We make improvements that build lasting communities.
The Workforce and Affordable Housing initiative is managed by Bridge Multifamily Fund Manager LLC, with the aim of creating and preserving affordable housing communities for America’s workforce. With an estimated 12 million households spending over 50% of annual income on housing and a 9% decline in Class B/C multifamily units as a percentage of total stock since 2000, affordable housing is in dire need. Demand for low-income multifamily housing grows by an estimated 150,000 units per year, yet regulatory and construction cost burdens motivate developers to build mostly luxury housing, with obsolescence further shrinking supply. Bridge brings a differentiated and socially responsible approach to investing in workforce and affordable rental housing, focusing not just on preservation but also on the creation of innovative and valuable social programs that drive tenant satisfaction. Leveraging our deep in-house operating platforms to reposition assets with specialized community and life-enhancing services, we provide more than just “four walls and a roof” to thousands of families across the US.
Bridge Workforce and Affordable Housing satisfies Community Reinvestment Act (CRA) requirements by investing in multifamily communities where a minimum of 51%+ of the units are occupied by families that earn a maximum of 80% of the area’s median income. We strategically also invest in Low-Income Housing Tax Credit (Section 42) opportunities, which match or exceed our return thresholds. A market leader in providing extensive on-site social and community programs for our residents, we revitalize older housing projects with modern, functional amenities such as educational services, tutoring, career counseling, safe and engaging play areas for children, exercise facilities and vibrant social programs that positively impact our communities.
Bridge Workforce and Affordable Housing focuses on submarkets across the U.S. with accelerated population and job growth in the Bridge footprint and where quality affordable housing is in short and diminishing supply. Driving significant operational and renovation cost savings with active asset management and the scale of Bridge’s proven best-in-class property management platforms, we aim to preserve affordable housing stock while providing attractive risk-adjusted market returns and stable, secure cash flows. Bridge Workforce and Affordable Housing is one of the first to participate in Freddie Mac’s “Green Advantage” program, turning environmentally-friendly initiatives into cost savings for residents and investors.
Our principals average over 25 years of experience in optimizing, managing, and repositioning conventional affordable housing and Section 42 low-income housing across the US. Since 1991, senior team members have developed, acquired, and managed 185 multifamily properties and completed ~$4.4 billion of multifamily transactions with a specific focus on in-depth capital improvements, operational efficiencies and community creation. Bridge is committed to monitoring the affordability, social and environmental impacts of our strategy and, in addition to our CRA compliance guidelines, have adopted industry-standard IRIS metrics to measure and communicate our impact to investors.