SAN FRANCISCO (October 23, 2023) – BRIDGE Housing – a leading nonprofit developer, owner, and manager of affordable housing for 40 years – announced today it has received a $1 million donation from the Orkney Trust, BRIDGE’s second major philanthropic gift in recent weeks.
The latest grant will support capital improvements to BRIDGE’s portfolio of 13,000 high-quality apartments that are home to 30,000 low- and middle-income residents on the West Coast. In addition to creating access to modern, energy-efficient units with affordable rents, BRIDGE communities also provide tenants with free on-site services such as childcare, homework clubs, and senior wellness programs.
“We greatly appreciate the Orkney Trust’s generous gift, which will enhance our ability to maintain the highest standards in housing, amenities, and services for our residents,” said Ken Lombard, BRIDGE President and CEO. “Major charitable donations like this are vital because BRIDGE is committed to preserving and operating existing communities while also seeking to create new affordable housing through development and acquisitions.”
In September, BRIDGE announced an $8 million grant from MacKenzie Scott’s philanthropic organization, Yield Giving, in recognition of its long and innovative leadership in delivering affordable housing and improving communities. It was the largest philanthropic gift in BRIDGE’s history and will support BRIDGE’s expansion through construction of new projects and the acceleration of acquisitions to preserve below-market-rate housing for residents who earn less than the Area Median Income.
“Even as new apartments are being built, we simply cannot afford to lose any existing units and still address the urgent housing crisis impacting communities throughout the West Coast,” Lombard said. “That’s why alternative sources of financing and capital are so important to our work.”
Since 1983, BRIDGE has been an innovative leader in affordable housing on 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, 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.
About BRIDGE Housing
BRIDGE Housing’s mission is to strengthen communities and improve the lives of residents, beginning – but not ending – with affordable housing. A leading nonprofit developer and owner of affordable housing, BRIDGE creates and manages a range of high-quality, affordable homes for families and seniors in California, Oregon, and Washington. Since it was founded in 1983, BRIDGE has participated in the development of more than 21,000 homes. For more information, visit www.bridgehousing.com.