The Howard Hughes Corporation® Announces the Initial Funding of TIF Infrastructure for Downtown Columbia, Maryland

The Howard Hughes Corporation® (NYSE: HHC) announced today the closing of the first tranche of $48 million of a $90 million Tax Increment Financing (TIF) Bond Authorization, which will provide for a variety of public improvements including major roadways in the Merriweather District in Downtown Columbia.

The TIF repeal legislation previously proposed by two county council members was rejected on October 2, 2017, and litigation introduced by a consortium of competing developers opposed to the TIF was dismissed in circuit court on October 13, 2017.

“We are excited that in this 50th anniversary year celebrating the founding of Columbia, we are able to begin the development of the long-envisioned downtown,” said County Executive Allan H. Kittleman. “Today’s tax increment financed bond sale was as successful as we could have hoped for, reflecting the bond market’s validation of the expected success and future opportunity for growth for Downtown Columbia.”

The closing on this initial tranche of TIF bonds will help unlock the development potential of up to 4.9 million square feet for the Merriweather District in Downtown Columbia. “The funding of the TIF enables the continued revitalization of Downtown Columbia, helping transform the area into a vibrant urban core,” said Grant Herlitz, President, The Howard Hughes Corporation. “We are pleased to continue to grow the mix of commercial, retail, residential and hospitality offerings in Downtown Columbia while developing new amenities for the community.”

“Our vision for Downtown Columbia is to create a hub of culture and commerce for the region. This public/private partnership supports an economically robust environment where businesses have the opportunity to grow and thrive,” said John E. DeWolf, Executive Vice President, The Howard Hughes Corporation. “The funding of the TIF will help make this a reality.”

About Downtown Columbia

One of the first master planned communities in the U.S., Columbia, MD, was founded by legendary developer James W. Rouse in 1967. Comprised of 14,000 acres, it includes ten primarily residential villages. The 400-acre underdeveloped core of Columbia became the subject of an extensive five-year process that culminated with the passage by the Howard County government of the Downtown Columbia Plan in 2010, a guide to creating a vital area “in which residents can live, shop, work, entertain, exercise, and enjoy cultural opportunities in an enriched natural setting.” For additional information about Downtown Columbia, visit http://www.howardhughes.com/properties/downtown-columbia.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawaii. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

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