Merritt Community Capital Corp. recently closed a $58 million low-income housing tax credit (LIHTC) fund that will help finance five developments with 482 units.
In Merritt’s Fund XIX, there are four acquisition-rehab properties in Northern California and one new construction in Southern California.
Merritt’s key developer partners in this current fund are American Baptist Homes of the West/Beacon, EAH, Pacific Housing/Barone Galasso, and Peoples’ Self-Help Housing.
While the housing tax credit market has been dealing with the potential impact of
pending federal tax reform, Merritt was able to secure 10 investors, with seven repeat investors and three new investors.
“The investors in the LIHTC have remained committed to the program even when faced with the potential for major changes to federal income tax law,” said Barney Deasy, president of Merritt, in a statement. “This only underscores the success of the LIHTC program and the dedication of our investor partners to the affordable housing program.”
In its 28th year, Merritt provides equity capital for affordable housing throughout California. The LIHTC syndicator has raised more than $750 million in 18 separate funds.