$70,000 Grant Will Fund Residency Program in Memory of Bridge Housing Founder.

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 29, 1998--A residency program in memory of I. Donald Terner, the founding president of BRIDGE Housing, is being sponsored by a $70,000 grant from the Union Bank of California Foundation.

The bank's grant will cover the cost of the program for two years and will be used to train entrepreneurial leaders for careers in affordable housing and community development.

Terner died in a plane crash in Bosnia in 1996 with U.S. Secretary of Commerce Ron Brown and 31 others.

BRIDGE is the largest statewide non-profit developer of affordable housing in California. Over its 15-year history, it has produced more award-winning affordable multi-family housing than any other developer in the state.

Carol Galante, president of BRIDGE Housing Corporation, said, "We can't think of a better way to commemorate the work of Don Terner, whose absence has been greatly missed in the affordable housing community. The residency program will provide the opportunity for recent college graduates to work at BRIDGE and experience first-hand what it takes to be involved in the betterment of communities."

Michael B. Pearce, executive vice president of Union Bank of California's Real Estate Industries Group, said the grant was made "to continue the outstanding accomplishments of Don Terner in creating affordable housing. Don was a rare individual in his deep commitment to helping others and we are proud to be part of anything that honors his memory."

Pearce added that Union Bank of California has a long history of working with BRIDGE to create affordable housing, including providing more than $70 million in debt and equity over the past five years. The largest project to date was a $50 million joint venture for the construction of retail and residential properties in Marin City.

The bank is currently providing $5 million in tax exempt financing so that BRIDGE can acquire an affordable apartment complex in Santa Rosa and a $6 million tax credit investment for the construction of low-income housing in Sonoma County.

While BRIDGE is based in San Francisco, it opened an office in San Diego in 1997. BRIDGE has completed two affordable housing complexes totaling 466 units in Orange County and a 344-unit apartment complex in San Diego County.

Also in San Diego County, BRIDGE is currently constructing the 168-unit Terra Cotta Apartments with a $10 million loan from Union Bank of California.

Union Bank of California Foundation grants are the bank's way of making an investment in the communities it serves by contributing to a wide range of nonprofit organizations.

Based in San Francisco, UnionBanCal Corporation is a bank holding company with $31.4 billion in assets. Its primary subsidiary is Union Bank of California, N.A., the second largest commercial bank in California and among the 30 largest in the United States. The bank has 244 banking offices in California, six banking offices in Oregon and Washington, and 18 international facilities.