Investor Relations
Fund 24
Fund 24 currently finances eight projects, creating 476 affordable homes across California. This fund has 13 investors, matching the most investors in a single Merritt fund, including one new investor and two returning investors making their largest single investments to date. Merritt prioritizes partnerships with mission-aligned housing developers to create and preserve affordable homes for underserved populations. Working with partners that share Merritt’s vision of everyone having a home in a community where they can thrive.
“We built Fund 24 during a time of great change and turmoil in California’s banking industry. It is a testament to the team at Merritt and its partners for meeting the moment to continue providing low-income Californians with the safe and affordable housing they need. Merritt reinvests in people and policies that build a stronger industry and a stronger California. In 2023, we expanded our investment in industry support and workforce development, supporting over 500 people, and contributed to statewide and regional initiatives to make building housing easier. “
Second largest fund in 35 years
Fund 24 STATISTICS
Fund 24 financed 8 projects, creating 476 affordable homes for individuals and families, making it the second largest multi-fund in Merritt’s history at $140,745,000.
For the 8 projects:
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4 of the 8 projects include special needs units (50%)
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47% of the units are permanent supportive housing
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10% are for seniors
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37% are for families
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Income:
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37% are for extremely low-income residents, earning at or below 30% of the average median income (AMI)
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42% are for very low-income residents, households earning 31-50% of AMI
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21% are for low-income residents, households earning 51-80% AMI
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Investors:
Bank of America
Bank of Hope
Bank of Marin
Bank of the Sierra
Banner Bank
BMO Bank, N.A.
California Bank & Trust, a division of Zions Bancorporation, N.A.
CIT, a division of First Citizens Bank
Citigroup Inc
City National Bank
Comerica
East West Bank
Enterprise Financial Services Corp
Exchange Bank
Fannie Mae
First Republic Bank, now part of JP Morgan Chase
Flagstar Bank (formerly Signature Bank)
Freddie Mac
J.P. Morgan
Keybank
Mechanics Bank
Pacific Premier Bank
Banc of California (formerly Pacific Western Bank)
Silicon Valley Bank (SVB), a division of First Citizens Bank
Tri Counties Bank
Umpqua Bank
U.S. Bank
Wells Fargo
Westamerica Bank
Western Alliance Bank