July 29, 2024–Oakland, CA
Congratulations to PEP Housing on the financing closing for Vigil Light Senior Apartments – which will preserve 49 new units of affordable housing for low-income seniors in Santa Rosa, CA. Originally constructed in 1983 under a now-expired HUD program for seniors, the site was acquired by long-time Merritt non-profit partner PEP Housing in 2021. PEP plans to rehabilitate the project over the next year, providing stability for existing senior residents to age in-place with immediate access to the area’s neighborhood amenities as rents in Sonoma County and throughout the North Bay continue to increase.
The planned project rehabilitation scope will be felt by residents for years to come, including full HVAC and water heater replacement, extensive site renovations, window and glass door replacements, new paint and flooring in units, new kitchen cabinetry and appliances, new bathroom showers, waterproofing, and fixtures, and exterior renovations.
Merritt Community Capital Corporation is proud to provide $10.9 million in tax credit equity capital to this development in Santa Rosa. Thank you as well to our financing partners at Umpqua Bank, the City of Santa Rosa, and Vigil Light, Inc., the property’s original owner.
“Umpqua is excited to partner with Merritt on another meaningful project that will preserve 49 units for seniors in Sonoma County. As a community impacted by wildfires, we are grateful to provide needed stability for existing senior 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 PEP Housing. This is the seventh project between Merritt and PEP, an organization that operates senior housing options and provides resident services for its tenants throughout the North Bay. Merritt is proud to provide our long-term partners with an equity investment backed by a team dedicated to our mutual non-profit missions.
“PEP Housing is excited to partner with Merritt for our seventh project together and rehabilitate housing for seniors in Sonoma County so they can age in-place. We’re looking forward to renovating and preserving Vigil Light Senior Apartments to bring these needed updates and create stability for existing senior residents for decades to come,” said Jim Wallen, VP Real Estate Development.
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.