A nonprofit financial intermediary, BRIC sources private debt and equity for the predevelopment, preservation and acquisition of affordable housing as well as real estate developments that fit BRIDGE’s holistic focus on improving educational, health and economic opportunities for low-income communities.
Examples of investments overseen by BRIC and its affiliated Community Development Entity (CDE) include:
- $9.5 million New Markets Tax Credit investment in a new, permanent home for Vincent Academy, a tuition-free public charter school that had outgrown its existing space. Located in West Oakland, where BRIDGE already serves more than 700 families in affordable housing, Vincent Academy offers rigorous academics, enrichment activities and after-school and summer programs.
- $8.5 million New Markets Tax Credit investment to finance the new construction of a Federally Qualified Health Center and medical job training center in San Bernardino, CA. The project sponsor, Loma Linda University, developed the center in an effort to meet the health demands of a low-income population and the need for greater job training and employment opportunities.
- $3 million in Mortgage Assistance Program loans to more than 200 first-time home buyers with low incomes.