OAKLAND, CALIF.—Merritt Community Capital Corp. closed the largest low-income housing tax credit fund in its 21-year history—the $58 million Multi-Investor Fund XIII.
Merritt officials said they were able to attract City National Bank and another key California bank as new investors in the market.
“City National is proud to invest in affordable housing in the communities it serves—that’s why we are investing with Merritt and supporting this fund to create quality affordable multifamily housing in California,” said Sal Mendoza, senior vice president and head of community reinvestment at the Los Angeles-based bank, in a statement. “Affordable housing is still a major concern in this state. We intend to be part of the solution.”
Recurring Merritt investors in Fund XIII include Bank of America, Wells Fargo, Silicon Valley Bank, Comerica Bank, and WestAmerica Bank.
Merritt’s development partners in the latest fund are Jamboree Housing, Preservation Partners, Petaluma Ecumenical Properties, American Baptist Homes of the West, Solano Affordable Housing Foundation, and Christian Church Homes of Northern California in a joint venture with the Oakland Housing Authority. They are involved in six properties with 482 affordable units. Fund XIII will also help preserve nearly 130 affordable units.
“After closing our largest fund ever with key development partners and securing two new investors, Merritt heads into 2011 encouraged by the positive outlook for California’s affordable housing industry,” said Merritt President Barney Deasy.