MacFarlane Costa Housing Partners - Pages

Awards

2008-10-20T18:38:00Z

2008

2008 Multifamily Executive Awards Winner: Best Reuse of Land Gateway Apartments San Diego, CA

Merit Award: Project of the Year Low Rise Gateway Apartments San Diego, CA

Merit Award: Project of the Year Affordable Almaden Apartments San Jose, CA

Merit Award: Best Reuse of Land Almaden Apartments San Jose, CA

2008 Multi-Housing News Design Excellence Awards Honorable Mention / Merit Award: Affordable Housing for Rent Gateway Apartments San Diego, CA

Finalist: Affordable Housing for Rent Almaden Apartments San Jose, CA

Finalist: Seniors Active Adult 55+ Dorado Senior Apartments Buena Park, CA

2007

2007 SAGE Award – Project of the Year Dorado Senior Apartments Buena Park, CA

NAHB/Seniors Housing Council : Silver Achievement Award Multifamily Housing Common Area Interior Design – Income Qualified Rental Dorado Senior Apartments Buena Park, CA

Silver Achievement Award Multifamily Housing Overall Community – Income Qualified Rental Dorado Senior Apartments, Buena Park, CA

Multifamily Executive Awards: Project of the Year/Affordable/ Dorado Senior Apartments, Buena Park, CA

Pillars of the Industry Awards/NAHB Multifamily: Best Creative Financing/Community of the Year Dorado Senior Apartments, Buena Park, CA

2006

NAHB Seniors Housing Council: Gold Achievement Award/On the Boards/Affordable Dorado Senior Apartments, Buena Park, CA

2005

NAHB Seniors Housing Council: Gold Achievement Award Multifamily Housing Overall Community/Affordable Rental Apartments Regency Place Senior Apartments, Anderson, CA

2003

Bozeman Beautification Advisory Board: Award for Excellence in the Category of Multi-Family Housing Bridger Apartments, Bozeman, Montana

2004

Pillars of the Industry Awards/NAHB Multifamily & Multi-Housing News: Best Affordable Apartment Community Mountain View Senior Apartments, Ontario, CA

Pillars of the Industry Awards / NAHB Multifamily & Multi-Housing News: Best Garden Apartment Community Secondary Market (4 stories & under) Finalist Mountain View Senior Apartments, Ontario, CA

Pillars of the Industry Awards / NAHB Multifamily & Multi-Housing News: Best Affordable Apartment Community/Finalist Northgate Apartments, Salt Lake City, UT

NAHB Seniors Housing Council: Gold Achievement Award Multifamily Housing Overall Community/Affordable Rental Apartments Mountain View Senior Apartments, Ontario, CA

2003

Gold Nugget Awards / Professional Builder Magazine and NAHB: Award of Merit Mountain View Senior Apartments, Ontario, CA

National Association of Local Housing Finance Agencies: Home Award Winner Mountain View Senior Apartments, Ontario, CA

Professional Builder Magazine & NAHB Design Committee: Best in American Living Award Mountain View Senior Apartments, Ontario, CA

2002

The Affordable Housing Legacy of the 2002 Olympic Winter Games Presented by Fannie Mae and the Salt Lake Organizing Committee for the 2002 Olympic Winter Games

SAGE: Project of the Year Center Pointe Villas, Norwalk, CA

2000

Best of Seniors Housing/NAHB National Council on Seniors’ Housing Harmony Creek Senior Apartments

Pillars of the Industry Awards / NAHB Multifamily & Multi-Housing News: Freddie Mac Builder of the Year/Michael A. Costa

Pillars of the Industry Awards / NAHB Multifamily & Multi-Housing News: Reilly Mortgage Group Best Affordable Multifamily Community Villa Savannah/Stonegate Apartments, San Jose, CA

Pillars of the Industry Awards / NAHB Multifamily & Multi-Housing News: Most Creative Financing of a Multifamily Development/Finalist Villa Savannah/Stonegate Apartments, San Jose, CA

SAGE (“Senior Achievement and General Excellence”) Award/Seniors Housing Council of Southern California Michael A. Costa, Simpson Housing Solutions, LLC

