Merritt Community Capital is providing key financing for two affordable housing developments in California.
The nonprofit low-income housing tax credit (LIHTC) syndicator is providing $17.3 million in equity to A Community of Friends, which recently broke ground on 47 affordable homes for seniors, including homeless veterans, in Huntington Park.
Huntington Square will feature 17 studio and 30 one-bedroom units for households earning between 30% and 60% of the area median income. The construction is being financed in part through the state’s Veterans Housing and Homelessness Prevention program.
Financing partners include City National Bank, the Los Angeles County Development Authority, the California Housing Finance Agency, and the California Department of Housing and Community Development. The project is expected to complete construction in late 2024.
Merritt Community Capital also announced that it is providing $11 million in equity to EAH Housing to rehabilitate and preserve 49 units in Rodeo.
Rodeo Gateway was constructed as part of a Department of Housing and Urban Development (HUD) program for senior households that has since been discontinued. The project is utilizing HUD’s Rental Assistance Demonstration program, which extends affordability of the project’s units while allowing nonprofit and private capital investment for rehabilitation, such as Merritt’s LIHTC equity investment.
This will ensure the property’s long-term physical and financial sustainability and stability for its senior residents, according to officials.
