PRESERVATION DEVELOPMENT: THE SUMMIT AT HILLTOP

Although BRIDGE will always focus significant efforts on new construction to increase the supply of affordable housing, we have made major strides in acquiring and preserving developments at risk of losing their affordability. Recent preservation projects include Marina Tower.

In addition to building new homes, BRIDGE is pursuing a strategy of converting existing market-rate properties to affordable units, which is adding significantly to the affordable housing stock. We work closely with our for-profit colleagues and partners in the building and apartment- management industries to identify and acquire a number of large properties in the Bay Area.

BRIDGE is also actively purchasing its own developments. When properties have been in service between 10 and 15 years, we explore purchasing the long-term controlling interest from our investment partners, thereby ensuring the affordability for the life of the development. In 2004, BRIDGE successfully refinanced or repurchased five developments.