ANNUAL REPORT ’14

Merritt Community Capital Corporation

Sustainability Affordability Dependability Accountability

[Ability]

Cover Profile

AMENITIES: On-site resident services, computer center, community room with kitchen, conference room,library with gas fireplace, large outdoor terrace, media room, bocce-ball court, community garden.

McAuley Meadows Senior Apartments AUBURN, CA

RESIDENTS: Senior ACCOMMODATIONS: 60 Units

DEVELOPER: Mercy Housing California FINANCING: Fund XIV

TYPE: New Construction

Merritt Community Capital celebrates its 25th Anniversary by honoring ourenduring partnerships. Our shared vision has revitalized California communities andprovided high-quality, affordable homes for families, seniors, and those with special needs.

During challenging times in housing policy, Merritt has excelled because of our reputationfor reliability, stability, and integrity. With focus on long-range success, Merritt investswith partners who are expert at developing projects that will prosper during the15-year Low Income Housing Tax Credit (LIHTC) Compliance Period. Our senior teamof industry professionals is responsible for properties from inception through asset andportfolio management.

Merritt Community Capital renews our pledge to our partners as we move forward—building neighborhoods and opening doors to affordable housing.

Sustainable Partnerships Create Sustainable Housing

Top Photo: McAuley Meadows

O U R M I S S I O N

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

2 MERRITT COMMUNITY CAPITAL CORPORATION

In 2014, the Low Income Housing Tax Credit (LIHTC) market produced anotherin a long line of outstanding performances. The market was characterized by an abundance of equity, as the demand for Low Income Housing Tax Creditinvestment opportunities increased to levels not seen since 2006. In spite of cuts in HOME, Redevelopment and otherfunding sources, we were able to secure a pipeline of outstanding project investments. While many yield-motivatedinvestors, including the insurance industry, have shown some reluctance to invest at returns below 6% and were not asactive in the 2014 market, banks seeking safe and sound investments and CRA Investment credit more than offset theabsence of yield only motivated investors and we expect the current trend to continue as long as the Federal Reservekeeps interest rates at historic low levels. With the 10 year Treasury hovering around 2.4%, it is difficult to ignore the200 basis point spread available in a quality LIHTC investment.

In Congress, the new GOP majority in the Senate and increased majority in the House has further clouded the prospectsfor major tax reform. While the House Ways and Means Committee produced its first draft of tax reform that maintainedthe LIHTC, the Chair of the committee resigned and Rep. Ryan from Wisconsin is now the Committee Chair. To date,no clear signals have been indicated, but some actually see enhanced prospects for some meaningful tax reform.Any action on a tax bill not likely in the near term, we need to watch the situation closely and be prepared to make ourcase for program improvements when and if Congress gets serious about tax reform.

Merritt Community Capital continues to play an increasingly significant role in the California affordable housingmarketplace. Fund XVII closed in early 2015 at $61 million. At the close of 2014, we reported Net Assets in excess of$7.4 million, a net increase of over $697,000 from 2013. Fund XVII is fully invested in seven projects throughout the statein a mix of new construction and acquisition with rehabilitation developments. The outlook for 2015 is for an increasein the project pipeline that will support a higher level of investor interest in Merritt Funds as we continue to increase ouroutreach to new investors, both in the financial markets and other sectors within the California economy.

The Merritt Capital Scholarship program with two Bay Area universities, California State University East Bay andSan Francisco State University, is now in its sixth year and continues to provide financial support to qualified students

LEADERSHIP MESSAGE FROM THE PRES IDENT AND CHAIRMAN OF THE BOARD

Reliability Accountability Dependability Respectability Approachability Transferability Affordability Adaptability

MERRITT COMMUNITY CAPITAL CORPORATION 3

JEFF BENNETTBoard Chairperson

seeking a career in Community Development and Affordable Housing. We have expanded the program to providescholarship support in the Graduate School of Urban Affairs at San Francisco State University. Needless to say, as thecost of tuition at our State Universities continues to rise, the Merritt Scholarship Program is providing real and tangiblesupport for students in need.

