October 18, 2024-Oakland, CA
Congratulations to BRIDGE Housing and Napa Valley Community Housing (NVCH) on the financing closing for Hunt’s Grove and La Pradera Apartments – which will preserve 102 units of affordable housing for low-income families in Calistoga and St. Helena, CA. Originally constructed in the early 1990s, BRIDGE and NVCH plan to rehabilitate the project over the next year, providing stability for existing family residents with immediate access to the rural area’s neighborhood amenities as rents in Napa County and throughout the North Bay continue to increase.
The planned project rehabilitation scope will be felt by residents for years to come, including site renovations, new windows, new water heaters, new roofing & siding, waterproofing, and in-unit renovations.
Merritt Community Capital Corporation is proud to provide $11.5 million in tax credit equity capital to this scattered site development in Napa County. Thank you as well to our financing partners at Umpqua Bank, the City of St. Helena, the City of Calistoga and the California Department of Housing & Community Development.
“Umpqua is excited to partner with Merritt on another meaningful project that will preserve 102 units for families in Napa County. As a community impacted by housing shortages, we are grateful to provide needed stability for existing family residents,” said Gina Leon, Senior Vice President, Affordable Housing Director at Umpqua Bank.
As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with mission-aligned developers like BRIDGE Housing and NVCH. This is the sixth project partnering together. BRIDGE is one of the largest owners and developers of affordable housing in California and Merritt is proud to provide our long-term partners with an equity investment backed by a team dedicated to our mutual non-profit missions.
“BRIDGE Housing is excited to partner with Merritt on our sixth project together as we rehabilitate housing for families in Napa County,” said BRIDGE Housing President and CEO Ken Lombard. “We’re looking forward to renovating and preserving Hunt’s Grove and La Pradera Apartments to deliver needed updates that will help residents thrive for decades to come.”
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 11,100 affordable homes, through investing over $1.5 billion in 26 separate funds, providing housing for over 29,700 people.