April 1, 2022-OAKLAND, CA
Congratulations to Rural Communities Housing Development Corporation (RCHDC) on the financing closing for Siskiyou Crossroads, a new construction development in the City of Yreka, in California’s Siskiyou County. The project will contain 50 studio, 1, and 2 bedroom apartments to be rented to special needs, homeless, and general low-income households.
As Siskiyou County’s first project funded under the state No Place Like Home supportive housing program, the project is part of a regional strategy for assisting unhoused residents with special needs throughout rural northern California. It includes 24 units specifically for special needs households with wrap-around on-site supportive services provided by the Siskiyou County Department of Health and Human Services and RCHDC. The No Place Like Home program was approved as statewide Proposition 2 in 2018 to fund permanent housing for individuals with mental illness who are homeless or at-risk.
Merritt Community Capital Corporation is proud to provide $14.3 million in tax credit equity capital for this project. Thank you as well to additional financing partners including Chase, providing a $16.3 construction loan, the California Department of Housing and Community Development, and the Siskiyou County Health and Human Services Agency. The project is expected to complete construction in late 2023.
“Rural Communities Housing Development Corporation is tackling the affordable housing gap with a new development that will help change the lives of local low-income homeless, special needs and at-risk households in Siskiyou County who will live there,” said James Vossoughi, Executive Director, Community Development Banking, Chase. “We’re proud to support RCHDC and work with local industry leaders to help bring Siskiyou Crossroads to life and in turn impact the lives of future residents.”
“As we strive to provide decent and affordable housing to low- and moderate-income people and families we are grateful to work on Siskiyou County’s first permanent supportive housing project,” said Ryan LaRue of Rural Communities Housing Development Corporation. “Partnering again with Merritt as like-minded partners focusing on affordable housing has furthered our commitment to the people we serve. Thank you to Chase, California Department of Housing and Community Development, and the Siskiyou County Health and Human Services Agency for financing this important project.”
As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with like-minded developers to implement solutions to the state’s housing crisis, particularly those tailored to meet the needs of rural communities like Yreka.
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 more than 9,000 affordable homes, through investing $1 billion in 23 separate funds, providing housing for nearly 25,000 people.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: Nearly 4,800 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
About RCHDC
RCHDC’s mission is ” To provide decent and affordable housing to low and moderate income persons.” The current vision of the organization further clarifies our commitment to the people we serve. RCHDC is committed to being an industry leader of the North Coast of California in providing low and moderate income housing. RCHDC strives in an ongoing way to be a strong, dynamic and flexible organization; effective at achieving its mission through its efforts and its partnerships-public and private.