ANNUAL REPORT 08 - Merritt Community Capital CorporationANNUAL REPORT ’08. Merritt Community...

Merritt Community Capital Corporation

A N N U A L R E P O RT ’08

Merritt Community Capital Corporation’s mission is to provide equity capital for affordablehousing throughout California and to revitalize neighborhoods through the construction,rehabilitation and long-term asset management of these properties.

Our Mission

ST. VINCENTS GARDEN houses 75 families in two, three and four-bedroom apartmentswithin 14 wood-frame and stucco buildings in Santa Barbara. Mercy Housing California incooperation with the Daughters of Charity at St. Vincent’s Institution developed this newconstruction property using tax-exempt financing from CalHFA, soft debt, and project-basedSection 8 subsidies for one-third of the units. The property provides residents with acommunity building, covered parking, open space, tot lots, and barbecue areas. MerrittCommunity Capital Funds IX and X provided over $15 million in equity.

Cover Profile

Merritt Community Capital Corporation successfully completed itsfirst Low Income Housing Tax Credit (LIHTC) fund in 1989. The LIHTC programwas in its infancy at that time and housing professionals and investors were justbeginning to unravel the intricacies of the program. Now more than 20 years later,after the fallout in mortgage and banking industries, we are facing a new set ofchallenges. The market has changed dramatically, but Merritt Capital continues onits steady course of positively impacting the lives of seniors, families, individualsand people with special needs by investing in developments that improve neigh-borhoods and provide our residents with quality affordable housing. In this report,Merritt highlights three properties that were uniquely designed to meet the needsof people served by affordable housing.

Opening Doors to Affordable Housing

Quality Affordable Housing Increasing StabilityRehabilitating NeighborhoodsRevitalizing Communities

Continuing a Steady Course

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2 MERRITT COMMUNITY CAPITAL CORPORATION

Experienced PartnersSolid Earnings Projections Sound Investments Comprehensive Asset Management

In 2008, the tax credit market continued down the path started in mid-2007.The crisis in our financial markets continued, although it is beginning to showsigns that at least the bottom has been hit. As if the loss of Fannie Mae andFreddie Mac as active investors was not enough, Washington Mutual withdrewand later was merged with JPMorgan Chase. As the year progressed, itbecame increasingly clear that the tax credit market was not clearing asmany very attractive projects could not find an investor at any price. >

Leadership

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Letter from the Board Chair & President

MERRITT COMMUNITY CAPITAL CORPORATION 3

WILLIAM M. LOFTON

Board Chair

BERNARD T. DEASY

President

At the national level, the National Association of Stateand Local Equity Funds (NASLEF) and other programadvocates lobbied hard for program adjustments tomeet these new and unprecedented challenges. Theresults of these efforts were impressive and Congresspassed the American Recovery and Reinvestment Act(ARRA) which included the tax credit exchange programand new funds through the Tax Credit AssistanceProgram (TCAP). At the state level, the California TaxCredit Allocation Committee rushed to publish andimplement new regulations designed to effectively usethese new tools included in the ARRA. As of this writ-ing, the state regulations are in place and the responseover the next few months will determine if these shortterm adjustments will have a positive impact.

In what must have been classified as a “bad year”,Merritt did well. We closed Fund XII at $28,500,000with five investors, including the return of WestAmericaBank as an active tax credit investor. We also identifiedfive outstanding project investments for inclusion inthe Fund, but were forced to pass on several othervery desirable investment opportunities as our fundswere quickly depleted. The outlook for 2009 is formore of the same. While the financial sector is showingsigns of recovery, Fannie Mae and Freddie Mac remainon the sidelines and the appetite for tax credits is stillnegatively impacted by the lack of profitability amongmany traditional tax credit investors. However, weexpect to close Fund XIII at $30-$35 million by the endof the year and to fund four or five project investments.We also will continue to exit partnerships in thoseprojects that have completed their compliance periodon terms favorable to both investors and projectgeneral partners.

