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AUGUST 2007

Press Release

Family/Senior Community Underway

Simpson Housing Solutions, LLC announced that construction has begun on an affordable mixed family and senior apartment community in the Bay Area community of Oakley, Calif.

SHS is acting as the tax credit investor on the project, which is being developed by the Corporation for Better Housing. Located at 59 Carol Lane, Oakley Apartments will offer 208 units in a mix of floor plans including large, hard to find 3-bedroom apartment homes up to 1,042 square feet as well as 1- and 2-bedroom units ranging from 551 to 819 square feet. All apartments will be set aside for households earning from 50% to 60% of the area median income for Contra Costa County, as published by the Dept. of Housing and Urban Development. Monthly rents will range from $748-$916 for a 1-bedroom apartment, $891-$1,052 for 2 bedrooms and $1,049-$1,265 for 3 bedrooms – all well below prevailing market-rate rents for comparable apartments in the area.

“The Oakley-Antioch area, like virtually every city in California and elsewhere, struggles with a shortage of decent, high-quality housing that is affordable for working families as well as seniors on limited or fixed incomes,” said Michael Costa, President of SHS. “This innovative apartment community will address both needs at the same location.” Costa added that the current project represents the first of three phases that eventually will also include for-sale townhomes.

Amenities at Oakley Apartments will include multipurpose clubhouse/community room; computer and business centers with internet access; barbecue areas; and laundry rooms, and landscaping. The site is located near schools, shopping, child care and a public library.

Individual apartments will feature built-in kitchen appliances; central heating/air condi-tioning; cable TV hook-ups; walk-in closets; smoke alarms; patios or balconies; and plush carpeting and vinyl flooring. Ample resident parking will be provided.

Total development cost of the project is $45.7 million. Financing includes an allocation of federal low-income housing tax credits, local redevelopment agency funds, a grant from the Affordable Housing Program of the Federal Home Loan Bank of San Francisco and construction financing arranged through Citibank. John Cotton Architects designed the community, which features stucco exteriors and tile roofs. The project is expected to be completed next spring.