New Closing-Casa Nueva Apartments

January 24, 2024

Merritt provides $10.4 million in equity to fund affordable housing in San Diego County to rehabilitate 51 units for low-income families and marks the expansion of Merritt’s partnerships with San Diego-based organizations.

January 24, 2024-Oakland, CA


Congratulations to San Diego Community Housing Corporation on the financing closing for Casa Nueva Apartments, a substantial rehabilitation project in San Diego, CA. The project contains 26 two-bedroom and 24 three-bedroom townhome-style units, and 1 one-bedroom units to be rented to large family households earning 30-60% of AMI.  This location provides residents with convenient access to a wide variety of amenities and other services near to downtown San Diego. 

As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with mission aligned developers to fill gaps in the market to make the most impactful affordable housing projects possible.  Merritt’s investment will ensure the property’s long-term physical and financial sustainability and stability for its residents and their children.  Casa Nueva is Merritt’s first partnership with San Diego Community Housing Corporation.   SDCHC is a community-based nonprofit that has served the City of San Diego community for decades.  Under its current leadership, the organization has undergone a period of strategic growth to increase its impact not only within the City itself, but more broadly in San Diego County. 

“We are thrilled to announce the upcoming renovation of Casa Nueva, a vital step toward transforming lives and uplifting our community. This re-syndication is not just about renovating buildings; it’s about revitalizing hope, providing safe and improved living conditions for families, and fostering a brighter future for all residents,” shared SDCHC’s Executive Director, Ted Miyahara. “Casa Nueva’s transformation reflects our commitment to creating thriving, affordable housing that truly enhances the well-being of those who call it home.” 

Merritt Community Capital Corporation is proud to provide $10.4 million in tax credit equity capital for this project. Thank you as well to our financing partners at Chase, City of San Diego, and the San Diego Housing Commission. The project is expected to complete construction in early 2024. 

“We are proud to support San Diego Community Housing Corp with the rehabilitation of these 52 affordable housing units,” said Eri Kameyama, Vice President, Chase Community Development Banking. “Preserving and improving an important community asset like this requires community commitment and collaboration and will ultimately transform the lives of many residents and families in San Diego.” 

Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project. 

About Merritt Community Capital Corporation 

Merritt Community Capital Corporation is a nonprofit dedicated to our mission to provide equity capital for affordable housing exclusively to California. We do this by partnering with mission-aligned affordable housing developers throughout the state to ensure the most critical communities are developed and maintained for low-income residents. Since 1989, Merritt has created and/or preserved 11,000 affordable homes, through investing over $1.2 billion in 26 separate funds, providing housing for over 29,700 people. 



More News

Date Archive