Of special note this past year, Merritt Capital success-fully negotiated scholarship programs with two BayArea universities, California State University East Bayand San Francisco State University. The goal of theMerritt scholarships is to encourage students to pursue

careers in Affordable Housing and CommunityDevelopment. Each school developed a program toidentify and award two scholarships at each institutionto students who met scholarship criteria. Cal StateEast Bay awarded one scholarship for the initial yearand San Francisco State announced two awardees.We look forward to working with these two outstandinginstitutions of higher learning on an annual scholarshipfor many years to come.

Finally, as we continue the process of raising equityfor Merritt’s Fund XIII Partnership, which we plan toclose in 2009, we extend our thanks to our investors,partners and friends for making 2008 a success andfor providing the capital we need to invest in qualityaffordable housing throughout California. We are alllooking forward to increasing stability in the creditmarkets and the speedy return of all our investingpartners to the affordable housing sector as they areall essential if we are to reach our affordable housinggoals. This year it has been made very clear that ahealthy tax credit program requires a strong economywith firms that are making profits and hence, have areal need for the credit. While short term adjustment,such as the exchange program and TCAP, are helpfulin the moment, the overall recovery in the financialsector and the whole economy is the only real antidotefor our present situation. Let us hope that 2009 is theyear that a real recovery takes hold. Then and only thencan the Low Income Housing Tax Credit do its job.


Corporate Overview

Properties in 21 California Counties36 Affordable Housing PartnersOver $336 Million in Capital RaisedInvestments in 61 Properties

Merritt Community Capital Corporation is the premier nonprofit 501c3 taxcredit syndicator in California. Merritt was created in 1989 by the City ofOakland to address housing needs in Oakland, and later the San FranciscoBay Area. In 1995, Merritt separated from Oakland and hired an independentstaff. Since then it has continued to expand and now supports affordablehousing throughout California. In 2008, Merritt closed its 12th syndicatedfund, investing in 61 properties and over 4,200 units of affordable housing.

Industry Leaders

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AlamedaAdeline LoftsBaywood ApartmentsCalifornia HotelHarris CourtHismen Hin-nu TerraceJosephine Lum LodgeKent GardensLorenzo Creek ApartmentsMadison Park ApartmentsMarcus Garvey CommonsSan Pablo HotelShattuck Senior Homes

Contra CostaRiverhouse HotelWest Rivertown Apartments

El DoradoTahoe Senior Plaza II

HumboldtEureka Family Housing

KernMadison Place

Los AngelesColumbus ApartmentsPanorama View ApartmentsSecond Avenue Apartments

MarinBelvedere Place ApartmentsPoint Reyes Family Homes

NapaMagnolia Park ApartmentsPalisades Apartments

OrangeBel’Age Manor Apartments

SacramentoArdenaire Apartments

San BernardinoCitrus Grove

San FranciscoAntonia ManorArnett Watson ApartmentsCanon Barcus Community HouseKlimm ApartmentsLyric HotelMaria ManorNamiki ApartmentsNotre Dame ApartmentsPlaza & Ramona ApartmentsRich Sorro Commons

San JoaquinGrant Village TownhomesUnion Court Apartments

San MateoGreenridge ApartmentsLight Tree ApartmentsMain Street ParkSchool House StationRedwood Oaks

Santa BarbaraSt. Vincent’s Gardens

Santa ClaraHomeSafe Santa ClaraHomeSafe San JoseMonte Alban ApartmentsPensione Esperanza

Santa CruzJardines Del Valle

SolanoBurgess Point ApartmentsUnion Square IIMarina Vista IMarina Vista IIMarina Heights

ShastaHotel Redding

SonomaCasa Grande Senior ApartmentsPapago CourtPaulin Creek ApartmentsRowan Court

YoloWest Capitol Courtyard II


MERRITT FUNDS invest in affordable housing properties throughoutthe state of California that address a wide variety of housing needs.From Anaheim to Eureka, we have partnered in the creation of familyhousing, senior developments, single-room occupancy hotels, specialneeds housing and co-housing developments. In 2008, Merritt addedEl Dorado and Orange to its list of counties served through investmentsin Tahoe Senior Plaza II and Bel’ Age Manor Apartments.