Gold Nugget Awards/Professional Builder magazine and NAHB: Grand Award for Best Affordable Project Garden Court at De La Vina, Santa Barbara, California

Gold Nugget Awards / Professional Builder Magazine and NAHB: Award of Merit Best Seniors Project/Assisted Living The Garden Court at De La Vina, Santa Barbara, California

Gold Nugget Awards / Professional Builder Magazine and NAHB: Award of Merit Best Affordable Project Garden Court at De La Vina, Santa Barbara, California

LINC Housing, Seventh Annual: A Tribute to Affordable Housing Leaders, Gold Sponsor

1999

Pillars of the Industry Awards: Reilly Mortgage Group Best Affordable Multifamily Community Harmony Creek Senior Apartments, Orange, CA

National Council on Seniors Housing:Honorable Mention Award Excellence in Seniors’ Housing/Affordable Seniors’ Housing Harmony Creek Senior Apartments, Orange, CA

13th Annual BUILDER 100: Multifamily Home Builder

Multifamily Executive: Builder of the Year Michael A. Costa

1998

LINC Housing:A Tribute to Affordable Housing Leaders, Platinum Sponsor October 15, 1998

Gold Nugget Award: Best in the West/Award of Merit In Recognition of Excellence and Value Best Affordable Housing Project/Attached 4 or more stories Harmony Creek Senior Apartments, Orange, CA

The Best of Seniors Housing Award /NAHB National Council on Seniors Housing:Gold Seal Award for “On the Boards-Active” Norwalk Senior Apartments, Norwalk, CA

A Decade of Affordable Housing 1988-1998 From The City of San Jose, CA Recognition of Canoas Terrace, Stonegate, and Villa Savannah, San Jose, CA

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Press & News

2008-08-15T22:28:00Z

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In The News

2008 MFE Awards: Best Reuse of Land Dirty, environmentally contaminated sites don’t usually appeal to Long Beach, Calif.-based Mac-Farlane Costa Housing Partners, but the 0.8-acre site in San Diego’s Barrio Logan neighborhood offered too great of an opportunity to ignore.

2008 MFE Awards Merit: Affordable The dirt under Almaden Apartments had been a lot of different things in past lives—a winery, a car wash, heavy equipment wrecking and storage facilities, and a bingo parlor.

2008 MFE Awards Merit: Best Reuse of Land San Jose, Calif., is the hub of Silicon Valley—one of the nation’s most expensive housing markets. Still, it’s hard to believe that MacFarlane Costa Housing Partners went to a blighted, old winery to find affordable dirt on which to build. But that’s exactly what the developer, based out of Long Beach, Calif., did.

2008 MFE Awards Merit: Low-Rise Successful affordable apartments get a lot of accolades—but you rarely hear that they’re so appealing and well designed, you can’t tell they’re affordable.

Dorado Senior Apartments, Gateway Apartments and Almaden Family Apartments are MHN Design Excellence Award Finalists The finalists have been chosen for MHN’s Second Annual Design Excellence Awards. Projects were chosen based on a number of criteria, including overall composition, functionality, aesthetics, special attributes and sustainable elements, if applicable.

Las Palmas Foundation Announces Grand Opening of Gateway San Diego is one step closer to fulfilling its goal of creating more affordable housing options with the grand opening of Gateway Family Apartments.

Affordable Housing Portfolio Acquired In a deal that calls for splitting up one of the country’s largest affordable-housing developers, Avanath Capital Partners of Irvine and MacFarlane Costa Housing Partners acquired Long Beachbased Simpson Housing Solutions, along with its portfolio of 273 properties totaling 26,000 units.

42-Unit Affordable Housing Community in Barrio Logan Redevelopment Project Area Set to Open Gateway Apartments, a 42-unit affordable housing complex located in the Barrio Logan Redevelopment Project Area near downtown San Diego, will open on June 5.

Newly Formed MCHP to Operate Like Simpson Housing Solutions, Says CEO Avanath Capital Partners and MacFarlane Costa Housing Partners (MCHP) have acquired Simpson Housing Solutions (SHS) and its portfolio of 273 properties, representing 26,000 affordable rental apartments in 33 states, the District of Columbia and Puerto Rico.

