December 2023

A letter from the President & CEO

Dear Partners, Friends, and Supporters,

This has been a remarkable 40^th anniversary year for BRIDGE Housing, and it is a privilege to lead this vital organization at a moment when our work is more important than ever.

Safe, stable and affordable housing is the foundation for strong families and healthy communities. Each day, we are guided by the same dedication and commitment of our visionary founders to make a lasting difference in the communities we serve.

Among our highlights of the year was being awarded an $8 million grant from philanthropist MacKenzie Scott – the largest donation in our history – as well as $1 million from the Orkney Trust. We also earned a credit rating upgrade from S&P Global Ratings to AA-, the highest rating assigned to any nonprofit developer in the nation. This comes on top of the earlier $250 million in financing provided by Morgan Stanley and National Equity Fund and the successful issue of $100 million in social impact bonds underwritten by Morgan Stanley.

This financial strength is helping us accelerate our strategy to acquire and preserve – not just develop – affordable housing. We are leveraging our relationships with government representatives, fellow nonprofits, private developers, and financial institutions to advance our “all of the above” approach to lasting housing solutions.

Since our founding, BRIDGE has participated in the development of more than 21,000 affordable homes from San Diego to Seattle. That’s $5 billion in new housing, and we have an additional $2 billion of projects in the pipeline or underway, totaling another 8,000 units. Today, BRIDGE communities are home to more than 30,000 people who live in stable housing and healthy communities. And we have expanded resident services in ways that not only improve people’s lives but transform them.

As we head into our fifth decade, BRIDGE is well-positioned to build on our track record of leadership, innovation, and impact to enable more residents to access high-quality housing. In the face of this urgent challenge, there is no room to accept the status quo. We are excited for the future and more committed than ever to our goal of helping West Coast communities flourish.



Sincerely,

President & CEO

BRIDGE Housing

Building

Construction to Start on 235 Affordable Units in Seattle  

We are excited to share that construction will soon begin on 235 affordable housing units at King County Metro’s property just east of Northgate Station in Seattle, WA–the region’s premier transit hub connecting the community with buses and Link light rail. In partnership with Community Roots Housing, BRIDGE Housing is developing the six-story building, which will contain a mix of unit sizes, including two- and three-bedrooms, and all units will be affordable to households earning 60 percent or less of the area median income. Construction is anticipated to be completed in Fall 2025.

“BRIDGE Housing congratulates our partners at Community Roots Housing and King County on reaching this important milestone for Northgate, laying the foundation for an inclusive, equitable, transit-oriented community in alignment with our 40-year commitment to fostering vibrant and accessible neighborhoods,” said Ken Lombard, President and CEO of BRIDGE Housing Corporation. “This development shows the progress we can achieve when we work together to meaningfully address the region’s housing crisis. While much work lies ahead, we’re proud to partner with this stellar team to help improve the lives of working families in King County.”

To learn more about this development, click here.

Jordan Downs Phase 3B Groundbreaking

BRIDGE Housing is thrilled to share news of the groundbreaking of phase 3B of the redevelopment of the Jordan Downs community in Watts, one of L.A.’s most underserved communities. This ongoing redevelopment is designed to transform this historic public housing community into a model urban village. The latest phase of this project will create 119 apartments – 107 of them affordable units – along with resident services, beautiful landscaped courtyards, and other open spaces. Phase 3B will be completed in mid-2025.

Please enjoy a brief video commemorating this significant milestone by clicking here.

Evermont Tops Out in South LA

Last month, we joined our partners Coalition for Responsible Community Development and Primestor Development, LA County Supervisor Holly J. Mitchell, and LA City Councilmember Marqueece Harris-Dawson to celebrate the topping out of our Evermont development in South LA. Upon completion in 2024, Evermont will offer 180 units of affordable housing—including homes for formerly unhoused seniors and families—as well as 65,000 sq ft of retail and commercial space anchored by a new Target, a transit plaza, and a Metro Training and Innovation Center.

“Evermont embodies BRIDGE Housing’s 40-year commitment to providing affordable and permanent supportive housing, along with a range of services that people need to thrive,” said BRIDGE President and CEO Ken Lombard. “We are grateful to our partners and proud to celebrate this innovative project, which will strengthen this South LA community for future generations.”

Sustaining

Spotlight on BRIDGE Housing Scholarship Program Recipients

Since launching the BRIDGE Housing Scholarship program in 2001, we've awarded over $3.5 million to 461 residents pursuing their education and career goals. Check out this video to meet several of our 2023-24 scholarship recipients, learn what drives their aspirations, and understand the significance of the BRIDGE Scholarship Program in shaping their path to success.

This holiday season, we invite you to consider donating to BRIDGE to help fund critical resident support like the scholarship program, emergency food services, back to school supplies, after school programs, and more. Your gift of any size will create opportunities, unlock potential, and help us build stronger, more resilient communities where everyone can thrive.

Leading

Multi-Housing News

BRIDGE Housing Corporation is the highest-ranked nonprofit multifamily developer in the nation, according to new rankings released by Multi-Housing News. This respected annual list of industry leaders is based on development activity, geographic diversification and other factors. Of the top 50 multifamily developers ranked in 2023, BRIDGE ranks 23rd among all for-profit and nonprofit multifamily developers.

Click here to read this year’s full list of top multifamily developers.

Award Winning: Berkeley Way and The Hope Center

BRIDGE and our partners were honored at ULI's Fall Meeting in Los Angeles with the 2023 Terwilliger Center Award for Innovation in Attainable Housing for Berkeley Way and The Hope Center. These side-by-side developments in Berkeley, CA include 89 affordable homes and services, 53 permanent supportive housing apartments, a 32-bed homeless shelter, 12 transitional beds for homeless veterans, a community kitchen, and wrap-around services for mental health, substance abuse, job training, and social activities.

Berkeley Way and The Hope Center were also recently presented with the Honors Award in the large-scale category by AIA East Bay, and a Special Commendation by AIA California.

This year, BRIDGE is proud to have won six awards for properties up and down the West Coast.