INVESTMENTS IN 61 PROPERTIES IN 21 CALIFORNIA COUNTIES

Portfolio Profile

1234

51012

Number of MerrittProperties by County

2008 Project Investments


Since 1989, Merritt Capital has developed strategic relationships withaffordable housing partners, helping to provide homes for seniors, families,and individuals with special needs.

OVER THE COURSE OF 19 YEARS, Merritt Capital staff has been dedicated to learning our market, developingand maintaining relationships with 36 affordable housing partners, providing superior customer service to our investors,and staying focused on our mission regardless of market conditions. This past year was no exception. In 2008,Merritt Funds IX, XI and XII formed partnerships with five affordable housing developers to invest in two acquisitionwith rehabilitation properties and three new construction properties. Three of these properties are for seniors andtwo are for families.

Acquisition Highlights

Property Name City County Type Population

Bel’Age Manor Apartments Anaheim Orange Acq/Rehab Senior

Columbus Apartments Los Angeles Los Angeles Acq/Rehab Senior

Palisades Apartments Calistoga Napa New Family

Rowan Court Santa Rosa Sonoma New Family

Tahoe Senior Plaza II South Lake Tahoe El Dorado New Senior


Equity Investments

Asset Management

1989 1991 1992 1994 V VI VII VIII IX X XI XII PG&EHF*

FUNDS * PG&EHF is a single investor fund and invested in projects from 1997 – 2002.

SINCE 1989, Merritt Capital has closed 12 equity partnership funds, managed a direct equity investment fundand is currently raising capital for its 13th fund. Investments come from financial institutions and corporationsinterested in the benefits provided by the LIHTC program. Investors receive a competitive rate of return whilepromoting community investment through the production of affordable housing.

AN ESSENTIAL PART OF THE LIHTC PROGRAM is the 15-year compliance period that begins as soonas tenants occupy the building. Merritt’s Asset Management staff is responsible for monitoring the propertiesto assure compliance with the program both physically and financially through performing regular health andsafety inspections of the properties, ensuring accurate and complete tenant qualifications, and monitoring thefinancial viability of the projects. There are currently over 3,900 units under asset management. This amountdecreased from last year due to Merritt exiting partnerships for projects that completed their complianceperiod. Asset Management staff continues to improve the use of its proprietary database program withmore comprehensive reports to assist in analysis and quick response times to investors. In order to helpour partners, properties and others working in the LIHTC program, Asset Management staff has developeda LIHTC training program with introductory, intermediate and advanced modules. In 2008, Merritt staffprovided training to 461 property managers, property supervisors and others involved in the program.

Total Capital Raised(EQUITY IN MILLIONS $000’s)

MONITORING THE SAFETY AND VIABILITY OF OVER 3,900 UNITS

$50,000

$40,000

$30,000

$20,000

$10,000

0

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Who We Are


PROPERTY PROFILES

Urban SustainabilityCreating Affordable Housing Quality Partnerships Building Green

In 2008, Merritt Community Capital partnered with 5 affordable housingdevelopers to create or rehabilitate 363 units of affordable housing that serveseniors and families. This wouldn’t have been possible without the hard work,innovation, and dedication of these partner organizations and their staff.The following pages highlight three of the types of properties that havebenefited from our combined efforts.