In California, we continue to push for a response to the elimination of Redevelopment Agencies by the Governor.Our efforts have focused on the creation of a permanent source of State support based on a $75.00 fee on most recordedreal estate transactions. While the bill has been introduced for the third year in a row, the super majority needed to securepassage is still not present in the Legislature. Other measures, including an increase in the State Tax Credit and theallocation of Cap and Trade funding, are moving ahead.

As Merritt Community Capital concludes its 25th year asthe only Tax Credit equity source devoted exclusively to meeting the affordable housing needs of Californians, welook forward to the addition of several outstanding propertiesto our portfolio while successfully transitioning out of thoseproperties and funds that have completed their 15 yearcompliance period. And we remain focused on resolvingthe projected funding shortfall that may impact thosedevelopments planned for 2015 and beyond, and will joinwith our colleagues statewide in the ongoing efforts tosecure a “Permanent Source” solution.

Reliability Accountability Dependability Respectability Approachability Transferability Affordability Adaptability

BERNARD T. DEASYPresident

4 MERRITT COMMUNITY CAPITAL CORPORATION

Merritt Capital Turns 25

Merritt Community Capital was founded in 1989 by the City of Oakland.

In1995 Merritt separated from the City and hired an independent staff.

The combined funds have financed 7,017 affordable homes since 1989.

Since 1989 a total of $606.75 million has been invested.

In 2009 Merritt established business scholarship funds for bothSan Francisco State University and California State East Bay.

14 Merritt Scholars have attended San Francisco State University.

9 Merritt Scholars have attended California State East Bay.

Over $150,000 has been spent on the scholarship program to date.

MERRITT COMMUNITY CAPITAL CORPORATION 5

An essential part of the LIHTC program is the 15-year complianceperiod that begins as soon as tenants occupy the building. Merritt’sAsset Management staff is responsible for monitoring the propertiesto assure compliance with the program, both physically and financially.Merritt performs regular health and safety inspections of the proper-ties, ensures accurate and complete tenant qualifications and monitorsthe financial performance of the projects. There are currently over5,525 units being managed. Asset Management staff continues toimprove the use of its proprietary database program by addingcomprehensive reports that assist in analysis and quick responsetimes for investors.

Continuing education on how the LIHTC program operates inCalifornia is key to compliance. To help our partners, properties andothers working in the LIHTC program, Asset Management staff hasdeveloped a LIHTC training program with introductory, intermediateand advanced modules. Since 2004,Birute Skurdenis has providedtraining to over 3,750 propertymanagers, property supervisors andothers involved in the program.

Once a property reaches the endof its 15-year compliance period,Merritt transfers the partnershipinterest to the project generalpartner. All 24 properties inMerritt’s first four funds and thePG&EHF Fund have been smoothlytransferred, and the upper tierpartnerships have been dissolved.

“Merritt’s AssetManagement teamstrives to meetthe needs of ourresidents as wellas our investors.”Maria DuarteDirector of Asset ManagementMerritt Community Capital

Asset Management and Disposition

6 MERRITT COMMUNITY CAPITAL CORPORATION6 MERRITT COMMUNITY CAPITAL CORPORATION

1

2

3

4

5

6

7

8

9

11

24

Number of MerrittProperties by County

MERRITT FUNDS invest in affordable housing propertiesthroughout the state of California and address a widevariety of housing needs. From Anaheim to Eureka, wehave partnered in the creation of family housing, seniordevelopments, single-room occupancy hotels, specialneeds housing and supportive housing developments.In 2014, we entered into 8 project partnerships adding730 units to Merritt’s portfolio and to California’s qualityaffordable housing.

