SOURCE: Merritt Community Capital Corporation

Merritt Community Capital Corporation

February 17, 2014 08:00 ET

Merritt Community Capital Corporation Marks Its 25th Year With Largest Affordable Housing Fund

OAKLAND, CA--(Marketwired - Feb 17, 2014) - Merritt Community Capital Corp. marks its 25th year by closing an $80.5 million Multi-Investor Fund XVI. This is Merritt's largest multi-investor fund ever and exemplifies Merritt's ability to expand on its reputation and experience in affordable housing in California. Through Fund XVI, 861 units of affordable housing will be built in nine affordable projects statewide, through preservation of existing properties or new construction. Merritt's key developer partners in this current fund are Bridge Housing / Sacramento Housing Authority, Tenderloin Neighborhood Development Corporation, Solano Affordable Housing, American Baptist Homes of the West, Napa Valley Community Housing / Burbank Housing and Area Housing Authority of Ventura.

Through Fund XVI, Merritt continues to be strategic in securing affordable housing properties and in strengthening its partnerships with both developers and investors. There are twelve investors in Fund XVI, nine repeat bank investors and three new bank investors.

Barney Deasy, President of Merritt recalls that, "Twenty five years ago, when the Community Alliance for Syndicated Housing, the predecessor to Merritt Community Capital Corp., was created, largely by the efforts of Richard Winnie, then Oakland City Attorney, few envisioned the success and impact that Merritt Capital would have on the development and preservation of affordable housing in California. Fund XVI is yet another step in our ongoing pursuit of quality affordable housing for the residents of California. I think Richard would be pleased."

ABOUT MERRITT COMMUNITY CAPITAL CORPORATION
Merritt Community Capital Corporation provides equity capital for affordable housing throughout California, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management. Merritt is the West Coast member of the National Association of State and Local Equity Funds (NASLEF) and continues to offer exceptional service to investors, developers and consultants of LIHTC affordable housing properties. Merritt has raised approximately $544 million in 16 separate funds it has created and manages. For more information about Merritt, visit the company's Website at www.merrittcap.org.

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