New Closing-Orchard View Apartments

September 21, 2023

Merritt provides $15.2 million in equity to fund affordable housing in rural Butte County to develop 48 new units for low-income families and marks the start of the organization’s partnership with national affordable housing developer The Pacific Companies. 

September 21, 2023–Oakland, CA

Congratulations to The Pacific Companies on the financing closing for Orchard View Apartments, a new construction development in Gridley, CA. The project contains 16 two-bedroom, 23 three-bedroom, and 8 four-bedroom units to be rented to large family households earning 30-60% of AMI.  

Orchard View’s two-to four-bedroom units will provide much needed housing options to families in the Gridley area and Butte County as a whole. Financed in partnership with the local government, state, and federal agencies, the project augments supply-constrained housing options for low-income rural workers in the heart of the agricultural Sacramento Valley.  

The Orchard View affordable housing development was funded in part by a loan from Butte County, which was provided by the Community Development Block Grant disaster relief program.  These funds were instrumental in providing housing at below-market prices to those most in need 

This year marks Merritt’s first partnership with The Pacific Companies, one of the top developers of affordable housing in California and the nation. Since 1998, The Pacific Companies has successfully completed more than 160 projects throughout the western United States, with a special focus on California. In 2022, the company was ranked as the top producer of affordable housing nationwide by Affordable Housing Finance magazine. Merritt is proud to partner with The Pacific Companies as an organization having such a large-scale impact on the state’s affordable housing ecosystem and aligning with our vision that everyone should have a home in a community where they can thrive.  

“As the developer on the project, The Pacific Companies values our partnerships with the Butte County Affordable Housing Development Corporation, Keybank, and Merritt Capital, which have brought this project to fruition,” said Caleb Roope, President and CEO of The Pacific Companies.  

Merritt Community Capital Corporation is proud to provide $15.2 million in tax credit equity capital for this project. Thank you as well to our financing partners at Keybank, Butte County, and the California Department of Housing and Community Development. The project is expected to complete construction in late 2024. 

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.



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