BRIDGE Housing Closes $92M First Tranche of Impact Fund I to Expand Affordable Housing Acquisition on West Coast

SAN FRANCISCO — BRIDGE Housing Corporation, a nonprofit affordable housing owner and developer, announced March 11, 2026, that it has exceeded $92 million at the first close of BRIDGE Housing Impact Fund I, a new investment vehicle designed to accelerate affordable and workforce housing acquisition and preservation on the West Coast.

The fund drew a group of institutional and mission-aligned investors, including KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM, alongside an investment from BRIDGE Housing itself. The organization said its own contribution was funded in part by proceeds from an unrestricted donation from MacKenzie Scott's philanthropic organization, Yield Giving.

Fund Structure and Acquisition Targets

BRIDGE Housing launched the Impact Fund last year and is targeting a total raise of $350 million in equity, which the organization says would unlock approximately $1 billion in total investment capacity. The fund's first close marks the beginning of an active acquisition phase, with BRIDGE Housing anticipating the purchase of approximately 20 properties totaling an estimated 3,500 units.

Investment will focus on properties in California, Oregon, and Washington, with a priority on acquiring multifamily assets with expiring affordability restrictions, as well as market-rate units eligible for conversion to regulated affordable housing serving residents earning up to 80% of Area Median Income. The fund also targets workforce housing serving those earning between 80% and 120% of AMI. In select cases, the Impact Fund may consider new construction projects.

"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," said Ken Lombard, President and CEO of BRIDGE Housing. "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."

Investor Rationale and Community Capital Commitments

The fund's investor roster reflects a broader institutional appetite for mission-aligned investment vehicles. Several participating banks cited existing community development commitments as motivation for their involvement.

"KeyBank's longstanding commitment to advancing affordable housing is rooted in our belief that strong communities begin with stable, attainable homes," said Robert Likes, President of KeyBank Community Development Lending and Investment. "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."

"At BMO, we focus on bringing institutional capital and structuring expertise to strategies that drive both financial performance and progress in building stronger communities," said Carl Jenkins, Head of Community Capital Solutions at BMO. "This first close demonstrates the strength of BRIDGE's vision and the growing momentum behind this fund."

Peter Rawlings, Senior Vice President of Capital One Affordable Housing Finance, noted the investment aligns with the bank's broader Community Benefits Plan commitment to finance over $35 billion in affordable homes. "We are proud to expand our partnership with BRIDGE Housing through the Impact Fund," Rawlings said. "Together, we are working toward the collective goal of delivering not just housing, but lasting opportunities for families and communities to thrive."

Ziad Amra, Managing Director of Corporate Sales/Advisory and Private Equity at U.S. Bancorp Impact Finance, said the investment deepens a longstanding client relationship and supports BRIDGE's goal of delivering housing affordability "with speed and scale across the West Coast."

"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," said Jim Mather, Acting President and CEO of Century Housing.

BRIDGE Housing's Equity-Driven Model

BRIDGE Housing describes the Impact Fund as reflecting its legacy as a capital-markets innovator and a departure from affordable housing finance models that rely exclusively on public subsidies. By using equity to finance acquisitions and development, the organization says the fund enables faster execution, reduced transaction complexity, and what it characterizes as competitive risk-adjusted returns for investors.

"The Fund allows us to act decisively in competitive markets, preserve affordability, and deliver strong, mission-aligned outcomes for residents and investors alike," said Elizabeth Van Benschoten, Chief Investment Officer and Senior Vice President of Capital Markets at BRIDGE Housing.

Organization Background

BRIDGE Housing Corporation's current portfolio totals more than 15,500 apartments housing nearly 34,000 residents, with a total portfolio value of approximately $5 billion. Since its founding in 1983, the organization has participated in the creation of more than 23,000 affordable homes across California, Oregon, and Washington, with a total development cost of $6.8 billion. More than 8,000 additional units are currently in the development and acquisition pipelines.