Impact
For 35 years we have been your trusted partner, investing $1.5 billion creating over 11,100 affordable homes across California. We are dedicated to working with mission-aligned developers and funders to make the most challenging affordable housing projects possible because we believe everyone should have a home in a community where they can thrive. We do this by offering terms that meet project needs today and foster preservation of affordability for tomorrow.
Ari Beliak
President & CEO
93.4%
AHIC A Rating
2.04
Avg. DSCR
98.5%
Avg. Economic Occupancy
FINANCIALS
Building on our strong foundation, we are reshaping our efforts to meet the changing need across California. We will grow our core workMerritt maintains a strong financial position and achieved significant growth in fund size year over year. and funding programs to work towards greater equity and diversity within the affordable housing industry.
PORTFOLIO
Merritt maintains an industry-leading portfolio. Our Asset Management team establishes a strong working relationship with property management teams and development partners.
“2023 was another exciting year for Merritt. Our portfolio continues to be a top LIHTC portfolio in the state. A highlight from 2023 was having the opportunity to support asset management professionals across California as we launched the 1st ever “Asset Management Specialist+” training cohort in partnership with CHAM. Through this training we were able to connect and build deeper relationships with 25 asset management professionals across 19 organizations and strengthen asset management practices of affordable housing. “
“At Merritt, we take our partnerships seriously, leading with solutions instead of problems. Whether with project sponsors, investors, or other funders, we are proactively committed to finding solutions as a team in order to ensure the affordable housing we invest in can succeed.”
Investor ReLATions
Investor
Trusted syndicator, balancing mission-impact and investor returns.
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“We built Fund 24 during a time of great change and turmoil in California’s banking industry,” said Merritt’s Investor Relations Manager, Carla Vasquez-Noriega. “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, our Commitment to California initiative supported 500 individuals across California.” ~ Carla Vásquez-Noriega, 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.
Investor
Trusted syndicator, balancing mission-impact and investor returns.
LEARN MORE
“We built Fund 24 during a time of great change and turmoil in California’s banking industry,” said Merritt’s Investor Relations Manager, Carla Vasquez-Noriega. “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, our Commitment to California initiative supported 500 individuals across California.”
Second largest fund in 35 years
Commitment to California
Investing in affordable housing and people,
building a stronger California
To Strengthen the next generation
“Merritt’s Commitment to California is anchored in our support for organizations who have paved the way in empowering the next generation of affordable housing leaders. We are proud to partner with them in the larger goal of making the industry more representative of the communities we serve, as we all work to ensure everyone has a home in a community where they can thrive.”
PROJECT STATISTICS
In 2023, Merritt financed 8 projects, creating 476 affordable homes for individuals and families, including Fund 23, our largest multi-fund to date at $178.6MM.
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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Merritt Scholars
Asset Management Training
Housing development Training institute participants
Internships and Professional Development Programs
Merritt scholars
We are expanding the Merritt Scholars program to attract the next generation of affordable housing finance and development professionals. Scholars will benefit from mentorship and industry exposure, attending industry conferences, networking, and post-graduation mentorship opportunities.
Merritt Asset Manager Specialist+ Cohort
We were excited to launch a new Asset Manager cohort in 2023! This year, participants will go through virtual and live instructor-led sessions utilizing the Consortium for Housing and Asset Management (CHAM) education training materials.
Participants will complete their AMS designation from CHAM, learn about an asset management career, be involved in working groups and discussions, and have networking opportunities.
Housing Development training institute
We are partnering with LISC and California Housing Partnership (CHP) to expand HDTI, allowing three times as many participants. This consequential program trains project managers at non-profit affordable developers and is the only one like it in the state of California. It is an intensive one-year training program to provide project managers with the wide range of expertise necessary to develop affordable housing. We are committed to supporting the success of the affordable housing industry and this is the program to do that.
Statewide professional development programs
Merritt proudly supports internships and career development programs across the state that foster diverse leaders and strives to create equity throughout the industry. By contributing to the future of California we are building opportunities to create more equitable representation, leading to a stronger, more diverse, industry. We are providing financial support to Housing CA, Non-Profit Housing Association, CCRH, SCANPH, San Diego Housing Federation, and California Housing Partnership to support programs across the state that will strengthen the affordable housing industry.
Featured projects
Central Terrace
Siskiyou Crossroads
Apartments at Toscano
Shell Beach Senior
78 Haight
Wong Center Senior Apartments
Santa Fe Commons I
Depot Community
Orchard View Apartments
The Gardens
My Angel
Walnut Grove
