OAKLAND, CA – Merritt Community Capital Corp. closed its $58 million Multi-Investor Fund XIII – the largest Low Income Housing Tax Credit (LIHTC) fund closing by Merritt in its 21-year history. The accomplishment is made more impressive by the fact that Merritt, an Oakland-based nonprofit tax credit syndicator, was able to attract City National Bank and another key California bank as new investors.
“City National is proud to invest in affordable housing in the communities it serves – that’s why we are investing with Merritt and supporting this fund to create quality affordable multi-family housing in California,” said Sal Mendoza, senior vice president and head of community reinvestment at Los Angeles-based City National Bank. “Affordable housing is still a major concern in this state – we intend to be part of the solution.”
Merritt has had a long history of working with a number of key developers and consultants to secure a pipeline of strong and successful affordable housing deals. In this latest fund, our key developer partners are Jamboree Housing, Preservation Partners, Petaluma Ecumenical Properties, American Baptist Homes of the West, the Solano Affordable Housing Foundation as well as the Christian Church Homes of Northern California in a joint venture with Oakland Housing Authority. These deals represent six properties, in Northern and Southern California, totaling 482 units at or below 60% Area Median Income. Moreover, Fund XIII is helping to preserve nearly 130 affordable housing units.
“After closing our largest fund ever with key development partners and securing two new investors, Merritt heads into 2011 encouraged by the positive outlook for California’s affordable housing industry,” said Merritt President Barney Deasy.
“Few organizations equal our passion for serving low income seniors yet we’ve found one in Merritt,” said Ancel Romero, senior vice president at American Baptist Homes of the West. “Merritt’s professionals share the depth of their expertise and the keen understanding of every deal point that inevitably leads to beautiful, caring communities for our seniors.”
Recurring Merritt investors in Fund XIII include Bank of America, Wells Fargo, Silicon Valley Bank, Comerica Bank and WestAmerica Bank.
ABOUT MERRITT COMMUNITY CAPITAL CORPORATION
Merritt Community Capital Corporation provides equity capital for affordable housing throughout California, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management. Merritt is the West Coast member of the National Association of State and Local Equity Funds (NASLEF) and continues to offer exceptional service to investors, developers and consultants of LIHTC affordable housing properties. Merritt has raised $394 million in 14 separate funds it manages. For more information about Merritt, visit the company’s website at www.merrittcap.org.
ABOUT CITY NATIONAL BANK
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $21.8 billion in total assets, and provides banking, investment and trust services through 74 offices, including 17 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its investment affiliates manage or administer $56.9 billion in client investment assets, including nearly $36 billion under direct management. For more information about City National Bank, visit the company’s website at www.cnb.com.