March 20, 2023–OAKLAND, CA
Congratulations to Rural Communities Housing Development Corporation on the financing closing for Collier Avenue, a new construction development in Nice, CA. The project contains 29 one-bedroom and 10 two-bedroom units to be rented to special needs, homeless, and general low-income households earning 30-60% of AMI.
As Lake County’s first project funded under the state No Place Like Home supportive housing program, the project is part of a regional strategy for assisting unhoused residents with special needs throughout rural northern California. It includes 19 units specifically for special needs households with wrap-around on-site supportive services provided by the Lake County Behavioral Health Services and RCHDC. The No Place Like Home program was approved as statewide Proposition 2 in 2018 to fund permanent housing for individuals with mental illness who are homeless or at-risk. In addition, Collier Avenue will also provide ten additional units for developmentally disabled individuals, via the Department of Developmental Services.
“Rural Communities Housing Development Corporation is thankful to have this needed supportive housing community in Nice, CA out of the pipeline and in process,” said Ryan LaRue, CEO of RCHDC. “Utilizing multiple sources of funding and bringing Lake County the first project under the No Place Like Home program allows us to have a deep impact in the community. We are grateful to our partnership with Merritt and our funders and look forward to working with Lake County on providing supportive services.”
Merritt Community Capital Corporation is proud to provide $15.2 million in tax credit equity capital to RCHDC for this impactful project that showcases our partners’ ability to provide and execute financing solutions to increase California’s supply of affordable housing. Thank you to additional financing partners including construction lender Chase Bank, the California Department of Housing and Community Development, AHP Lender Tri-Counties Bank, the Lake County Housing Commission, the Department of Developmental Services, and the Federal Home Loan Bank of San Francisco.
“Tri Counties Bank values the work being done by RCHDC to bring supportive housing with wrap-around services to Lake County. We are excited to be the AHP funder on this dynamic project and look forward to supporting future developments, particularly in rural Northern California,” shared Danna Prater, VP, Director of Community Development at TCB.
Merritt is honored to collaborate on a third deal with RCHDC and work with a team that is dedicated to fulfilling the mission of investing in affordable housing and people to build a stronger California.
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.