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CALIFORNIA'S LARGEST HOME BUILDER PUTTING DOWN ROOTS IN FRESNO MARKET

CALIFORNIA'S LARGEST HOME BUILDER PUTTING DOWN ROOTS IN FRESNO MARKET
 FRESNO, Calif., Aug. 6 /PRNewswire/ -- Kaufman and Broad Corp. (NYSE: KBH), California's largest single-family home builder, today announced it is expanding into Fresno, one of the state's fastest- growing housing markets.
 According to Roger Menard, president, California operations, the company has launched a new operating division that will be responsible for developing new home communities from Madera south to Visalia, with most activity to be concentrated in the greater Fresno- Clovis metropolitan area.
 "All of us at Kaufman and Broad are very excited to establish an active presence in Fresno, and we look forward to serving the affordable housing needs of the community for many years to come," Menard said.
 The new division has under contract a 200-lot parcel in the Woodward Park area with an option to acquire an additional 100 lots, as well as an 80-parcel lot in Clovis. Plans call for the development of entry-level detached homes priced from approximately $115,000 to $140,000.
 Construction and on-site sales activity are slated to begin this fall, with the first delivery of finished homes occurring in February. Ultimately, the company expects the company expects the new division to reach annual production capacity of 300 to 600 homes.
 Additional land acquisitions are currently under negotiation, Menard said.
 The Fresno division will be under the direction of Michael Forsum, president. Prior to being named to his new post, Forsum served as vice president, land and planning, for Kaufman and Broad's Fremont-based South Bay division. In that capacity, Forsum was part of a development team that has built nearly 2,500 homes throughout the San Francisco Bay region. He has been with Kaufman and Broad since 1986 and will be relocating to Fresno to assume his new duties.
 Although Kaufman and Broad is new to Fresno, it has been active in California's Central Valley region since 1987, building more than 1,500 homes in the Modesto and Stockton areas through its Modesto- based Central Valley division. The company has also been active in Sacramento since 1990, building approximately 400 homes in that rapidly growing market.
 Forsum noted that the continued population growth and economic expansion forecast for the Central Valley, and Fresno in particular, will create a need for more affordable housing through the 1990s and beyond. "We believe strongly that Central California, in addition to being a great place to live and work, is becoming a very dynamic and economically diverse market. The availability of affordable, well- built homes is critical to achieving the area's full economic potential," he said.
 Menard added that the Fresno division will be financed in the same manner as the company's other divisions located throughout the state, with working capital and land acquisition costs funded through Kaufman and Broad's substantial unsecured revolving lines of credit.
 The company has leased permanent office space at 320 W. Bedford, Suite 201, Fresno, CA 93711, phone 209-447-0900.
 Kaufman and Broad is the largest producer of single-family housing in California and the largest builder in metropolitan Paris where the company develops commercial office properties and a variety of residential investment properties in addition to single-family homes. Worldwide 1991 revenues totaled $1.22 billion.
 -0- 8/6/92
 /CONTACT: Bernard Sandalow, 310-443-8040, or Michele Rasmussen, 510-792-2900, both of Kaufman and Broad/
 (KBH) CO: Kaufman and Broad Home Corp. ST: California IN: CST SU:


KJ-LS -- LA005 -- 7567 08/06/92 11:30 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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