Congratulations to American Family Housing (AFH) and Veloce Partners on the financing closing for Casa Paloma – which will bring 71 new units of affordable housing for homeless and low-income households to Midway City, CA. Casa Paloma will provide critically needed permanent supportive housing to 48 homeless households and 21 very low-income individuals and families in Orange County, along with wrap-around on-site supportive services provided by AFH, Cal Optima and Orange County Health Care Agency.
Casa Paloma will be utilizing modular construction to achieve a faster, lower cost delivery of these units.
Merritt Community Capital Corporation is proud to provide $21.5 million in tax credit equity capital to this critically needed development in Southern California. Thank you as well to our financing partners at Citi Community Capital, California Housing Finance Agency, California Department of Housing & Community Development, County of Orange, Orange County Housing Authority, Pacific Premier Bank and the Federal Home Loan Bank of San Francisco. Casa Paloma is expected to complete construction in Summer 2022.
As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with like-minded developers to fill gaps in the market to make the most challenging affordable housing projects possible. Merritt was critical to providing equity for Casa Paloma, which represented the first major tax credit development for American Family Housing, while providing AFH with a partner committed to the particular needs of a nonprofit sponsor focused on its long-term mission.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.