Merritt Community Capital Corp., a California-based low-income housing tax credit (LIHTC) syndicator, has closed the $65 million Multi-Investor Fund XV, its second-largest fund.
Twelve acquisition-rehab properties are involved in the fund, which means that 702 units of affordable housing will be preserved throughout California.
Merritt's developer partners in the fund are Christian Church Homes of Northern California, Deep Green Housing, EAH, Eden Housing, Housing Authority of Santa Clara County, Mercy Housing, PEP Housing, Peoples' Self Help Housing, and Terra Corp.
Merritt reported that it has four new investors in Fund XV: Bank of Marin, Boston Private Bank & Trust Co., Farmers and Merchants Bank of Central California, and Redding Bank of Commerce.
Recurring Merritt investors in Fund XV include Bank of America Merrill Lynch, Bank of the West, City National Bank, Comerica Bank, First Republic Bank, Silicon Valley Bank, and Wells Fargo Bank. This is the largest number of bank investors in Merritt's 24-year history.
"As our developer partners face shrinking resources, at both the local and national levels, we are very encouraged by the growing support for the LIHTC among our investor partners, and we look forward to their continued support as our industry deals with the gap left by the elimination of redevelopment agencies in California and the perils of tax reform at the national level," said Merritt President Barney Deasy in a statement.