Investor Relations
Fund 25
Fund 25 currently finances seven projects, creating 486 affordable homes across California. This fund has 9 investors, including one new community bank partner. Merritt works hand-in-hand with mission-aligned developers to build and preserve affordable housing, creating stronger communities where everyone has the foundation to flourish.
“It’s a tremendous honor to close the fund that marks Merritt’s 35th year investing in affordable housing in California. With support from our investors, we were able to contribute to seven communities across the state, spanning over 550 miles between the northernmost and the southernmost projects in the fund.
Last Year, we chipped away at the tight housing markets in Los Angeles and San Jose, supported farmworkers in Tulare, and returned to the resilient (and still rebuilding) community of Paradise, CA. We are grateful to our mission-aligned partners who want every Californian to have a home in a community where they can thrive.”
Fourth largest fund in 35 years
Fund 25 STATISTICS
We financed 7 projects, creating 486 affordable homes for individuals and families. The fund included 8 existing investors and 1 new investor.
For the 7 projects:
- 3 of 7 projects include senior housing (36%)
- 3 of the 7 projects are for families (44%)
- 1 of 7 projects are for special needs (20%)
Of the 486 units:
- 28% of the units are permanent supportive housing
- 31% are for seniors
- 41% are for families
Income:
- 44% of units are for extremely low-income residents, earning at or below 30% of the average median income (AMI).
- 41% of units are for very low-income residents, households earning 31-50% of AMI.
- 15% of units are for low-income residents, households earning 51-60% of AMI
Investors:
Axos Bank
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.
Cathay Bank
CIT, a division of First Citizens Bank
Citigroup Inc
City National Bank
Comerica
Community West Bank
East West Bank
Enterprise Financial Services Corp
Exchange Bank
Fannie Mae
F&M Bank
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)
River City Bank
First Citizens Bank
Silicon Valley Bank, a division of First Citizens Bank
Tri Counties Bank
Umpqua Bank
U.S. Bank
Wells Fargo
Westamerica Bank
Western Alliance Bank
FINANCIALS
