Investor Relations

2023

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. “

Carla Vásquez-Noriega

Investor Relations Manager

Groundbreaking with Merritt

Second largest fund in 35 years

Learn More About Fund 24!

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:

      • 4 of the 8 projects include special needs units (50%)

      • 47% of the units are permanent supportive housing

      • 10% are for seniors

      • 37% are for families

Income:

      • 37% are for extremely low-income residents, earning at or below 30% of the average median income (AMI)

      • 42% are for very low-income residents, households earning 31-50% of AMI

      • 21% are for low-income residents, households earning 51-80% 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 East West Bank Enterprise Financial Services Corp Exchange Bank Fannie Mae
Farmers & Merchants Bank of Central California 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 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