Merritt Community Capital Corp. has closed its largest low-income housing tax credit (LIHTC) multi-investor fund. The $80.5 million Multi-Investor Fund XVI comes as the Oakland, Calif.-based syndicator marks its 25th year.
Through Fund XVI, 861 units of affordable housing will be built in nine affordable projects statewide, through preservation of existing properties or new construction.
Merritt’s key developer partners in this current fund are BRIDGE Housing/Sacramento Housing Authority, Tenderloin Neighborhood Development Corp., Solano Affordable Housing, American Baptist Homes of the West, Napa Valley Community Housing/Burbank Housing, and Area Housing Authority of Ventura.
There are 12 investors in Fund XVI—nine repeat bank investors and three new bank investors.
“Twenty five years ago, when the Community Alliance for Syndicated Housing, the predecessor to Merritt Community Capital Corp., was created, largely by the efforts of Richard Winnie, then Oakland city attorney, few envisioned the success and impact that Merritt Capital would have on the development and preservation of affordable housing in California,” says Barney Deasy, president of Merritt. “Fund XVI is yet another step in our ongoing pursuit of quality affordable housing for the residents of California. I think Richard would be pleased.”