Creating more affordable housing in the US
Through our Indirect Investment business we are helping to preserve affordable housing communities across the US, and addressing the shortage of homes in the sector.
We invested an additional US$12m during the year into Bridge Investment Group’s workforce and affordable housing fund (Bridge), taking our investment to US$50m out of a total commitment of US$56m, continuing our support for providing high-quality housing for key workers across the US.
The percentage of people looking for long-term rental accommodation who earn less than 80% of an area’s median income is increasing, while the number of units available to them is falling.
Bridge aims to fill this gap in the market, investing in upgrading the properties and providing community programmes tailored to local needs, such as educational services, tutoring and career counselling, and extensive social activities.
During the pandemic, tenants have been provided with a range of support measures including outreach calls and wellness checks, referrals to critical support services, the provision of free meals and assistance with managing their rent, including deferrals where necessary.
Creating such attractive places to live not only benefits residents but means that tenant turnover is low, resulting in a healthy return on investment. The portfolio currently has a record-high 94% occupancy.