About New Simpson Housing Projects Total $167M (2)

The 241 units at Oakwood will range from 832 sf to 1,282 sf, with
rents ranging from $312 to $701 for a two-bedroom apartment, $356 to
$805 for three bedrooms and $465 to $882 for the four-bedroom units.
Financing for the complex includes an allocation of federal low-income
housing tax credits and tax-exempt bonds along with funding from the
City of Moreno Valley.

On the $45.7-million Oakley complex, SHS is acting as the tax credit
investor and the Corporation for Better Housing is the developer of
the complex at 59 Carol Lane. The 208 units will include units from
one to three bedrooms that will range from 551 sf to 1,042 sf.

Rents will range from $748 to $1,265, with all units set aside for
households earning from 50% to 60% of the area median income for
Contra Costa County. Comments Costa, "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."

Costa adds that the current project represents the first of three
phases that eventually will also include for-sale townhomes. Financing
for the Oakley Apartments 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.