Michael Costa and Partners Buy Simpson Housing Portfolio Simpson Housing Solutions, a subsidiary of Denver-based Simpson Housing and one of the nation’s largest affordable housing developers, syndicators, and operators, has been purchased by the newly formed venture of MacFarlane Costa Housing Partners (MCHP).

Avanath Gets 26,000-Unit Portfolio with Firm Acquisitions Avanath Capital Partners and MacFarlane Costa Housing Partners have acquired Simpson Housing Solutions and its portfolio of 273 properties as part of the initial capital deployment for Avanath Capital Partners’ first fund offering in a development arm to be spun off to MacFarlane Costa Housing Partners.

80-Unit Apartment Community Debuts Simpson Housing Solutions LLC (SHS), headquartered in Long Beach, Calif., recently joined with Sacramento city officials and other guests to celebrate the official grand opening of North Avenue Apartments

Construction Underway on 208-Unit Affordable Housing Complex Simpson Housing Solutions LLC (SHS) has announced that construction of Oakley Apartments, an affordable housing complex in Oakley, Calif.

SHS Completes 226-Unit Affordable Housing Complex in Northern California Michael Costa, president of SHS, tells MHN that the complex broke ground in April 2005.

New Simpson Housing Projects Total $167M Simpson Housing Solutions finishes construction on a Bay Area apartment complex and starts two others in California

Construction finished on new 65-unit apartment complex The search for affordable, high-quality apartment homes in Douglas, Ariz. just got easier

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Company

2008-07-09T01:21:00Z

MacFarlane Costa Housing Partners is among the nation’s leading developers of multifamily housing, having developed and/or financed 27,000 apartment units throughout the United States.

Our experienced team is dedicated to meeting America’s housing challenge by building attractive, architecturally significant, multifamily living environments that integrate seamlessly into rural, suburban and city neighborhoods.

Our work ranges from affordable workforce and senior housing to market-rate apartment developments. We believe that, by providing this wide range of housing options tailored to individuals and the communities in which they live and work, we are contributing to a more equitable, balanced society.

Together with our partners, we are creating a blueprint for a better nation.

Grand Opening in San Diego

2008-05-17T04:21:00Z

SAN DIEGO, Calif., May 19, 2008 – San Diego will be one step closer to fulfilling its goal of creating more affordable housing options when Gateway Apartments hosts its Grand Opening on Thursday, June 5, 2008.

Festivities will begin at 11 a.m. and will include refreshments, tours of the property and a ribbon-cutting ceremony. Guest speakers at the event will include San Diego Mayor Jerry Sanders and City Councilmember Ben Hueso, as well as representatives of the city’s redevelopment agency. Also on hand will be officials from the development partnership, including Michael Costa and Moe Mohanna, President and Senior Vice President, respectively, of Long Beach-based MCA Housing Partners LLC (formerly Simpson Housing Solutions), a for-profit real estate developer; and Joseph Michaels, President of the Encinitas-based Las Palmas Foundation, a nonprofit developer of affordable housing communities.

Gateway Apartments will contribute 42 units of much-needed affordable housing in the Barrio Logan Redevelopment Project Area near downtown San Diego. Located at 1605 Logan Avenue (at 16th Street), the community features four stories built over a two-level underground garage as well as a separate community building with a clubhouse, computer learning center with free Internet access, and other amenities.

The project also features BBQ areas, tot lot and gated access. It is located near public transit, schools, child care, shopping and recreational facilities. Residents will also have access to a variety of free on-site services, including after-school programming and computer education. Gateway includes 17 two-bedroom as well as 25 three-bedroom units, ranging from 860 to 1,100 square feet. All apartments are set aside for households earning between 30% and 60% of the area median income for San Diego County as published by the Dept. of Housing and Urban Development. Monthly rents range from $498 to $1,189, well below prevailing market-rate rents in the area.

