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Bridge Investment Group Raises $1.7B for Second Affordable Housing Fund
Bridge Investment Group Holdings Inc. completed fundraising for Bridge Workforce and Affordable Housing Fund II, raising $1.74 billion in equity commitments, surpassing its $1.5-billion target.
BWAF II is dedicated to building, preserving, and rehabilitating predominantly non-government subsidized housing in which 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,” said Rachel Diller, co-CIO 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.”
- ◦Financing
