Merritt Community Capital Corp. announced the closing of its $75.5 million Multi-Investor Fund XVIII.
Given the need to preserve existing units of affordable housing in California, the low-income housing tax credit fund features seven acquisition-rehab properties, five in Northern California and two in Southern California. As such, 587 units of affordable housing will be preserved statewide.
Merritt’s key developer partners in Fund XVIII are EAH, Many Mansions, Mutual Housing California, Northern California Presbyterian Homes and Services, and People’s Self Help Housing.
The fund secured 11 investors: nine repeat and two new investors.
“As the housing market is not able to keep pace with demand, Merritt’s continued role in the LIHTC programs has never been stronger or more critical,” said Barney Deasy, president of Merritt. “At Merritt, we are committed to the continued success of the program in developing and preserving affordable housing in California.”
The firm provides equity capital for affordable housing throughout California, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management. Headquartered in Oakland, Calif., the LIHTC syndicator is in its 26th year. Merritt has raised approximately $680 million in 18 separate funds.