Merritt Community Capital Corp., based in Oakland, Calif., has closed its $73 million Multi-Investor Fund XIV, the largest low-income housing tax credit (LIHTC) fund closing in its 23-year history.
This fund exceeded last year's fund by $15 million. According to Merritt, First Republic Bank invested $18 million into the fund while Bank of America Merrill Lynch invested $10 million.
Merritt's key developer partners in the new fund are Peoples' Self Help Housing, Christian Church Homes of Northern California, EAH, Mercy Housing, East Bay Asian Local Development Corp., Community Housing Improvement Program, and Sacramento Mutual Housing.
‘As we continue to grow and expand our multi-investor LIHTC funds, Merritt now has the capacity to better serve our existing developer partners while exploring several new project partnerships,’ says Barney Deasy, president of Merritt.