Federal Affordable Housing Corp. Signs Agreement to Acquire U.S. Rights to Robin and the Dreamweavers.

CLEARWATER, Fla.--(BUSINESS WIRE)--Feb. 9, 1999--Federal Affordable Housing Corp. (OTC BB:FAHS), announced Tuesday that a formal agreement has been executed between the company and Dreamweavers N.V. of Curacao, Dutch Antilles with offices in Los Angeles, whereby FAHS is acquiring the U.S. rights to Robin and the Dreamweavers for 16 million shares of common stock.

New directors have been appointed to the board of FAHS, and a shareholders meeting will be held to ratify related transactions and to change the name of the company to American Dream Entertainment Inc.

Robin and the Dreamweavers has been in the development stage for almost two years and the concept is to market Robin in a 72 minute film and 26 half hour episodes for television, both of which will be animated presentations. She will also star in the production of two CD albums, two music videos and will be promoted on the Internet in various applications.

Robin is the main character for the film and series, and fights in a futuristic "dream world" for good, the environment and tolerance. She is beautiful, modern and a sporty young woman who is expected to become a role model for girls, and attractive to boys. The focus is on a character and a story directed at an audience that falls solidly in the 18 to 35 year old age group which management believes a huge marketing hole exists. The new management team is led by its CEO, Dirk Peschar who was a Client Services director at Saatchi. Lou Scheimer, who has produced 1,500 half hour series and 80 feature films, will produce the Robin TV episodes and feature film. Management has participated in the development of Captain America, Fat Albert and the Cosby Kids which had a run of 13 years, Spiderman, The Hulk, and others. A private placement of $10 million at $5 per share is in process through the LaSalle Group Ltd., an international investment banking firm. This commitment is part of the agreement with FAHS.

Richard Metz, president of Federal Affordable Housing said: "We presented a proposal to our shareholders at our December 1997 meeting authorizing the board to pursue an acquisition or merger for the purpose of enhancing the value of our stock. We feel the Dreamweaver project has the potential to accomplish that goal. We want to thank Mike McLaughlin of Bernard, Lee & Edwards Securities, the firm that did our IPO, for negotiating the acquisition and seeing to all of the details."

Statements in this news release about the company's expectations, enhancement of its stock, the potential of Dreamweaver and funding, are "forward looking statements" within the meaning of Sections 27A and 21E of the Securities Act of 1933 and 1934. The company intends that such "forward looking statements" be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties, the results could differ materially from those expected.