Council member Hueso called redevelopment “A very effective program in responding to the health and safety needs of constituents in blighted neighborhoods. Through projects like Gateway in Barrio Logan, we are responding to a movement that originated in the 1970s that sought to reclaim our neighborhoods from toxic industrialization.” By creating some of the first new workforce housing to be built in Barrio Logan in many years, Gateway will contribute to the ongoing revitalization of what has previously been a blighted area, while also helping preserve its appearance and culture, said Michael Costa, President of MCA Housing Partners. “It will also help address the severe shortage of affordable housing for working families in high-cost cities like San Diego,” he added.

Three-bedroom apartments are in particularly short supply for growing families, Costa noted. “Most of the larger units in the area are located in older buildings, with far fewer amenities than this community offers,” he said. “New affordable communities like Gateway are designed specifically to meet the needs of working families with children. In addition to contributing new housing stock in high-cost markets such as San Diego, our firm and our partners are creating more quality choices for these growing families.”

“We are excited about the long-awaited opening of Gateway Apartments, and about participating in the redevelopment of the neighborhood,” added Joseph M. Michaels, President of Las Palmas Foundation, a nonprofit developer which will also oversee the coordination of resident services. “Gateway is the first of three housing communities that Las Palmas is involved with in Barrio Logan. Our goal is to forge a long-term relationship with the community and to provide families with a quality, affordable home as well as critical social services.”

The Redevelopment Agency of the City of San Diego was instrumental in making the project possible, acquiring the site and providing $3.6 million in financing. The project, total development cost of which was $20.7 million, also received combined allocations of $11.37 million in federal and state low-income housing tax credits. John Maple Architects designed the community, which in addition to its numerous amenities, also includes murals and mosaics created in by local artists in conjunction with the community arts council.

Founded in 1994, MCA Housing Partners and its predecessor firms have developed and/or financed more than 28,000 units of affordable housing in hundreds of communities throughout the nation, helping to improve the lives of working families and seniors struggling with the high cost of housing.

Las Palmas Foundation, a 501©(3) nonprofit housing and development corporation, specializes in the development of affordable housing, and in enhancing the lives of residents in its communities through comprehensive social service programs. Las Palmas is based in Encinitas, Calif., and owns more than 5,000 low-income units throughout the state.

Santa Monica Seniors

2008-05-16T17:30:00Z

LONG BEACH, Calif. – A groundbreaking ceremony was held recently for a striking 20-unit senior apartment community in Santa Monica that will also be 100 percent affordable to residents once it opens in late 2009.

Ocean Breeze Apartments is being developed by MacFarlane Costa Housing Partners, LLC in partnership with the nonprofit LINC Housing Corporation. The $10.5 million project was designed by Atelier V Architecture of Westwood. Located on a former parking lot at 1458 14th Street (at the corner of Broadway) just 14 blocks from the beach, it will feature four stories over ground-floor retail and underground parking.

Ocean Breeze will offer 20 one-bedroom units ranging from 600 to 653 square feet. Amenities will include built-in kitchen appliances, central heating/air conditioning, walk-in closets, patios or balconies, smoke alarms, free high-speed Internet service and laundry rooms, in addition to the underground garage and an open courtyard. All units will be set aside for seniors age 55 and older earning from 30-60 percent of the area median income for Los Angeles County, as established by HUD. Rents will range from an estimated $428 to $852 per month depending on household income.

In addition to substantially below-market rents, future residents will also enjoy convenient access to shopping, restaurants, recreation, public transportation and health care facilities. Once Ocean Breeze is open, residents will have access to on-site services provided by the Westside Center for Independent Living (counseling, peer support, community outreach, etc.) and LINC Cares, the resident services arm of LINC Housing, which will provide employment counseling, on-site classes and other services.

According to Moe Mohanna, senior vice president of MCHP (formerly Simpson Housing Solutions LLC), “Ocean Breeze will deliver on the promise – which we make to every community in which we develop – of creating a top-quality housing product for seniors that is comparable to market-rate housing, but which will also offer extremely low rents in a high-cost area like Santa Monica.”

