Affordable Residential Communities Launches New Immigrant Program; ARC addresses needs of New...

Affordable Residential Communities Launches New Immigrant Program; ARC addresses needs of New Immigrants and Hispanic population



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Denver, CO–(HISPANIC PR WIRE – BUSINESS WIRE)–March 1, 2005–Affordable Residential Communities Inc. (NYSE: ARC), one of the largest owners and operators of manufactured home communities in the United States, today announced the release of its New Immigrant Program that makes home ownership possible for newcomers to the United States.

Through the New Immigrant Program, ARC has simplified the process and requirements to buy a home. This includes:

— ARC accepts a wide range of identification including Consulate Card, Tax ID, and Drivers License.

— ARC offers the Credit Builder II program, which can allow individuals with no credit history to buy a home and build their credit rating.

— ARC sells most of its homes at its cost, which means that a family can get into a 3 bedroom, 2 bathroom home for less than $25,000. Many homes start as low as $10,000.

— ARC offers a Lease with Option to Purchase Program that allows people to lease their home while saving for their down payment at a rate that is often less than $35 per month more than a lease of the same home.

— ARC offers a simple financing program with minimal down payment requirements, starting as low as $1,000.

“The ARC New Immigrant Program has been carefully designed over the past year, as we gained a clear understanding of the needs of the new immigrant population,” said Larry Brown, Executive Vice President of Affordable Residential Communities. “Manufactured home communities are an excellent alternative to renting for new immigrants and we’ve now made it so the majority can buy one for their families.”

ARC communities are clean, well-maintained neighborhoods operated, in many cases, by bilingual staff. Recently, ARC has begun to initiate English as a Second Language programs in several of their communities for residents, at little to no cost to residents.

Additional requirements, terms and conditions apply – contact your closest ARC community for details. To learn more about this program or an ARC community, call 1-800-245-5415.

Affordable Residential Communities

Affordable Residential Communities Inc. currently owns and operates approximately 66,000 home sites located in 325 communities in 29 states. ARC is a fully integrated, self-administered, self-managed equity real estate investment trust (REIT) focused on the acquisition, renovation, repositioning and operation of primarily all-age manufactured home communities with headquarters in Denver, CO.

The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, general risks affecting the real estate industry; the Company’s ability to maintain or increase rental rates and occupancy with respect to properties currently owned; the Company’s assumptions on rental home and home sales and financing activity; completion of pending acquisitions and sales, if any, and timing with respect thereto; the Company’s growth and expansion into new markets or to integrate acquisitions successfully; and the effect of interest rates as well as other risks indicated from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any intention or obligation to provide public updates, revisions or amendments to any forward-looking statements that become untrue because of subsequent events.

–30–SW/ny*

CONTACT:

Steven Shapiro, 303/886-6342

Affordable Residential Communities Launches New Immigrant Program; ARC addresses needs of New Immigrants and Hispanic population