Bridge Investment Group closes second workforce and affordable housing fund above target

Bridge Investment Group has wrapped up fundraising for its Bridge Workforce and Affordable Housing Fund II (BWAF II).

The vehicle closed with $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, where at least 51 percent of residents earn below 80 percent of area median income (AMI).

“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 percent of their annual incomes for housing. Currently, 82 percent of our workforce and affordable housing residents earn less than 80 percent of AMI, and over 96 percent are not cost-burdened, typically defined as spending more th