December 15, 2023–Oakland, CA
In 2023 we closed on projects that will bring affordable homes to Californians, supporting our vision of everyone having a home in a community where they can thrive.
Thank you to our project partners, investors, and the Merritt staff who worked together to make these projects possible.
Walnut Grove Senior
Partnered with Eden Housing on the financing closing for Walnut Grove Senior, a new construction development in Los Gatos, in Silicon Valley. The project contains 50 one-bedroom units to be rented to senior households over age 55 earning 30 – 50% of the area median income (AMI). The project was financed without the assistance of state or local funding, utilizing only 9% federal low-income housing tax credits (LIHTCs). Merritt worked with Eden for nearly a year to structure this unique transaction. To secure proprietary funding, we worked with our partners at East West Bank East who also provided construction bridge and permanent debt financing for Eden’s acquisition of the project.
Collier Avenue
Partnering with Rural Communities Housing Development Corporation on the financing closing for Collier Avenue, a new construction development in Nice, CA. The project contains 29 one-bedroom and 10 two-bedroom units to be rented to special needs, homeless, and general low-income households earning 30-60% of AMI. Merritt provided $15.2 million in tax credit equity capital and secured additional funding such from Chase Bank as a construction lender, the California Department of Housing and Community Development, AHP Lender Tri-Counties Bank, the Lake County Housing Commission, the Department of Developmental Services, and the Federal Home Loan Bank of San Francisco.
Huntington Square
Partnered with A Community of Friends (ACOF) on the financing closing for Huntington Square, a new construction development in Huntington Park, CA. The project contains 17 studios and 30 one-bedroom units to be rented to homeless senior veterans and general low-income senior households earning 30-60% of AMI. Merritt provided $17.3 million in tax credit equity capital for this project. Thank you as well to our financing partners at City National Bank, the Los Angeles County Development Authority, the California Housing Finance Agency, and the California Department of Housing and Community Development. The project is expected to complete construction in late 2024.
Anderson Hotel Apartments
Partnered with Housing Authority of San Luis Obispo (HASLO) on the financing closing for the acquisition and rehabilitation of the Anderson Hotel in downtown San Luis Obispo. The project will contain 66 studio and one-bedroom units to be rented to households earning less than 30 – 40% of AMI. Merritt provided $30.8 million in tax credit equity capital. Thank you as well to our financing partners at Pacific Western Bank, the state Department of Housing and Community Development, the City of San Luis Obispo, and San Luis Obispo County.
Rodeo Gateway
Partnered with EAH Housing on the financing closing for Rodeo Gateway, which will rehabilitate and preserve 49 units of affordable housing for low-income seniors in Rodeo, CA. Merritt provided $11.0 million in tax credit equity capital. Thank you as well to our financing partners at Umpqua Bank, the US Department of Housing and Urban Development, and Contra Costa County, which originally provided land for the project when it was built in 2002.
Santa Fe Commons II
Partnering with Self-Help Enterprises on the financing closing for Santa Fe Commons II, a new construction development in the City of Tulare. The project will contain 56 affordable apartments ranging in size from 1 to 3 bedrooms, with set asides for farmworkers and homeless households. Combined with Santa Fe Commons I, the total Santa Fe Commons site will house over 135 low-income households. Merritt is proud to have invested in both phases of the project, for a total equity investment of over $40 million in aggregate. Thank you as well to our financing partners at Banner Bank, US Bank, and the California Department of Housing and Community Development.
Orchard View Apartments
Partnering for the first time with The Pacific Companies on the financing closing for Orchard View Apartments, a new construction development in Gridley, CA. The project contains 16 two-bedroom, 23 three-bedroom, and 8 four-bedroom units to be rented to large family households earning 30-60% of AMI. Merritt provided $15.2 million in tax credit equity capital for this project. Thank you as well to our financing partners at Keybank, Butte County, and the California Department of Housing and Community Development.
Devonshire Apartments
Official news release coming in early January!
Partnering with Abode Communities, LA Family Housing, and Mercy Housing, with modular home manufacturer Factory OS, this project was awarded $40MM in City of Los Angeles Proposition HHH Housing Challenge Funds for the delivery of 360 Supportive Housing (SH) prefabricated units.
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About Merritt Community Capital Corporation
Merritt Community Capital Corporation is a nonprofit dedicated to our mission to provide equity capital for affordable housing exclusively to California. We do this by partnering with mission-aligned affordable housing developers throughout the state to ensure the most critical communities are developed and maintained for low-income residents. Since 1989, Merritt has created and/or preserved 11,000 affordable homes, through investing over $1.2 billion in 26 separate funds, providing housing for over 29,700 people.