BRIDGE Housing, a leading nonprofit affordable housing developer and owner, announced that it has received an $8 million unrestricted donation from MacKenzie Scott’s philanthropic organization, Yield Giving.
The grant will support the expansion of BRIDGE’s work to deliver housing with affordable rents and a range of resident services throughout the West Coast. The services range from on-site child care and homework clubs to financial literacy and senior wellness programs.
“We are deeply grateful to MacKenzie Scott for her generosity and her confidence in our innovative leadership in addressing the housing affordability crisis for working families on the West Coast,” said BRIDGE president and CEO Ken Lombard. “At a moment when we are widening our mandate, these resources will help us advance our mission to develop and preserve affordable housing and deliver meaningful, lasting services that enhance the quality of life for residents who live in BRIDGE communities.”
The award to BRIDGE continues Scott’s support of affordable housing organizations this year. The philanthropist recently made major gifts to National Housing Trust, Housing Partnership Network, and Stewards of Affordable Housing for the Future.
Expanding its traditional role of developing new affordable housing, San Francisco-based BRIDGE recently accelerated its acquisition of existing properties to preserve housing for low-income residents as well as moderate-income earners who do not qualify for subsidized housing but often cannot afford to live close to their jobs in major metropolitan areas.
In July, BRIDGE announced the acquisition of the 195-unit Eaves Daly City complex in Northern California’s San Mateo County, with plans to permanently preserve the affordability of at least half of the units for households earning up to 80% of the area median income.
The firm ranked No. 26 on Affordable Housing Finance’s AHF 50 developers list and No. 30 on the AHF 50 owners list this year.
