About
BRIDGE Housing is a nonprofit affordable housing developer, owner, and operator working up and down the U.S. West Coast. Headquartered in San Francisco with offices in San Diego, Sherman Oaks (Los Angeles), and Portland, BRIDGE describes itself as a leader — four decades in the making — in creating safe, healthy, and affordable housing communities where residents are empowered to grow and thrive.
What they do
- Development: the core of BRIDGE's work. Its current portfolio, with $4 billion in assets, includes over 14,000 apartment units in more than 130 properties, with more than 10,000 units in the development pipeline.
- Acquisitions: BRIDGE supplements traditional development by acquiring existing apartment properties to preserve units at affordable, below-market rents.
- Property management: BRIDGE expanded into property management within five years of its founding, taking a resident-centered approach to safe and healthy living spaces.
- Resident programs: working with residents and over 28 nonprofit partners, BRIDGE delivers free on-site programs spanning basic needs assistance, youth and adult education, and wellness programs that help seniors age in place.
- Scholarships: since 2001, BRIDGE has awarded over $4.6 million in scholarships to more than 510 residents pursuing post-secondary education.
History
BRIDGE was established in 1983, when the San Francisco Foundation formed a blue-ribbon Housing Task Force and created the Bay Area Residential Investment and Development Group (BRIDGE) to build quality affordable housing at scale. Alan Stein became founding Board Chair and Don Terner the first President and CEO. Milestones include the first completed project, Pickleweed in Mill Valley (1986); expansion to Southern California with Villa Loma in Carlsbad (1998); a $175 million partnership with CalPERS (2001); selection to lead the redevelopment of San Francisco's Potrero public housing (2008) and, with The Michaels Organization, of Jordan Downs in Los Angeles (2013); expansion to Portland, Oregon (2013); an A+ credit rating from Standard and Poor's in 2015 — the first nonprofit affordable housing provider able to issue investment-grade bonds; a $100 million Sustainability Bond issuance (2020); and a $250 million financing commitment from Morgan Stanley and the National Equity Fund (2022). Ken Lombard was appointed President and CEO in 2021.
Scale and impact
- More than 130 properties serving over 30,000 residents
- A portfolio exceeding $4 billion in assets
- On its 35th anniversary in 2018, BRIDGE reached 105 communities comprising 11,394 units
Financials
Per IRS Form 990 data for Bridge Housing Corporation on ProPublica Nonprofit Explorer (fiscal year 2023): total revenue of $78.6 million, total functional expenses of $45.4 million, and total assets of $245.0 million. BRIDGE describes itself as one of the largest and best capitalized nonprofit housing providers in the country, pioneering the use of private-sector capital for nonprofit housing. Bridge Housing Corporation is a 501(c)(3) organization, EIN 94-2827909.