Merritt Community Capital said it has closed the first round for Fund XXII, so far raising $102 million that will finance nine projects and create 452 affordable homes across California.
The company said that in addition to being the largest fund to date, the closing of Fund XXII helped Merritt reach the monumental milestone of surpassing $1 billion dollars of affordable housing investment in California since its inception in 1989.
“Reaching the $1 billion milestone is exciting as we build momentum, accelerating Merritt’s impact. We look forward to continuing to grow and support the most needed and challenging projects in the state,” President and CEO Ari Beliak said in the announcement.
