BRIDGE Housing has secured a $250 million commitment for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and land, as well as refinancing, capital improvements and acquisition of general partner interests.

“This game-changing commitment gives us speed, flexibility and a sharper competitive edge to accelerate our delivery of quality affordable housing to families and communities,” said Ken Lombard, BRIDGE Housing President and CEO. “We’re honored to work with Morgan Stanley and NEF on solutions to the housing crisis, and we hope to expand the relationship going forward.”

Morgan Stanley Executive Director Robert Taylor added, “We look forward to partnering with National Equity Fund and BRIDGE to bring new sources of capital to help preserve affordable homes nationally.”

BRIDGE estimates this commitment will leverage up to $1 billion in additional capital for badly needed affordable housing, targeting the 30-120% AMI range.