SAN FRANCISCO (February 14, 2019) – Nonprofit BRIDGE Housing was awarded $6.23 million from the Capital Magnet Fund, a program of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
BRIDGE will use its award as a revolving source of predevelopment, acquisition and bridge financing for its affordable housing and community development work in areas of economic distress.
“We are honored to receive the Capital Magnet Fund award, which will bring long-lasting benefits to people and communities across our geographic footprint of California, Oregon and Washington,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. The award will leverage other public- and private-sector financing to advance BRIDGE’s pipeline of more than 7,000 homes on the horizon.
BRIDGE is one of 38 organizations nationwide to receive funding under the highly competitive Capital Magnet Fund program, which supports development in low-income communities of affordable housing and community facilities such as day care and workforce development centers.
For more information about BRIDGE, visit www.bridgehousing.com.