Merritt Capital Completes Affordable Housing Fund

Merritt Community Capital Corp. has completed the $58 million Multi-Investor Fund XIII, making this the largest low-income housing tax credit fund in its 21-year history.

Officials from the corporation say they were able to bring many important California banks to invest in the fund, including City National Bank.

Sal Mendoza, senior vice president and head of community reinvestment at City National Bank, said of the investment: “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… Affordable housing is still a major concern in this state. We intend to be part of the solution.”

Other investors in the fund include Wells Fargo, Bank of America, Comerica Bank, Silicon Valley Bank and WestAmerica Bank. Development partners consisted of 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 total, the partners are involved in six properties with 480 affordable housing units, along with preserving 130 additional units.