America's First African-American Sponsored Retirement Community to be Introduced At National Conference On Senior Housing in Baltimore.

Attention: Editors, Senior Housing and Minority Affairs

BALTIMORE, Md.--(BUSINESS WIRE)--Oct. 23, 2002

Ivy Acres, the first African-American sponsored continuing care retirement community (CCRC) in the United States is an initiative of Senior Residences, Inc. (SRI), a not-for-profit corporation founded 1996 by Alpha Kappa Alpha Sorority (AKA).

Senior Residences Inc. is setting a trend among minority groups who wish to take a leadership role in retirement housing options available to seniors age 55+. There are 900 CCRCs nationally and less than 1% of their residents are minorities and none are minority owned or sponsored. Ivy Acres will serve as a prototype.

There has historically been limited access for minorities to mid- and upper level management in the senior housing industry. Ivy Acres will provide a training ground where experience can be gained in this rapidly growing industry.

Senior Residences, Inc. is conducting a 20-city tour of information sessions about Ivy Acres to galvanize national support for this unique project. Information group locations are available from New Life at 888-914-9111. (Baltimore: Oct 29, 2pm & DC: Oct. 30, 2pm)

New Life Management & Development, Inc. of New Jersey, a national expert in senior housing development, has committed to help SRI market and develop Ivy Acres. At the national senior housing convention for the American Association of Homes and Services for the Aging (AAHSA) in Baltimore (Oct.27-30), information about the community will be made available by New Life to the national senior housing industry.

Principals for the project will be available with New Life Management & Development, Inc. during the convention and they will have information at booth # 1035 in the Baltimore Convention Center.