BRIDGE Housing Raises Over $92 Million in First Close of New Impact Fund to Expand Affordable and Workforce Housing on the West Coast
BRIDGE Housing, a leading nonprofit owner and developer of affordable housing on the West Coast, today announced the first close of the BRIDGE Housing Impact Fund I, securing more than $92 million in initial equity. This milestone marks a significant step forward for the fund, which aims to accelerate the acquisition, preservation, and development of affordable and workforce housing in high-cost markets, particularly across California, Oregon, and Washington.
The first close unites a distinguished group of institutional and mission-driven investors, including KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM, alongside a strategic investment from BRIDGE Housing itself. The organization’s contribution is supported in part by proceeds from an unrestricted gift from MacKenzie Scott’s philanthropic organization, Yield Giving, underscoring the broad-based support for BRIDGE’s innovative approach to housing solutions.
Launched last year, the BRIDGE Housing Impact Fund is on track to raise $350 million in equity, unlocking approximately $1 billion in total investment capacity. The fund will focus on acquiring existing properties with expiring affordability restrictions, as well as market-rate housing that can be converted into regulated affordable housing serving households earning up to 80% of the Area Median Income (AMI) and workforce housing for those earning 80%-120% of AMI. In select cases, the fund may also consider new construction projects to address housing shortages in key regions.
“This first close is a testament to the leadership and commitment of our founding investors, who share BRIDGE’s mission and trust 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 can work alongside our partners to preserve long-term affordability and expand housing opportunities in some of the nation’s most challenging markets.”
The first close initiates the fund’s acquisition phase, during which BRIDGE Housing anticipates purchasing approximately 20 properties, totaling an estimated 3,500 units. Many of these acquisitions will protect affordable housing in West Coast cities where income restrictions are at risk of expiration, which could otherwise convert units to market-rate rents in coming years.
The fund exemplifies BRIDGE Housing’s reputation as a capital-markets innovator and a national leader in scaling affordable housing without sole reliance on public subsidies. By using private equity to finance acquisitions and developments, the Impact Fund allows for faster execution, simplified transaction processes, and competitive risk-adjusted returns for investors.
Investors involved in the fund highlighted the alignment of financial goals with social impact. Robert Likes, President of KeyBank Community Development Lending and Investment, said, “KeyBank’s longstanding commitment to advancing affordable housing is rooted in our belief that strong communities begin with stable, attainable homes. Our investment in the BRIDGE Housing Impact Fund underscores our confidence in BRIDGE’s innovative approach and its ability to preserve and expand affordable housing at scale.”
Similarly, Carl Jenkins, Head of Community Capital Solutions at BMO, commented, “At BMO, we focus on bringing institutional capital and structuring expertise to strategies that deliver both financial performance and stronger communities. This first close demonstrates the strength of BRIDGE’s vision and the growing momentum behind this fund.”
Peter Rawlings, Senior Vice President of Capital One Affordable Housing Finance, emphasized the broader community impact, stating, “Safe, affordable housing is foundational to financial and economic success, unlocking opportunities to save, build wealth, and achieve lasting resilience. We are proud to expand our partnership with BRIDGE Housing through the Impact Fund, furthering our Community Benefits Plan commitment to finance over $35 billion in affordable homes. Together, we are delivering not just housing, but lasting opportunities for families and communities to thrive.”
Ziad Amra, Managing Director at U.S. Bancorp Impact Finance, highlighted the long-term impact, saying, “For more than 35 years, U.S. Bancorp Impact Finance has invested in affordable housing nationwide, helping individuals and families build financial stability. Our investment in the BRIDGE Housing Impact Fund strengthens this partnership and supports BRIDGE as it delivers housing affordability with speed and scale across the West Coast.”
Jim Mather, Acting President and CEO of Century Housing, added, “Century Housing’s investment reflects our commitment to protecting affordable homes by providing equity capital for acquisitions that might otherwise be lost to the market. This partnership aligns with our mission to sustain and grow affordable housing opportunities.”
With the first close complete, BRIDGE Housing is now moving decisively from vision to action. Elizabeth Van Benschoten, Chief Investment Officer and Senior Vice President of Capital Markets at BRIDGE Housing, noted, “The Impact Fund allows us to act quickly in competitive markets, preserve affordability, and deliver strong, mission-aligned outcomes for residents and investors alike. This is the beginning of an exciting phase where our strategic vision meets tangible results in communities across the West Coast.”
The BRIDGE Housing Impact Fund represents a new model for nonprofit-led affordable housing, leveraging private capital to meet pressing needs in expensive markets while maintaining a focus on sustainability, social impact, and long-term affordability. By combining institutional resources with BRIDGE Housing’s expertise, the fund aims to provide a blueprint for how public and private partners can collaborate to solve the housing crisis, preserving vital homes for families and workforce households for generations to come.
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