Responsible Stewardship

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Casa Grande Senior Apartments is a 58-unit new construction property located in Petaluma.Developed by Petaluma Ecumenical Properties (PEP Housing), it was Merritt’s second property financed underHUD’s Section 202 mixed financing guidelines. Casa Grande was “universally designed” to make the propertyuser friendly, functional and visually appealing so that seniors can enjoy their surroundings while they age in place.Some of the universal design features at Casa Grande are roll-in showers, raised electrical outlets, toggle insteadof flip switches, and wheelchair accessible garden boxes. Casa Grande was the first multifamily housing projectin Sonoma County that was Build It Green Certified. It has a photovoltaic system with roof solar panels, recycledcarpet, VOC paints, and satellite irrigation controllers. “PEP Housing is committed to building green and reducingthe footprint of its properties,” said Mary Stompe, the Executive Director. “It’s the right thing to do, our seniorswant to see it and incorporating these things reduces operating costs.”

The property was developed using tax-exempt bonds privately placed with Silicon Valley Bank, soft debt providedby the City of Petaluma, and permanent financing through a Capital Advance under the HUD 202 Program. A totalof 44 of the units will receive an operating subsidy under a HUD Project Rental Assistance Contract. MerrittCommunity Capital Fund XI provided over $7 million in equity.

Casa Grande Senior Apartments

PETALUMA, CALIFORNIA


Palisades Apartments is a 24-unit new construction family property in Calistoga. It was developedas a collaborative effort by Burbank Housing Development Corporation and Calistoga Affordable Housing. The sitewas donated by Palisades-Calistoga Resort LP, developer of Solage Calistoga, in order to fulfill its affordablehousing requirements to the city. They also contributed offsite work, pad construction, and rough grading.

A pair of two-story buildings at Palisades Apartments offer one and two-bedroom units. In addition, the property isequipped with a community room, laundry facilities, children’s play area, barbecues and 48 open parking spaces.Landscaping is irrigated using reclaimed water from the City’s tertiary treatment plant. Baths and kitchens havelow flow faucet restrictors. Universal design elements were applied in all first floor units to make them wheelchairaccessible. Solar panels and an extensive recycling program help keep the property sustainable.

The units were rapidly leased and residents quickly achieved a vital sense of community. Rick Neubecker, propertymanager, confirms that “Neighbors help each other out, the kids love it here, and everyone gets along very well.”

Palisades Apartments was built using tax-exempt bonds privately placed with Silicon Valley Bank, an AHP loanand a loan of State HOME funds from the City of Calistoga. Merritt Community Capital Fund XII provided $2.8million in 4% tax credits.

CALISTOGA, CALIFORNIA


SAN FRANCISCO, CALIFORNIA

Arnett Watson Apartments provides 83 studio, one and two-bedroom apartments for homelessfamilies and individuals with income at 10% to 15% of area median income. Tenderloin Neighborhood DevelopmentCorporation (TNDC) and Community Housing Partnership (CHP) partnered to develop this rare new constructionproperty in San Francisco’s Tenderloin neighborhood, leveraging TNDC’s development expertise along with CHP’sfocus on creating housing for the formerly homeless.

The nine-story building boasts two courtyards, a community room and kitchen, and a rooftop deck. According toNick Griffin, TNDC’s lead developer for the project,“There is a lot of building on a small footprint due to the smallsite and previously approved entitlements.” This was CHP’s second development in as many years and their firstnew construction project. CHP staff talked to tenants in their other buildings to collect design input from endusers. In addition, a CHP team led the lease-up process which “was smooth and easy” according to HersheyHirschkop, CHP’s co-developer. “The tenants are fabulous, happy, and satisfied,” she reports.

This permanent supportive housing was developed using tax-exempt construction financing from Citi, permanentfinancing from the California Department of Housing and Community Development’s MHP Program, significant softdebt from the San Francisco Mayor’s Office of Housing and an AHP soft loan from the Federal Home Loan Bankof San Francisco. Merritt Community Capital Fund XI provided over $13 million in 4% tax credits.

