Congratulations to A Community of Friends (ACOF), one of Los Angeles’ leading nonprofit developers of permanent supportive housing, on the financing closing for West Terrace – which will bring 64 new units of permanent supportive housing for homeless and low income households to the Hyde Park neighborhood in Los Angeles. West Terrace will provide sorely needed housing to 56 homeless households, including those with severe mental illness, as well as 7 very low income individuals in Los Angeles County, along with wrap-around on-site supportive services provided by ACOF.
West Terrace was one of ACOF’s fastest projects from conception to development, having benefitted from SB 35 entitlement streamlining. Merritt Community Capital Corporation is proud to provide $11.9 million in tax credit equity capital to this critically needed development. Thank you as well to our financing partners at Citi Community Capital, Housing & Community Investment Department (HCID) of the City of Los Angeles, Los Angeles County Development Authority, Housing Authority of the City of Los Angeles, Union Bank, and the Federal Home Loan Bank of San Francisco. West Terrace is expected to complete construction in late 2022.
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 West Terrace in meeting the project’s funding needs while providing the sponsor with the security of mission-oriented terms both for closing and for their ability to purchase the project at the end of the tax credit compliance period.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.