Portfolio Profile

AlamedaAdeline Lofts**Ashland VillageBaywood ApartmentsCalifornia Hotel**Cathedral GardensDrasnin ManorEC MagnoliaEden HouseFargo Senior ApartmentsFuller LodgeHarris CourtHarrison Street Senior HousingHismen Hin-nu Terrace**Issei TerraceJosephine Lum LodgeKent GardensLorenzo Creek ApartmentsMadison Park Apartments**Marcus Garvey Commons**Olive TreeRedwood LodgeSan Pablo Hotel**Sequoia ManorShattuck Senior Homes

ButteParadise Community Village

Contra CostaRiverhouse Hotel**Valley Vista Senior HousingWest Rivertown Apartments

El DoradoKelly Ridge Apartments

HumboldtEureka Family Housing

KernMadison Place Apartments**

Los AngelesColumbus ApartmentsCoronado PlacePanorama View ApartmentsPark PlazaSecond Avenue ApartmentsWadsworth Park Apartments

MarinBelvedere Place ApartmentsPoint Reyes Family HomesToussin Senior Apartments

NapaArroyo Grande VillasMagnolia Park ApartmentsOak CreekPalisades ApartmentsStonebridgeWoodbridge Village

OrangeBel’Age Manor ApartmentsBonterra Apartments

PlacerMcAuley Meadows Senior Apartments

SacramentoArdenaire ApartmentsQuinn CottagesSierra VistaWashington Plaza

* Through 12/31/14

Investments in 104 Properties in 25 California Counties*

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

MERRITT COMMUNITY CAPITAL CORPORATION 7MERRITT COMMUNITY CAPITAL CORPORATION 7

Acquisition Highlights

Property Name City County Type Population #Units

Eden House San Leandro Alameda Acq/Rehab Family 116

Los Feliz II Thousand Oaks Ventura New Family 20

Oak Creek Napa Napa New Family 41

Park Plaza Los Angeles Los Angeles Acq/Rehab Family 79

Parkview Senior San Jose Santa Clara Acq/Rehab Senior 140

Parkview Family San Jose Santa Clara Acq/Rehab Family 90

Rosa Parks II San Francisco San Francisco New Senior 98

Sierra Vista Sacramento Sacramento Acq/Rehab Senior 78Sierra Vista I Mountain View Santa Clara Acq/Rehab Family 34Stonebridge St. Helena Napa Acq/Rehab Family 80Washington Plaza Sacramento Sacramento Acq/Rehab Senior 76

AlamedaAdeline Lofts**Ashland VillageBaywood ApartmentsCalifornia Hotel**Cathedral GardensDrasnin ManorEC MagnoliaEden HouseFargo Senior ApartmentsFuller LodgeHarris CourtHarrison Street Senior HousingHismen Hin-nu Terrace**Issei TerraceJosephine Lum LodgeKent GardensLorenzo Creek ApartmentsMadison Park Apartments**Marcus Garvey Commons**Olive TreeRedwood LodgeSan Pablo Hotel**Sequoia ManorShattuck Senior Homes

ButteParadise Community Village

Contra CostaRiverhouse Hotel**Valley Vista Senior HousingWest Rivertown Apartments

El DoradoKelly Ridge Apartments

HumboldtEureka Family Housing

KernMadison Place Apartments**

Los AngelesColumbus ApartmentsCoronado PlacePanorama View ApartmentsPark PlazaSecond Avenue ApartmentsWadsworth Park Apartments

MarinBelvedere Place ApartmentsPoint Reyes Family HomesToussin Senior Apartments

NapaArroyo Grande VillasMagnolia Park ApartmentsOak CreekPalisades ApartmentsStonebridgeWoodbridge Village

