Merritt Community Capital Corp. announced the closing of a $61 million low-income housing tax credit (LIHTC) fund.
Given the need to preserve existing units of affordable housing in California, Merritt’s Multi-Investor Fund XVII features six acquisition-rehab properties. As a result, the fund will help preserve 536 affordable housing units.
Development partners in the fund are Thomas Safran & Associates, EAH Housing, Sacramento Housing Redevelopment Agency/BRIDGE Housing, and Community HousingWorks.
Eleven investors took part in the fund, including two new bank investors.
"As the housing market rebounds and rents in California soar, the critical role of the LIHTC program in providing quality affordable housing has never been greater,” said Barney Deasy, president of Merritt, in a statement. “At Merritt, with strong underwriting and comprehensive asset management, we are committed to the continued success of the program in developing and preserving affordable housing in California."
A nonprofit LIHTC syndicator, the company has raised approximately $680 million in 18 separate funds.