Bridge Investment Group Holdings Inc. announced the completed fundraising for Bridge Workforce and Affordable Housing Fund II, raising $1.74 billion in equity commitments, ahead of its $1.50 billion target.

BWAF II is dedicated to building, preserving, and rehabilitating predominantly non-government subsidized housing wherein at least 51% of residents earn below 80% of area median income, meeting the needs of the large and priced-out “missing middle” of U.S. renters.

“We believe this represents the largest fund ever raised purely dedicated to the preservation of affordable housing in America,” commented Rachel Diller, Co-Chief Investment Officer for Bridge’s Workforce and Affordable Housing strategy. “The U.S. has an affordable housing crisis, with an estimated 10.5 million households paying more than 50% of their annual incomes for housing. Currently, 82% of our Workforce and Affordable Housing residents earn less than 80% of AMI, and over 96% are not cost-burdened, typically defined as spending more than 30% of income on rent.”

See related article: JPMorgan Chase Committing $15 Million for Climate Resilient Affordable Housing for Black, Hispanic and Latino Households

“Our commitment to preserving and rehabilitating housing for America’s workforce demonstrates our Firm’s ESG mission,” said Robert Morse, Executive Chairman at Bridge. “The infusion of dedicated onsite social and community programming that focuses on life-enhancing services at each of our Workforce and Affordable Housing assets allows us to serve the needs of an often-overlooked segment of the U.S. population, while driving to more equitable outcomes.”

“Citizenship and Responsibility are part of our firm culture and core principles, and we expect to commit more than $40 million as part of the Bridge Community Enhancement Initiative to fund programming within the pillars of Bridge to Education, Bridging the Gap to Financial Wellness, and Bridge to Healthy Communities within our Workforce and Affordable Housing portfolio,” commented Inna Khidekel, Senior Managing Director, Head of Bridge Gives. Ms. Khidekel added “Preschool and afterschool programs, adult education, and onsite health equity create a sense of community, empowerment, and extraordinary energy at our communities. Using a detailed set of GIIN IRIS and UN SDG metrics, Bridge seeks to measure how our efforts drive social and economic mobility while showing to the market that doing well while doing good can be mutually reinforcing.”

Source: Bridge Investment Group