OrangeBel’Age Manor ApartmentsBonterra Apartments

PlacerMcAuley Meadows Senior Apartments

SacramentoArdenaire ApartmentsQuinn CottagesSierra VistaWashington Plaza

Investments in 104 Properties in 25 California Counties*

San BernardinoCitrus Grove Apartments

San FranciscoAntonia ManorArnett Watson ApartmentsCanon Barcus Community HouseKlimm ApartmentsLyric Hotel**Maria ManorNamiki ApartmentsNotre Dame ApartmentsPlaza & Ramona Apartments**Rich Sorro Commons**Rosa Parks II

San JoaquinGrant Village Townhomes**Union Court Apartments

San Louis ObispoPismo Creek BungalowsCourtland Street

San MateoGreenridge Apartments**Light Tree Apartments**Main Street Park**Redwood OaksSchool House Station**

Santa BarbaraDahlia Court IISt. Vincent’s Gardens

Santa ClaraBella TerraHomeSafe Santa ClaraHomeSafe San JoseMonte Alban ApartmentsParkview FamilyParkview SeniorPensione EsperanzaSierra VistaVilla Garcia

Santa CruzJardines Del Valle**

SolanoBurgess Point ApartmentsFairfield Senior ManorMarina Vista I**Marina Vista II**The Village ApartmentsUnion Square II

ShastaHotel ReddingLorenz Hotel

SonomaAcacia Lane Senior ApartmentsCasa Grande Senior ApartmentsKellgren Senior ApartmentsPapago Court**Paulin Creek Apartments**Rowan CourtSonoma Creekside

VenturaLos Feliz II

YoloNew HarmonyWest Capitol Courtyard II

2014 LIHTC Syndications

Eden Issei Terrace HAYWARD, CA

RESIDENTS: Senior ACCOMMODATIONS: 100 Units

AMENITIES: Activity room, lounge area, wellness clinics, enrichment activities, green resident trainingand engagement, secure entries, secure parking, transportation services, close to retail services, medicalfacilities, public transportation, parks and services.

DEVELOPER: Eden Housing FINANCING: $6.7 Million, Fund XV

TYPE: Rehabilitation

8 MERRITT COMMUNITY CAPITAL CORPORATION

MERRITT COMMUNITY CAPITAL CORPORATION 9

Los Feliz II Park Apartments THOUSAND OAKS, CA

RESIDENTS: Family ACCOMMODATIONS: 20 Units

AMENITIES: Community room, pool and picnic areas, playground, central laundry facilities, on-sitemanagement, air conditioning, above and underground parking, close to outdoor activities, retail servicesand cultural life.

DEVELOPER: Area Housing Authority of the County of Ventura FINANCING: $3.7 Million, Fund XVI

TYPE: New Construction

10 MERRITT COMMUNITY CAPITAL CORPORATION

AMENITIES: Close to BART and downtown Oakland, on-site management and maintenance offices, lobbyand reception area, children’s play area, community room, fitness room, after-school homework center,computer learning lab, parking garage, bicycle parking, secured entrances, small pets welcome.

Cathedral Gardens OAKLAND, CA

RESIDENTS: Family/Special Needs ACCOMMODATIONS: 100 Units

DEVELOPER: EAH Housing FINANCING: $17.9 Million, Fund XIV

TYPE: New Construction

MERRITT COMMUNITY CAPITAL CORPORATION 11

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 PartnershipAssociatesBank of AmericaBank of CaliforniaBank of the WestBay View Capital CorporationFannie MaeFirst Interstate BankFreddie MacPG&E CorporationSanwa Bank CaliforniaUnion Bank

1994 Oakland RegionalHousing PartnershipAssociatesBank 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

Merritt CommunityCapital Fund XIIIBank of AmericaCity National BankComerica BankFirst Republic BankSilicon Valley BankWells Fargo BankWestAmerica Bank

Merritt CommunityCapital Fund XIVBank of AmericaBank of the WestCity National BankComerica BankFirst Republic BankSilicon Valley BankWells Fargo Bank

Merritt CommunityCapital Fund XVBank of AmericaBank of MarinBank of the WestBoston Private BankCity National BankComerica BankFarmers & MerchantsFirst Republic BankRedding Bank of CommerceSilicon Valley BankWells Fargo Bank

Merritt CommunityCapital Fund XVIBank of America Merrill LynchBank of MarinBank of the WestBoston Private Bank & TrustCalifornia Bank and TrustCity National Bank Comerica BankFirst Republic BankPacific Western BankSilicon Valley BankUmpqua Bank Wells Fargo Bank

Fund Investors

Over 25 years, Merritt Capital has opened doors to over 7,017 homes throughout California.

