Information for Investors

“We take great pride in what HCHP/HCI and our predecessor firms have achieved up to this point, and look forward to even greater accomplishments in the years to come.”

“We’re striving toward a better future for families, seniors and our partners and, in the process, creating a better blueprint for America.”

The Highridge Costa Companies are among America’s leading developers, asset managers, financiers, owners and operators of affordable multifamily workforce and senior apartment communities. The group consists of Highridge Costa Housing Partners, LLC (HCHP) and Highridge Costa Investors, LLC (HCI). Formerly known as Simpson Housing Solutions (and, prior to that, as Kaufman and Broad Multi-Housing, Inc.), HCHP and HCI were created in 2010 as a joint venture between Michael Costa, President and Chief Executive Officer and founder of the preceding companies, and Highridge Partners, a diversified, privately held investment company that has acquired, developed and/or financed assets totaling more than $7 billion.

HCHP/HCI and its predecessor firms have developed and/or invested in approximately 27,000 affordable housing units since 1994, in some 275 communities throughout the U.S. and Puerto Rico, all developed using Low Income Housing Tax Credits. As one of the nation’s most knowledgeable developers and asset managers in the highly specialized housing tax credit industry, the firm has extensive experience not only with federal Section 42 Low Income Housing Tax Credits, but also tax-exempt mortgage-backed revenue bonds and various other state and local housing finance programs and grants.

Unique among its competitors, HCHP/HCI is not only a major developer, but also a nationally-recognized leader in the syndication of tax credits as well. Maintaining a general partner ownership interest in its vast portfolio, HCHP/HCI re-sells tax credits directly to large, Class “A” institutional tax credit investors such as a JP Morgan Chase, Bank of America, Union Bank, Wells Fargo and Fannie Mae. The company can provide the complete financial framework for affordable housing projects, including arranging both construction and permanent financing, equity, joint venture capital and pre-development loans.

To date, the company has established 54 single-investor upper-tier investment partnership funds, raising in excess of $2 billion in tax credit equity since 1994, delivering at or above projected yields on every fund. Thanks to its experience and resources, HCHP/HCI has become a valued partner with local governments and the nonprofit housing community in their efforts to meet local affordable housing needs. The firm has built a solid reputation for creativity as well as results, and it continues to create new relationships with cities, nonprofits and other housing partners seeking to meet their workforce and/or senior affordable housing needs.

HCHP/HCI brings unparalleled financial strength to the table, along with a depth of construction experience and an understanding of all aspects of the development process few other companies can match. The company’s success in the affordable housing industry is due in large part to its recognition of the fact that no two developments are exactly alike, so flexibility, creativity and resource-fulness are critical attributes that make HCHP/HCI a uniquely qualified affordable housing partner. In addition, the company’s asset management team offers comprehensive asset management services to assure the delivery of all tax credits earned by ensuring compliance and full occupancy over the life of each community.

The Highridge Costa Companies’ commitment to quality is evident throughout its portfolio of properties, many of which have earned a variety of top industry design honors. Since its inception, the companies’ primary focus has been on the design, development and financing of low- to moderate-income apartment communities for families and seniors which, in terms of design and amenity levels, are consistently indistinguishable from – and often superior to – market-rate apartments.

The results of this relentless focus are reflected by the numerous national and local industry awards the firm has won, including the “Pillars of the Industry” award from the National Assn. of Home Builders for the nation’s best affordable housing community on three separate occasions. Other awards the company has received include several Gold Nugget awards, Best of Seniors’ Housing, Multifamily Executive and Reader’s Choice awards. In addition, Mr. Costa received the Freddie Mac Multifamily Builder of the Year award in 2000 and, in 2003, the SAGE Award from the 50+ Housing Council.

Most recently, HCHP/HCI was ranked sixth among the top 50 affordable housing owners by Affordable Housing Finance magazine in 2012.

Beyond creating badly needed affordable housing, HCHP/HCI’s communities often serve larger social needs as well, helping to stabilize and reinvigorate neighborhoods in decline, or creating “infill” housing opportunities in urban and/or redevelopment areas. The companies remain committed to serving the needs of lower-income households and the cities where they live. “We’re striving toward a better future for families, seniors and our partners and, in the process, creating a better blueprint for America,” Costa said. “We take great pride in what HCHP/HCI and our predecessor firms have achieved up to this point, and look forward to even greater accomplishments in the years to come.”

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TESTIMONIALS

...This beautiful community for very low and low-income seniors was the culmination of a process, and the solution to a neighborhood revitalization challenge that the Ontario Redevlopment Agency had struggled with for over ten years, on a site that had become more and more blighted as time passed...

This project enabled the Agency to turn an unsightly, underutilized area into a more vibrant neighborhood …Mountain View is an excellent example of the success cities can achieve when reusing vacant or economically-distressed commercial land for housing development.“

BRENT SCHULTZ
Housing and Neighborhood Revitalization Director City of Ontario

This beautiful apartment community for low-income seniors represented the cornerstone of our efforts to revitalize the City’s blighted commercial zone, and we could not have been more pleased with the results...

We are deeply grateful to SHS and its development partners for providing the vision and persistence that was required to turn our dreams into reality for the City of Norwalk and its low-income seniors, and for the creativity and talent they brought to the project.“

THOMAS E. LYNCH
Assistant City Manager City of Norwalk

On behalf of the Utah Housing Corporation, I am pleased to offer my strongest possible endorsement of Northgate Apartments, which have been an integral part of the effort to revitalize our urban core since the project opened in 2002...

As a part of our Gateway Redevlopment District – the largest such project in our state’s history – Northgate made a major contribution toward achieving our objective of providing more mixed-use, transit-oriented housing, leading to the creation of a more vibrant and liveable urban community where people can live, work, and shop…I also would like to add that Simpson Housing Solutions and its partners were outstanding to work with. Their responsiveness, creativity and commitment to creating an effective solution to our housing vision was demonstrated throughout our relationship, particularly in terms of the complex, multi-layered financing that was required, as well as in offering a design that proved to be both beautiful as well as functional.“

WILLIAM H. ERICKSON
President/CEO Utah Housing Corporation