AMERICA FIRST ANNOUNCES SPECIAL DISTRIBUTION
AMERICA FIRST ANNOUNCES SPECIAL DISTRIBUTION OMAHA, Neb., Nov. 4 /PRNewswire/ -- America First Federally
Guaranteed Mortgage Fund 2 (NASDAQ: AFMBZ) announced today that it will pay a special distribution of $.3537 per unit on Nov. 29, 1991, to holders of record as of Nov. 4, 1991. Of the $.3537, $.3318 represents return of capital and $.0219 represents gain. This special distribution results from the collection of 90 percent of the FHA insurance proceeds from the assignment of the Fund's mortgage on the Grand Canal I apartments located in Stockton, Calif. The mortgage was in default and was assigned to the Secretary of Housing and Urban Development on Oct. 29, 1991. As provided by the HUD insurance, the Fund will receive, in total, 99 percent of the remaining principal unpaid balance. The mortgage was originally purchased at a price of 89.37 percent of the outstanding principal balance.
The remaining insurance proceeds are expected to be received during the first quarter of 1992. Holders of record as of the date the remaining proceeds are received will be entitled to a special distribution. -0- 11/4/91 /CONTACT: Maurice Cox, Jr. of America First, 402-444-1630/ (AFMBZ) CO: America First Federally Guaranteed Mortgage Fund 2 ST: Nebraska IN: FIN SU: SG -- DV006 -- 0919 11/04/91 16:54 EST
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|Date:||Nov 4, 1991|
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