1,718

$167.7

Seniors

27 PROPERTIES

MILLION FINANCEDBY MERRIT FUNDS

16 COUNTIES

UNITS

3,472

$293.6

Family

57 PROPERTIES

MILLION FINANCEDBY MERRITT FUNDS

19 COUNTIES

UNITS

10 MERRITT COMMUNITY CAPITAL CORPORATION

Over 25 years, Merritt Capital has opened doors to over 7,017 homes throughout California.

1,110

$111.4

14 PROPERTIES

MILLION FINANCEDBY MERRIT FUNDS

7 COUNTIES

UNITS

717

$34

SRO

6 PROPERTIES

MILLION FINANCEDBY MERRITT FUNDS

3 COUNTIES

UNITSSingle RoomOccupancy

Special Needs

MERRITT COMMUNITY CAPITAL CORPORATION 11

14 MERRITT COMMUNITY CAPITAL CORPORATION

IN 2014, Merritt successfully closed our largest fund, Fund XVI, at $80.5 million. Since 1989, Merritt Capitalhas closed 16 equity partnership funds, managed a direct equity investment fund and has closed our 16th multi-investor fund. Investments come from financial institutions and corporations interested in the benefits providedby the Low Income Housing Tax Credit (LIHTC) program. Investors receive a competitive rate of return whilepromoting community investment through the production of affordable housing. In 2012, Merritt increased ourinvestor outreach and expanded our presence into Southern California by opening an office in Los Angelesstaffed by Matthew Haas, our Director of Investor Relations and Fund Management.

* PG&EHF is a single investor fund and invested in projects from 1997-2002.Merritt assigned partnership interest to project General Partner at the end of the LIHTC compliance period.

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

3.656

11.6

17

20.5 20.5

2729.8

44 43 42

28.5

48

73

42.7

72

80.5

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

FUNDS

Equity InvestmentsTotal Capital Raised (EQUITY IN MILLIONS $000’s)

Current Assets 2014 2013

Cash $ 866,308 $ 813,785Accounts Receivable 1,807 5,941Due from Affiliates – Current Portion 14,975,304 10,556,853Prepaid Expenses 16,230 14,690

Total Current Assets $ 15,859,649 $ 11,391,269

Other AssetsInvestment in Upper Tier Limited Partnerships (356,487) (308,389)Due from Affiliates – Net of Current Portion 733,031 1,812,365Property and Equipment 13,259 13,259

Total Other Assets $ 389,803 $ 1,517,235

Total Assets $ 16,249,452 $ 12,908,504

Current Liabilities 2014 2013

Accounts Payable and Accrued Expenses $ 8,898 $ 36,000Due to Affiliates – Current Portion 5,637,043 3,421,549Deferred Revenue – Current Portion 45,063 45,063Notes Payable – Current Portion 0 0Line of Credit Payable 3,000,000 2,500,000

Total Current Liabilities $ 8,691,004 $ 6,002,612

Long-term LiabilitiesDeferred Revenue – Net of Current Portion $ 90,129 $ 135,192

Total Long-term Liabilities 90,129 $ 135,192

Total Liabilities 8,781,133 $ 6,137,804

Total Net Assets – Unrestricted 7,468,343 $ 6,770,700

Total Liabilities and Net Assets 16,249,476 $ 12,908,504

Merritt Community Capital CorporationUnconsolidated Balance SheetDECEMBER 31, 2014

