Egida Vistas Del Rio Completed
Simpson Housing Solutions LLC, one of the nation’s leading developers of affordable multifamily and senior housing, announced that it has completed construction on a second 120-unit senior apartment community in Puerto Rico, and that the project is currently in lease-up.
Egida Vistas Del Rio Apartments is located in the city of Coamo. SHS earlier completed a similar community in Arecibo, Puerto Rico. A third senior project on the island is due for completion in October.
The community offers 120 1-bedroom, 1-bath units measuring 460 square feet in a five-story, elevator-served building. Amenities include a community room, laundry rooms and gated access. Individual apartments offer built-in kitchen appliances, smoke alarms, ceiling fans, window shutters and tile flooring.
Egida Vistas Del Rio is located near shopping and other neighborhood-serving retail services. An on-site service coordinator provides a range of referral and case management services.
Occupancy is restricted to seniors age 55 and older earning 50% and less of the area median income. Residents will pay 10% of their household income toward rent under a Puerto Rican subsidy law.
The community was developed in partnership with the nonprofit Housing America Foundation, and was designed by A&T Design Studio. Financing included a combination of low-income housing tax credits, an Affordable Housing Program grant from the Federal Home Loan Bank of New York and Puerto Rico Dept. of Housing funds. Construction and permanent financing was arranged through R-G Premier Bank of Puerto Rico. Total development cost was approximately $14.3 million.
Created in 1994, Long Beach, Calif.-based Simpson Housing Solutions has developed and/or financed more than 26,000 units of affordable housing throughout the nation, helping to improve the lives of working families and seniors struggling with the high cost of housing. The company is a wholly owned division of Denver-based Simpson Housing Limited Partnership, one of the nation’s leading developers and operators of quality apartment home communities.