June 13, 2023–Oakland, CA
Congratulations to EAH Housing on the financing closing for Rodeo Gateway, which will rehabilitate and preserve 49 units of affordable housing for low-income seniors in Rodeo, CA.
Merritt Community Capital Corporation is proud to provide $11.0 million in tax credit equity capital to this centrally located development in Contra Costa County. This location provides residents with convenient access to a wide variety of amenities and other services including a library, medical clinic, senior center, and grocery store.
Thank you as well to our financing partners at Umpqua Bank, the US Department of Housing and Urban Development, and Contra Costa County, which originally provided land for the project when it was built in 2002. The rehabilitation of the project will be completed by late 2024.
“With the growing challenges faced by seniors in finding affordable housing, EAH Housing remains committed to ensuring that every individual has access to safe and comfortable homes. The preservation of these 49 units is a testament to our ongoing dedication to providing secure housing options to our aging population. The newly preserved units in Contra Costa County will be thoughtfully refurbished and updated to meet the specific needs of senior residents,” said Welton Jordan, Chief Real Estate Development Officer of EAH Housing.
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. Rodeo Gateway was originally constructed as part of a HUD program for senior households that has since been discontinued. The project is utilizing HUD’s Rental Assistance Demonstration (RAD) program, which extends affordability of the project’s units while allowing non-profit and private capital investment for rehabilitation, such as Merritt’s LIHTC equity investment. This will ensure the property’s long-term physical and financial sustainability and stability for its senior residents. Merritt is proud to provide our long-term partners at EAH Housing with an equity investment backed by a team dedicated to its nonprofit mission.
“With the discontinuation of the HUD program for seniors, we were proud to step in and partner with Merritt and EAH Housing to rehabilitate housing for low-income seniors. Umpqua prioritizes people and the communities they live in, which is why we were excited to come together with Merritt and EAH on this project,” said Kim Etherton, Vice President, Relationship Manger at Umpqua Bank.
This deal marks Merritt’s fifteenth deal with EAH Housing and working with a team that is dedicated to fulfilling the mission to invest 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.