MERRITT COMMUNITY CAPITAL CORPORATION 15

F INANCIAL H IGHLIGHTS

Statements of Activities 2014 2013

RevenuePartnership Fees $ 3,242,826 $ 3,070,991Direct Investment Services Fees 161,155 169,432Interest Income 2,065 2,989Other Income 85,193 200,132

Total Revenues $ 3,491,239 $ 3,443,544

Operating ExpensesSalaries and Benefits $ 1,694,894 $ 1,492,410Office Rent and Parking 121,293 97,932Office Expense 65,199 47,192Dues and Subscriptions 31,370 19,819Travel and Conferences 112,022 79,433Marketing 139,973 123,368Insurance and Taxes 8,597 11,993Professional Fees 528,637 538,042Share of Upper Tier Limited Partnership Loss 91,611 26,338

Total Operating Expenses $ 2,793,596 $ 2,436,527

Change in Net Assets 697,643 1,007,017

Net Assets – Beginning of Year $ 6,770,700 $ 5,763,683

Net Assets – End of Year $ 7,468,343 $ 6,770,700

Merritt Community Capital CorporationUnconsolidated Statement of Income and ExpenseDECEMBER 31, 2014

61% 4%

7%

4%5%

19%

SALARIES

PROFESSIONAL FEES

MARKETING

OFFICE RENT AND PARKING

OFFICE EXPENSES/OTHER

TRAVEL AND CONFERENCES

Total Expenses

201120132014

93%

2%

5%

PARTNERSHIP FEES

SERVICE FEES

INTEREST AND OTHER INCOME

Total Revenue

201120132014

16 MERRITT COMMUNITY CAPITAL CORPORATION

Jeff Bennett, ChairpersonSenior Vice PresidentCommunity Lending and Investment DepartmentWells Fargo Bank

Jon Gresley, Vice ChairFormer Executive DirectorOakland Housing Authority

Stephanie McFadden, TreasurerPresident & Managing DirectorColdwell Banker Real Estate

Jacquelynne Jennings, SecretaryAttorney at LawSchiff Hardin LLP

Christine CarrCommunity Development Finance ManagerSilicon Valley Bank

Kamara GreenVice PresidentTax Credit InvestmentsBank of America Merrill Lynch

Nick GriffinDirector of Asset ManagementResources for Community Development

Christopher LongVice President, Community InvestmentsAEGON USA Realty Advisors, Inc.

Joe MaletiSenior Vice PresidentAvid Bank

Emily MartinPrincipalE Martin Consulting

Jim MatherChief Lending OfficerHousing Trust Silicon Valley

Richard PowerPartnerCarle, Mackie, Power & Ross LLP

Andrea UrsilloCredit Products OfficerBank of America Merrill Lynch

Merritt Staff

Board of Directors2014

WRITER/EDITOR: SABRINA MORENO-DOLAN DESIGN: LISA EDSON DESIGNPHOTOGRAPHY: ETHAN PINES PHOTOGRAPHY, CHARLOTTE FIORITO PHOTOGRAPHY

Top row, L to R:Dan Kiernan, CFOBirute Skurdenis, Asset ManagerBarney Deasy, PresidentKaren Smyda, Director of AcquisitionsSabrina Moreno-Dolan, Director of Operations

Bottom row, L to R:Maria Duarte, Director of Asset ManagementKristy Ball, Asset ManagerMatthew Haas, Director of Investor Relations& Fund ManagementSuzanne Vice, Aquisition OfficerDenise Wright, Administrative Assistant

Not pictured:Nedrah Elm, Asset Manager

NOTE: 8024 print coordinates: Pantone Orange 021 48.0 Pantone Red 032 12.0 Pantone 874 20.0 Pantone 877 20.0

COMMUNITY CAPITAL CORPORATION

COMMUNITY CAPITAL CORPORATION

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