Merritt Community Capital Corp. has closed the largest low-income housing tax credit fund (LIHTC) in its 23-year history.
The firm’s $73 million Multi-Investor Fund XIV exceeded the prior year’s fund by $15 million, according to the Oakland, Calif.-based tax credit syndicator. Merritt provides equity capital for affordable housing throughout California.
A key financial partner in the recent fund and for the second consecutive year is First Republic Bank, which invested $18 million. Another key and long-standing partner has been Bank of America Merrill Lynch, which invested $10 million in the latest fund, bringing its total investment in Merritt funds to about $62.6 million since 1989. Wells Fargo Bank was also a large investor.
Other recurring Merritt Capital investors in Fund XIV include Comerica Bank, Silicon Valley Bank, Bank of the West, and City National Bank.
“We at Merritt Capital are very encouraged by the vote of confidence cast this year by our investor partners as we completed our largest multi-investor fund at $73 million,” said President Barney Deasy. “We want to give special recognition to our largest investors?Wells Fargo Bank, First Republic Bank, and Bank of America Merrill Lynch?for their continued support of affordable housing in California through their partnerships with Merritt. While we face serious challenges in the future, especially in light of the demise of redevelopment agencies as a funding source, we are committed, along with our partners, to exploring creative and innovative solutions to the puzzle of affordable housing finance.”
The firm’s developer partners in Fund XIV are Peoples’ Self Help Housing, Christian Church Homes of Northern California, EAH, Mercy Housing, East Bay Asian Local Development Corp., Community Housing Improvement Program, and Sacramento Mutual Housing.