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AUGUST 2007

Press Release

Senior Housing in Puerto Rico

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 120-unit senior apartment community in Arecibo, Puerto Rico, and that the project is currently in lease-up.

Egida De Miraflores Apartments is one of three senior communities SHS is developing on the island. Two have been completed and the third is scheduled 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.

The community also provides shuttle service to take residents on shopping trips and appointments. In addition, 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.

Market studies and census data show that the elderly population on the island has grown significantly in recent years, from 11.2% in 1980 to 15.4% in 2000, and that this segment is growing faster than the population as a whole. In addition, 44% of residents 65 and older live below the poverty level.

“We also learned that most existing affordable senior apartment communities were older, with fewer amenities, and that virtually all of them are 100% occupied with long waiting lists,” said Michael Costa, President of SHS. “This indicates strong demand for new, higher-quality communities in Puerto Rico like Egida de Miraflores,” he added.

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 HOME funds. Construction and permanent financing was arranged through R-G Premier Bank of Puerto Rico. Total development cost was approximately $12.5 million.

Created in 1994, Long Beach, Calif.-based Simpson Housing Solutions has developed and/or financed more than 27,000 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.