Congratulations to Mercy Housing California on the financing closing for Sherman Oaks Senior Housing – which will bring new affordable senior housing to Los Angeles’s San Fernando Valley. Sherman Oaks Senior will provide critically needed permanent supportive housing to 54 senior homeless households with wrap-around on-site supportive services provided by Mercy Housing and funded by the County of Los Angeles.
The construction of Sherman Oaks Senior is being financed through two critically important, voter-approved ballot initiatives: Proposition HHH, approved by voters in the City of Los Angeles in 2016, and the state’s No Place Like Home program, funded through statewide voter approval of Proposition 2 in 2018.
Merritt Community Capital Corporation is proud to provide $12.2 million in tax credit equity capital to this critically needed development in Southern California. Thank you as well to our financing partners at California Bank & Trust, Housing and Community Investment Department – City of Los Angeles and the Los Angeles County Development Authority. Sherman Oaks Senior is expected to complete construction in early 2023.
As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with like-minded developers to fill gaps in the market to make the most challenging affordable housing projects possible. Merritt was critical to providing equity for Sherman Oaks Senior, helping the City of Los Angeles to address the homelessness crisis and further the goals of Proposition HHH, while providing Mercy Housing with a partner committed to its needs and dedicated to its long-term nonprofit mission.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.