BRIDGE Housing Exceeds $92 Million at First Close of New Impact Fund to Acquire and Create Affordable and Workforce Housing on the West Coast

SAN FRANCISCO--(BUSINESS WIRE)--BRIDGE Housing, the leading nonprofit affordable housing owner and developer on the West Coast, today announced the first close of BRIDGE Housing Impact Fund I with more than $92 million, marking a major milestone for the innovative investment platform to accelerate the acquisition, preservation, and construction of affordable and workforce housing in high-cost markets.

The initial close brings together a distinguished group of institutional and mission-aligned investors, including KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM, along with an investment from BRIDGE Housing itself, funded in part by proceeds from a recent unrestricted donation from MacKenzie Scott’s philanthropic organization, Yield Giving.

BRIDGE Housing launched the Impact Fund last year and is on course to raise $350 million of equity, unlocking approximately $1 billion in total investment capacity. Investment will focus on acquiring properties in California, Oregon, and Washington with expiring affordability restrictions, as well as market-rate units for conversion to regulated affordable housing (serving those earning up to 80% of Area Median Income) and workforce housing (serving those earning 80%-120% of AMI). In select cases, the Impact Fund may consider new construction projects.

“This first close is a testament to the leadership and commitment of our founding investors who embrace BRIDGE’s mission and have confidence in our ability to deliver meaningful impact at scale,” said Ken Lombard, President and CEO of BRIDGE Housing. “By pairing institutional capital with BRIDGE’s own balance sheet, we are working alongside our partners to preserve long-term affordability and expand housing opportunities in some of the nation’s most challenging markets.”

The first close marks the beginning of the Impact Fund’s acquisition phase, with BRIDGE Housing anticipating the purchase of approximately 20 properties totaling an estimated 3,500 units. Many of the acquisitions will enable BRIDGE to protect affordable units in West Coast cities that are at risk of losing income restrictions and becoming eligible for market-rate rents in coming years.

The Impact Fund reflects BRIDGE Housing’s legacy as a capital-markets innovator and a national leader in scaling affordable housing without relying exclusively on public subsidies. By using equity to finance new projects, the Impact Fund enables faster execution, reduced transaction complexity, and competitive risk-adjusted returns for investors.

“KeyBank’s longstanding commitment to advancing affordable housing is rooted in our belief that strong communities begin with stable, attainable homes,” said Robert Likes, President of KeyBank Community Development Lending and Investment. “Our investment in the BRIDGE Housing Impact Fund underscores our belief in BRIDGE’s innovative approach and its ability to preserve and expand affordable housing at scale.”

“At BMO, we focus on bringing institutional capital and structuring expertise to strategies that drive both financial performance and progress in building stronger communities,” said Carl Jenkins, Head of Community Capital Solutions, BMO. “This first close demonstrates the strength of BRIDGE’s vision and the growing momentum behind this fund.”

“At Capital One, we believe that safe, affordable housing is the foundation for financial and economic success—unlocking opportunities to save, build wealth, and achieve lasting financial resilience,” said Peter Rawlings, Senior Vice President of Capital One Affordable Housing Finance. “We are proud to expand our partnership with BRIDGE Housing through the Impact Fund as part of our Community Benefits Plan commitment to finance over $35 billion in affordable homes. Together, we are working toward the collective goal of delivering not just housing, but lasting opportunities for families and communities to thrive.”

“For more than 35 years, U.S. Bancorp Impact Finance has invested in affordable housing nationwide, helping individuals and families build financial stability,” said Ziad Amra, Managing Director, Corporate Sales/Advisory and Private Equity, U.S. Bancorp Impact Finance. “Our investment in the BRIDGE Housing Impact Fund deepens our longstanding client relationship and supports BRIDGE as it delivers housing affordability with speed and scale across the West Coast.”

“Century Housing’s investment reflects our commitment to protecting affordable homes by bringing much-needed equity capital to acquisitions that might otherwise be lost to the market,” said Jim Mather, Acting President and CEO of Century Housing.

“With this first close, we are moving from vision to execution,” said Elizabeth Van Benschoten, Chief Investment Officer and Senior Vice President of Capital Markets at BRIDGE Housing. “The Fund allows us to act decisively in competitive markets, preserve affordability, and deliver strong, mission-aligned outcomes for residents and investors alike.”

About BRIDGE Housing

BRIDGE Housing Corporation is a leading nonprofit owner, developer, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 23,000 affordable homes in California, Oregon, and Washington, with a total development cost of $6.8 billion. Its current $5 billion portfolio totals more than 15,500 apartments that are home to nearly 34,000 residents, with more than 8,000 additional units in the development and acquisition pipelines. For more information, visit https://bridgehousing.com/.