs of new residents and communities, and emerging capital and philanthropic resources,” said Parker.
For more information, visit www.bridgehousing.com.