Property Fund Location Units Type

California Hotel* 1989/Fund V Oakland 152 SROMarcus Garvey Commons* 1991 Oakland 22 FamilyRiverhouse Hotel 1991/1992 Martinez 75 Seniors/DisabledSan Pablo Hotel* 1991/1992 Oakland 144 Senior SROHismen Hin-nu Terrace 1992 Oakland 92 FamilyMadison Park Apartments* 1992 Oakland 98 FamilyJardines Del Valle 1994 Watsonville 18 FamilyLyric Hotel 1994 San Francisco 58 DisabledMain Street Park 1994 Half Moon Bay 36 FamilySchool House Station 1994/Fund V Daly City 47 FamilyGrant Village Townhomes Fund V Stockton 40 FamilyPensione Esperanza Fund V San Jose 110 SROShattuck Senior Homes Fund V Berkeley 27 SeniorsMadison Place Apartments Fund V/PG&EHF Bakersfield 56 FamilyBelvedere Place Apartments Fund VI San Rafael 26 FamilyHarris Court Fund VI Hayward 20 FamilyHomeSafe Santa Clara Fund VI Santa Clara 25 Special NeedsNamiki Apartments Fund VI San Francisco 34 SeniorsRedwood Oaks Fund VI Redwood City 36 FamilyCanon Barcus Fund VI/VII San Francisco 48 Family/DisabledNotre Dame Apartments Fund VI/VII San Francisco 204 Seniors/DisabledHomeSafe San Jose Fund VII San Jose 25 Special NeedsMaria Manor Fund VII San Francisco 119 SROUnion Court Apartments Fund VII Manteca 68 FamilyHotel Redding Fund VII/VIII Redding 49 SeniorsAntonia Manor Fund VIII San Francisco 133 SROBurgess Point Fund VIII Benicia 56 FamilyCitrus Grove Apartments Fund VIII Fontana 50 FamilyLorenzo Creek Apartments Fund VIII Castro Valley 28 Family/Special NeedsUnion Square II Fund VIII Fairfield 24 FamilyWest Rivertown Apartments Fund VIII Antioch 57 FamilyBaywood Apartments Fund IX Fremont 82 FamilyJosephine Lum Lodge Fund IX Hayward 150 SeniorsKlimm Apartments Fund IX San Francisco 42 SROMagnolia Park Fund IX Napa 29 Family


Property Investments

Direct Investments

TOTAL DIRECT INVESTMENT UNITS: 888

* Merritt assigned partnership interests to project General Partner at the end of the LIHTC compliance period.

Property Fund Location Units Type

Point Reyes Family Homes Fund IX Point Reyes 27 FamilySecond Avenue Apartments Fund IX Los Angeles 20 FamilySt. Vincent’s Gardens Fund IX Santa Barbara 75 FamilyTahoe Senior Plaza II Fund IX South Lake Tahoe 33 SeniorEureka Family Housing Fund X Eureka 50 FamilyKent Gardens Fund X San Lorenzo 83 SeniorsMonte Alban Apartments Fund X San Jose 192 FamilyPanorama View Apartments Fund X Los Angeles 87 SeniorArdenaire Apartments Fund XI Sacramento 53 Family/Special NeedsCasa Grande Senior Apartments Fund XI Petaluma 58 SeniorBel’ Age Manor Apartments Fund XI Anaheim 180 SeniorArnett Watson Apartments Fund XI San Francisco 83 Special NeedsRowan Court Fund XII Santa Rosa 62 FamilyPalisades Apartments Fund XII Calistoga 24 FamilyColumbus Apartments Fund XII Los Angeles 64 Senior