As Americans continue living longer, the need continues growing in communities all across the nation for high-quality affordable housing designed to provide more choices for seniors on limited incomes, Mohanna added. Added Suny Lay Chang, vice president of housing development at LINC Housing: “Ocean Breeze will be an architecturally distinctive addition to this vibrant neighborhood and will also be constructed in part with the use of sustainable materials. We’re delighted to once again be working with MacFarlane Costa Housing Partners, with which we’ve previously partnered on the development of more than 2,500 units of affordable housing throughout California.”

Both Mohanna and Chang praised the City of Santa Monica, in particular Mayor Herb Katz and the city’s Redevelopment Agency, which provided a $5.2 million loan to the project and also helped expedite the permitting process. Other financing included an allocation of 9% low income housing tax credits.

Created in 1994, Long Beach, Calif.-based MCHP and its predecessor firms have developed and/or financed more than 28,000 units of affordable housing throughout the nation, helping to improve the lives of working families and seniors struggling with the high cost of housing. For more information, visit the company’s website at www.your housingpartners.com.

LINC Housing, one of California’s most productive nonprofit developers of affordable housing, has had a hand in the creation of more than 6,000 homes in 45 communities throughout the state. LINC has 24 years of service to families, seniors, and local governments helping to create sustainable communities via new construction, acquisition and rehabilitation, and historic preservation. Visit www.linchousing.org for more information.

Press

2008-05-16T02:15:00Z

Gateway Apartments Open

Groundbreaking on New Affordable Project

Puerto Rico Project Completed

Puerto Rico 2nd Project Finished

Unique Family/Senior Community

San Jose Community Finished

Community in Moreno Valley for 2008

Permanent Funding Nationwide

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Management

2008-04-30T15:31:00Z

<dl>

Michael Costa – President/CEO

michael.costa@housingpartners.com

Thomas Erickson – Senior Vice President

thomas.erickson@housingpartners.com

Moe Mohanna – Senior Vice President

moe.mohanna@housingpartners.com

Robert Tetrault – Chief Financial Officer/Senior Vice President

robert.tetrault@housingpartners.com

</dl>

<dl>

Alison Abrams - Vice President, Project Management

alison.abrams@housingpartners.com

Belinda Donleavy - Vice President, Partnership Controller

belinda.donleavy@housingpartners.com

Nicole Farmer - Vice President, Business Planning

nicole.farmer@housingpartners.com

Pete Harispu – Vice President, Construction

pete.harispu@housingpartners.com

</dl>

<dl>

Lisa Hee – Vice President, Tax Credit Resale

lisa.hee@housingpartners.com

Kevin Horner - Vice President, Project Management

kevin.horner@housingpartners.com

Michael Snowdon – Vice President, Asset Management

michael.snowdon@housingpartners.com

</dl>

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2008-03-06T18:15:00Z

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The Truth

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Create Change

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The Positive Impacts Of Affordable Housing on Health

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The Postive Impacts of Affordable Housing on Education

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Framing the Issues: Health

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Framing the Issues: Education

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Quick Facts: Health and Education

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Affordable Homes Matter

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contact

2007-08-31T21:44:00Z

Mailing Address

330 west victoria street
gardena, california 90248

Telephone

888.261.8390
424.258.2800

Fax

424.258.2801

Permanent Funding Nationwide

2007-08-30T04:45:00Z

LONG BEACH, Calif., Aug. 22, 2007 – Simpson Housing Solutions LLC, one of the nation’s leading developers of affordable multifamily and senior housing, said it has closed permanent funding on 14 separate, previously-completed communities since the first of the year.

SHS was the developer of most of the projects and on others served as the tax credit investor only. The communities include:

Sierra Village (multifamily), Oroville, Calif. Tregaron Senior Apartments, Bellevue, Neb. Oak Timbers II (multifamily), White Settlement, Tex. (investor only) Yorba Linda Family Apartments, Yorba Linda, Calif. (investor only) Orchard View (multifamily), Holtville, Calif. Sonterra Apartments (multifamily), Brawley, Calif. Hidden Creste (multifamily), Atlanta, Ga. (investor only) Seasons at Lakewood Senior Apartments, Lakewood, Calif. (refinance) Seasons at San Juan Capistrano Senior Apartments, San Juan Capistrano, Calif. (refinance) Egida de Miraflores (multifamily), Arecibo, Puerto Rico Egida Vistas del Rio (multifamily), Coamo, Puerto Rico Mountain View II Senior Apartments, Ontario, Calif. Scotlandville Homes (single-family home rentals), Baton Rouge, La. Riverview Apartments (multifamily), Barstow, Calif.

