SAN FRANCISCO, CA, July 19, 2022—BRIDGE Housing secured a $250M set-aside for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing. This allocation serves as evidence of the shared commitment and mission of all parties to preserve affordable housing for low- and middle-income residents, while allowing BRIDGE to efficiently expand its scope and responsiveness to housing needs and opportunities.
BRIDGE, a leading nonprofit developer, owner and manager of affordable housing on the U.S. West Coast, estimates this commitment will leverage up to $1B in additional capital for affordable housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and/or land, as well as for refinancing, capital improvements and acquisition of general partner interests. The program targets housing for people in the 30-120% Area Median Income (AMI) range, and there are no geographic limitations.
“This game-changing commitment gives us speed, flexibility and a sharper competitive edge to accelerate our delivery of quality affordable housing to families and communities,” said Ken Lombard, BRIDGE President & CEO. “We’re honored to partner with Morgan Stanley and National Equity Fund on solutions to the housing crisis, and we hope to expand the relationship going forward.”
“We are very pleased to provide BRIDGE Housing with critical lending capital to support the continued investment in safe, stable, affordable, and workforce housing,” said Matt Reilein, President & CEO of National Equity Fund. “NEF’s mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing, and we are proud to work with dedicated partners like BRIDGE to ensure that our most vulnerable populations have a place to call home.”
“We look forward to partnering with National Equity Fund and BRIDGE to bring new sources of capital to help preserve affordable homes nationally,” said Robert Taylor, Executive Director, Community Development Finance at Morgan Stanley.
The latest commitment builds on an earlier partnership where Morgan Stanley underwrote BRIDGE’s 2020 ESG (Environmental, Social and Governance) bond offering: $100M in taxable social bonds that BRIDGE uses at an enterprise level for predevelopment, development and acquisition of multifamily housing within a framework of affordability, transit-oriented development, green building and energy efficiency. Since 2015, BRIDGE has held an A+ (Stable) issuer credit rating from Standard & Poor’s Ratings Services, a leading provider of independent credit risk research and benchmarks.
For more information about BRIDGE Housing, visit www.bridgehousing.com.
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 18,000 homes. For more information, visit www.bridgehousing.com.
About National Equity Fund, Inc. (NEF)
National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its diverse multi- and single-investor funds, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe and affordable homes that provide a foundation for them to reach their full potential. Since being founded by the Local Initiatives Support Corporation (LISC) in 1987, NEF has invested more than $20.2 billion, which represents 215,500 new affordable homes for individuals, families and communities in need across the country. NEF is Chicago-based and has donated more than $210 million in grants to support LISC’s nationwide community development work. To learn more about NEF’s impact, innovative financial solutions and opportunities, visit www.nefinc.org.