LA Family Housing, in partnership with Mercy Housing and Abode Communities, is developing 21300 Devonshire, a 100-unit affordable housing community utilizing modular construction, in Chatsworth, California. Merritt Community Capital is a main funder. In addition, the Los Angeles City Council allocated $10.4 million in Measure HHH funding. Passed by voters in 2016, Measure HHH authorized the city to issue $1.2 billion in bonds for supportive housing.
Abode Communities LA Family Housing, in partnership with Mercy Housing and Abode Communities, is developing 21300 Devonshire, a 100-unit affordable housing community utilizing modular construction, in Chatsworth, California. Merritt Community Capital is a main funder. In addition, the Los Angeles City Council allocated $10.4 million in Measure HHH funding. Passed by voters in 2016, Measure HHH authorized the city to issue $1.2 billion in bonds for supportive housing.

Merritt Community Capital announced the closing of a $140.7 million low-income housing tax credit fund, making it the organization’s second-largest fund in its 35 years.

Fund 24 finances eight projects, creating 476 affordable homes across California. Breaking down the units, 47% are permanent supportive housing, 10% are for seniors, and 37% are for families.

About 37% of the homes in Fund 24 will serve extremely low-income residents, households earning at or below 30% of the area median income (AMI); 42% of the homes will serve households earning between 31% and 50% of the AMI; and 21% will be serve households earning between 51% and 80% of the AMI.

Merritt teamed with 13 investors, matching the most it has had in a single fund. The partners included one new investor and two returning investors making their largest single investments to date.

“We built Fund 24 during a time of great change and turmoil in California’s banking industry,” said Carla Vasquez-Noriega, investor relations manager at Merritt. “It is a testament to the team at Merritt and its partners for meeting the moment to continue providing low-income Californians with the safe and affordable housing they need. Merritt reinvests in people and policies that build a stronger industry and a stronger California. In 2023, our Commitment to California initiative supported 500 individuals across California.”

The investors include BMO, which received Merritt’s investor of the year award in 2023.

“BMO is proud to continue its longstanding partnership with Merritt,” said Pamela Daniels-Halisi, managing director, community capital solutions. “BMO is dedicated to supporting the development and preservation of affordable homes in California as our footprint in the state continues to grow. We are grateful to partner with Merritt and their 35 years of affordable housing experience, as we strive to fulfill our purpose to boldly grow the good in business and life.”