Merritt Closes Largest Affordable Housing Fund in Company's 21-Year History
Merritt Community Capital Corp. closed its $58 million Multi-Investor Fund XIII—the largest low-income housing tax credit (LIHTC) fund closed by Merritt in its 21-year history. To achieve this closing, the Oakland, Calif.-based firm was able to attract City National Bank and another key California bank as new investors.
Merritt has had a long history of working with a number of key developers and consultants to secure a pipeline of strong and successful affordable housing deals. In this latest fund, the key developer partners are Jamboree Housing, Preservation Partners, Petaluma Ecumenical Properties, American Baptist Homes of the West, the Solano Affordable Housing Foundation, as well as the Christian Church Homes of Northern California in a joint venture with Oakland Housing Authority. These deals represent six properties, in Northern and Southern California, totaling 482 units at or below 60 percent area median income. Moreover, Fund XIII is helping to preserve nearly 130 affordable housing units.