TOTAL UNITS: 3,371

Property Investor Location Units Type

Adeline Lofts Silicon Valley Bank Oakland 38 Live/Work LoftsGreenridge Apartments PG&EHF So. San Francisco 34 FamilyLight Tree Apartments PG&EHF East Palo Alto 94 FamilyMarina Vista I & II, Marina Heights PG&EHF Vallejo 388 Family/IndividualPapago Court PG&EHF Santa Rosa 48 FamilyPaulin Creek PG&EHF Santa Rosa 48 FamilyPlaza & Ramona PG&EHF San Francisco 63 DisabledRich Sorro Commons PG&EHF San Francisco 100 FamilyWest Capitol Courtyard II PG&EHF West Sacramento 75 Family



Fund Investors

1989 Oakland HousingPartnership AssociatesBank of AmericaBank of the WestBramalea Pacific, Inc.Dreyer’s Grand Ice Cream, IncFirst Nationwide BankPG&E CorporationQuaker Oats

1991 Oakland HousingPartnership AssociatesBank of AmericaBank of the WestBay View Capital CorporationDreyer’s Grand Ice Cream, Inc.Fannie MaeFreddie MacUnion Bank

1992 Oakland RegionalHousing Partnership AssociatesBank of AmericaBank of CaliforniaBank of the WestBay View Capital CorporationFannie MaeFirst Interstate BankFreddie MacPG&E CorporationSanwa Bank CaliforniaUnion Bank

1994 Oakland RegionalHousing Partnership AssociatesBank of AmericaBank of CaliforniaBank of the WestFannie MaeFirst Interstate BankFreddie MacHome Savings of AmericaPG&E CorporationSanwa Bank CaliforniaUnion Bank

Merritt CommunityCapital Fund VBank of AmericaBank of the WestFannie MaeFreddie MacHome Savings of AmericaPG&E CorporationSanwa Bank CaliforniaUnion Bank of CaliforniaWells Fargo Bank

Merritt CommunityCapital Fund VIBank of AmericaBank of the WestComerica BankFannie MaeFreddie MacSanwa Bank CaliforniaUnion Bank of CaliforniaUnited Commercial BankWells Fargo Bank

Merritt CommunityCapital Fund VIIBank of AmericaBank of the WestComerica BankDowney Savings and LoanFannie MaeFreddie MacSanwa Bank CaliforniaSilicon Valley BankUnion Bank of CaliforniaWashington MutualWells Fargo BankWestamerica Bank

Merritt CommunityCapital Fund VIIIBank of AmericaBank of the WestFannie MaeFreddie MacUnion Bank of CaliforniaWashington MutualWells Fargo Bank

Merritt CommunityCapital Fund IXBank of AmericaBank of the WestFannie MaeFreddie MacUnion Bank of CaliforniaWashington MutualWells Fargo Bank

Merritt CommunityCapital Fund XBank of AmericaBank of the WestFannie MaeFreddie MacWashington MutualWells Fargo Bank

Merritt CommunityCapital Fund XIBank of AmericaBank of the WestFannie MaeFreddie MacSilicon Valley BankWashington MutualWells Fargo Bank

Merritt CommunityCapital Fund XIIBank of AmericaBank of the WestSilicon Valley BankWells Fargo BankWestAmerica Bank

Current Assets 2008 2007

Cash $ 659,975 $ 54,446Cash – Held on Behalf of Related Entities 15,259 15,213Accounts Receivable 1,739 3,156Due from Affiliates – Current Portion 3,940,367 734,348Prepaid Expenses 9,650 23,329

Total Current Assets $ 4,626,990 $ 830,492

Other AssetsInvestment in Upper Tier Limited Partnerships (507,143)Due from Affiliates – Net of Current Portion 4,983,821 7,532,894Furniture and Equipments – Net 11,335 21,554

Total Other Assets $ 4,488,013 $ 7,554,448

Total Assets $ 9,115,003 $ 8,384,940

Current Liabilities 2008 2007

Accounts Payable and Accrued Expenses $ 20,510 $ 28,094Due to Affiliates – Current Portion 57,452 299,823Deferred Revenue – Current Portion 158,322 79,092Notes Payable – Current Portion 337,000Line of Credit Payable 3,000,000 2,100,000

