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AUGUST 2007

Press Release

Family Apartments in Moreno Valley

Simpson Housing Solutions, LLC announced that construction has begun on an affordable family apartment community in Moreno Valley, Calif.

Located at 5168 Perris Boulevard, Oakwood Apartments will offer 241 units in a mix of floor plans including large, hard to find 4-bedroom apartment homes at a generous 1,282 square feet, as well as 2- and 3-bedroom units ranging from 832 to 1,198 square feet. All apartments will be set aside for households earning from 30% to 60% of the area median income for Riverside County, as published by the Dept. of Housing and Urban Development.

Monthly rents will range from $312-$701 for a 2-bedroom apartment, $356-$805 for 3 bedrooms and $465-$882 for 4 bedrooms – all well below prevailing market-rate rents for comparable apartments in the area. Amenities at Oakwood Apartments will include multipurpose clubhouse/community room; computer and business centers with internet access; barbecue areas and tot lots; sparkling pool and spa; laundry rooms, and professional landscaping. The site is located near schools, shopping, and health care facilities.

Individual apartments will feature built-in kitchen appliances; central heating/air condi-tioning; cable TV hook-ups; smoke alarms; patios or balconies; and plush carpeting and vinyl flooring. Ample resident parking will be provided. Educational, counseling and supportive services will be provided once the community opens.

Total development cost of the project is $46.3 million. Financing includes an allocation of federal low-income housing tax credits and tax-exempt bonds along with funding from the City of Moreno Valley. Burke Architects designed the garden-style community, which is expected to be completed in September 2008.