New Closing – Depot Community Apartments

October 18, 2021

In our largest single investment to date, Merritt provides $31.9 million in equity to Allied Housing to create 125 new units in the Bay Area as extremely low income and permanent supportive housing for those experiencing homelessness.

New Closing - Depot Community Apartments

Congratulations to Allied Housing, the housing development arm of Abode Services, on the financing closing for Depot Community Apartments – which brings 125 new units of affordable housing for very and extremely low-income households experiencing homelessness in Hayward, CA. Depot Community Apartments includes wrap-around on-site supportive services provided by Abode Services.

Merritt Community Capital Corporation is proud to provide $31.9 million in tax credit equity capital to this critically needed development in Alameda County. Thank you as well to our financing partners at JPMorgan Chase, California Department of Housing & Community Development (HCD), Alameda County, and the City of Hayward. Depot Community Apartments is expected to complete construction in 2023.

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 challenging affordable housing projects possible. Merritt was critical to providing equity for Depot Community Apartments, helping Alameda County address the homelessness crisis and further the goals of local residents, who approved Measure A-1 in 2016 to fund the creation and preservation of permanently affordable rental housing, along with new homeownership opportunities. The project also includes funding from the state HCD Multifamily Housing Program, funded by voter approval statewide with the passage of Proposition 1 in 2018. Merritt is proud to provide our long-term partners at Allied Housing with an equity investment backed by a team dedicated to its long-term nonprofit mission.

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



More News

Date Archive