Founded in 1994, Simpson Housing Solutions, LLC has developed and/or financed more than 27,000 units of affordable housing throughout the nation. 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.

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Family Apartments in Moreno Valley

2007-08-30T04:38:00Z

LONG BEACH, Calif., Aug. 15, 2007 – 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.

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San Jose Community Completed

2007-08-30T01:46:00Z

LONG BEACH, Calif., Aug. 1, 2007 – The search for affordable, high-quality apartment homes in the expensive San Jose market just got easier, as Simpson Housing Solutions, LLC announced the completion of construction on Almaden Family Apartments, a 226-unit affordable multifamily apartment community located at 1501 Almaden Expressway.

The new community includes large, hard to find 3-bedroom apartment homes, all with a generous 1,197 square feet of living space and 2 baths. Other units range from 631-979 square feet with 1 or 2 bedrooms. Every apartment has been set aside for households earning a maximum of 50% to 60% of the area median income for Santa Clara County, as published by the Dept. of Housing and Urban Development. Monthly rents range from $952 to $1,151 for a 1-bedroom apartment, from $1,137 to $1,378 for a 2-bedroom unit, and $1,310 to $1,586 for 3 bedrooms – all well below prevailing market-rate rents for comparable apartments in the area.

“New affordable communities like Almaden Family Apartments are designed specifically to meet the needs of working families with children,” said Michael Costa, President of SHS. “In addition to contributing new housing stock in areas where most existing multifamily housing is older and offers fewer amenities, SHS is creating more quality choices for these growing families, and we were proud once again to work closely with the City of San Jose on this exciting project,” he added.

Almaden features classic California contemporary garden-style architecture, and was designed by Maple Dell + McClelland Architects. Amenities include professional landscaping, clubhouse/community room, computer learning center, fitness and business centers, sparkling pool and spa, laundry rooms, outdoor BBQ areas and a tot lot. It is located near public transit, schools, shopping and recreational facilities.

Individual apartments offer built-in kitchen appliances, central heating/air conditioning, free high-speed internet access, smoke alarms, patios or balconies, walk-in closets, and plush carpeting and vinyl flooring. Ample resident parking is available.

A resident services coordinator will coordinate free on-site computer classes and programs, as well as create a referral network of local service providers and community-based resources for residents.

SHS partnered with the nonprofit Community Housing Developers and the Las Palmas Foundation on the project, the total development cost of which was $74.6 million. Financing consisted of an allocation of 4% federal low-income housing tax credits, $31.3 million in tax-exempt housing bonds, a loan from the city of $13.8 million and developer equity. Both construction and permanent financing were arranged through Citibank.

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Egida Vistas Del Rio Completed

2007-08-30T01:33:00Z

LONG BEACH, Calif., Aug. 29, 2007 – 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.

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Senior Housing in Puerto Rico

2007-08-30T01:16:00Z

LONG BEACH, Calif., Aug. 29, 2007 – 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 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.

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Family/Senior Community Underway

2007-08-29T09:45:00Z

LONG BEACH, Calif., Aug. 8, 2007 – 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.

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MacFarlane Costa Housing Partners - Pages

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Press & News

In The News

Press Releases

Awards

Informational Resources

Videos

Company

Grand Opening in San Diego

Santa Monica Seniors

Press

Return to Press / News

Management

Download

The Truth

Create Change

The Positive Impacts Of Affordable Housing on Health

The Postive Impacts of Affordable Housing on Education

Framing the Issues: Health

Framing the Issues: Education

Quick Facts: Health and Education

Affordable Homes Matter

contact

Mailing Address

Telephone

Fax

Permanent Funding Nationwide

Family Apartments in Moreno Valley

San Jose Community Completed

Egida Vistas Del Rio Completed

Senior Housing in Puerto Rico

Family/Senior Community Underway