2021 Annual Report

Investing in California

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Harrison Street Senior Housing

Project Updates

Life’s Garden Apartments


Two people laughing at Drasnin.

Commitment to California


For more than 30 years we have been your trusted partner, investing more than $1 billion creating over 10, 200 affordable homes across California. We are dedicated to working with mission-aligned developers and funders to make the most challenging affordable housing projects possible. We do this by offering terms that meet project needs today and foster preservation of affordability for tomorrow.


At $137.5 million, Fund XXII is Merritt’s largest to date and was the largest multi-fund in California in 2021. Fund XXII has 12 investors, including 4 new and 8 existing investors, three of whom made their largest investment with Merritt to date. 9 of the 11 properties financed by Fund XXII serve residents experiencing homelessness, who have special needs, or are seniors. Nine out of the eleven projects financed by Fund XXII will be new construction and partners represent a mix of both urban and rural developers.

New Strategic Vision

Building on our strong foundation, we are reshaping our efforts to meet the changing need across California. We will grow our core work and funding programs to work towards greater equity and diversity within the affordable housing industry.

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