BRIDGE Housing announced the first close of its new Impact Fund I, raising more than $92 million to support the acquisition, preservation, and development of affordable and workforce housing across the U.S. West Coast.
The nonprofit affordable housing developer said the initial funding round brings together a group of institutional and mission-aligned investors including KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM. BRIDGE Housing also contributed capital to the fund, supported in part by proceeds from an unrestricted donation from MacKenzie Scott’s philanthropic organization, Yield Giving.
BRIDGE Housing launched the Impact Fund last year with a target of raising $350 million in equity. The organization said the fund is expected to unlock approximately $1 billion in total investment capacity to address housing affordability challenges in high-cost markets.
Investment will primarily focus on acquiring properties in California, Oregon, and Washington that have expiring affordability restrictions. The fund will also target market-rate properties that can be converted into regulated affordable housing for households earning up to 80% of area median income and workforce housing for those earning between 80% and 120% of area median income. In certain cases, the fund may also support new construction projects.
Following the initial close, BRIDGE Housing expects the fund to begin acquiring properties and anticipates purchasing about 20 properties totaling roughly 3,500 units. Many of these acquisitions will aim to preserve affordability in West Coast markets where income restrictions on existing housing units are at risk of expiring and allowing rents to convert to market rates.
The organization said the fund structure enables faster execution in competitive housing markets by using equity capital rather than relying solely on public subsidies. BRIDGE Housing noted that the approach can reduce transaction complexity while still delivering risk-adjusted returns for investors aligned with its mission.
Founded in 1983, BRIDGE Housing is a nonprofit owner, developer, and manager of affordable housing across the West Coast. The organization 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 portfolio includes more than 15,500 apartments serving nearly 34,000 residents, with more than 8,000 additional units in its development and acquisition pipeline.
KEY QUOTES:
“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. 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.”
Ken Lombard, President and CEO of BRIDGE Housing
“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 belief in BRIDGE’s innovative approach and its ability to preserve and expand affordable housing at scale.”
Robert Likes, President of KeyBank Community Development Lending and Investment
“At BMO, we focus on bringing institutional capital and structuring expertise to strategies that drive both financial performance and progress in building stronger communities. This first close demonstrates the strength of BRIDGE’s vision and the growing momentum behind this fund.”
Carl Jenkins, Head of Community Capital Solutions at BMO
“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. 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.”
Peter Rawlings, Senior Vice President of Capital One Affordable Housing Finance
“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 deepens our longstanding client relationship and supports BRIDGE as it delivers housing affordability with speed and scale across the West Coast.”
Ziad Amra, Managing Director, Corporate Sales/Advisory and Private Equity at U.S. Bancorp Impact Finance
“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.”
Jim Mather, Acting President and CEO of Century Housing
“With this first close, we are moving from vision to execution. The Fund allows us to act decisively in competitive markets, preserve affordability, and deliver strong, mission-aligned outcomes for residents and investors alike.”
Elizabeth Van Benschoten, Chief Investment Officer and Senior Vice President of Capital Markets at BRIDGE Housing