Total Current Liabilities $ 3,573,284 $ 2,507,009

Long-term LiabilitiesDue to Affiliates – Net of Current Portion $ 90,515Deferred Revenue – Net of Current Portion 609,826 225,913Notes Payable – Net of Current Portion 348,800 685,800

Total Long-term Liabilities $ 1,049,141 $ 911,713

Total Liabilities $ 4,622,425 $ 3,418,722

Total Net Assets – Unrestricted $ 4,492,578 $ 4,966,218

Total Liabilities and Net Assets $ 9,115,003 $ 8,384,940

Merritt Community Capital CorporationUnconsolidated Balance SheetDECEMBER 31 , 2008

Financial Highlights

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Unrestricted Net Assets 2008 2007

RevenuePartnership Fees $ 1,425,551 $ 1,783,758Direct Investment Services Fees 295,190 229,562Share of Upper Tier Limited Partnership Income 14,113Interest Income 6,084 18,691Other Income 18,360 78,886

Total Revenues $ 1,759,298 $ 2,110,897

Operating ExpensesSalaries and Benefits $ 1,097,402 $ 1,112,317Office Rent and Parking 102,759 96,964Office Expense 57,092 50,402Dues and Subscriptions 14,107 11,742Travel and Conferences 54,494 38,087Marketing 103,602 68,294Insurance and Taxes 14,252 7,027Professional Fees 257,756 349,665Depreciation 10,219 10,219

Total Operating Expenses $ 1,711,683 $ 1,744,717

Increase in Net Assets $ 47,615 $ 366,180

Net Assets – Beginning of Year $ 4,444,963 $ 4,078,783

Net Assets – End of Year $ 4,492,578 $ 4,444,963

Merritt Community Capital CorporationUnconsolidated Statement of Income and ExpenseDECEMBER 31 , 2008

64% 6%

6%

3%6%

15%

SALARIES

PROFESSIONAL FEES

MARKETING

OFFICE RENT AND PARKING

OFFICE EXPENSES/OTHER

TRAVEL AND CONFERENCES

Total Expenses

81%

2%

17%

PARTNERSHIP FEES

SERVICE FEES

INTEREST AND OTHER INCOME

Total Revenue


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William M. Lofton, ChairpersonAttorney at LawLofton & Jennings, LLP

John Chan, Vice ChairpersonVice President US Bank

Roy Schweyer, SecretaryFormer Director of Housing& Community DevelopmentCity of Oakland

Margaret Yung, TreasurerFormer First Vice President & NationalManager/Community InvestmentsJPMorgan Chase

Jeff BennettVice PresidentCommunity Lending DivisionWells Fargo Bank

Jon GresleyExecutive DirectorOakland Housing Authority

Sean HeronSenior Policy AnalystOakland Housing Authority

Chris LongSenior Vice PresidentBank of America

Stephanie McFaddenDirectorPacific Housing Advisors

Rick YeeVice President & Manager ofCommunity Development LendingBank of the West

Top row, L to R:Birute Skurdenis, Asset ManagerJulie Sontag, Director of OperationsBarney Deasy, PresidentDan Kiernan, CFO

Bottom row, L to R:Denise Taplin, Administrative AssistantMaria Duarte, Director of Asset ManagementKristy Ball, Asset ManagerKaren Smyda, Director of Acquisitions

Staff

Board of Directors

WRITER/EDITOR: JULIE SONTAG DESIGN: LISA EDSON DESIGN

PHOTOGRAPHY: CHARLOTTE FIORITO PHOTOGRAPHY, ETHAN PINES PHOTOGRAPHY, TOM TRACY PHOTOGRAPHY, JULIE SONTAG,

BOB HSIANG, MARIA DUARTE

1970 Broadway, Suite 250Oakland, CA 94612(510) 444-7870(510) 444-7874 (fax)www.merrittcap.org

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