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NEWS RELEASE

April 18, 2008

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Howard County Awards Redevelopment of Guilford Gardens to The Shelter Group

ELLICOTT CITY, MD – Howard County Executive Ken Ulman today announced that a contract for the redevelopment of Guilford Gardens has been awarded to The Shelter Group.

The 18-acre, county-owned Guilford Gardens’ property currently has 100 units of garden style apartments and townhomes. The redevelopment concept consists of converting the current property to a mixed-income, multi-generational community that will include up to 270 energy-efficient apartments, designed and constructed with sustainable (“green”) practices in mind.

In making the announcement, County Executive Ulman praised the Department of Housing & Community Development staff for their hard work. “Thanks to the perseverance and dedication of the staff, and the commitment of the Housing & Community Development Board members, we now have a new development plan that will better utilize the property, provide more housing units and, because the design and construction features “green building” techniques, those units will also be more energy and cost efficient.”

The proposed Guilford Gardens redevelopment also includes a community center with a pool, basketball/ tennis courts, meeting and activity rooms, and a gazebo. Additionally, the buildings are arranged around an expansive community green that will be available for recreation and connected to a series of walking paths designed so that no resident will have to cross a parking lot to reach the community amenities, including tot lots and play areas for older children.

The Shelter Group is a national development and property management company specializing in multifamily and senior living communities. Shelter has built a robust portfolio of not only conventional multifamily real estate but also affordable housing for families and the elderly, including luxury retirement and assisted living communities. Throughout its 30-year history, Shelter has enjoyed a long and successful track record of working in Howard County and currently owns and manages a portfolio of approximately 1,000 units in the County, all of which they developed.

The Department of Housing & Community Development expects to receive a more detailed plan from The Shelter Group next month and will then begin negotiating a development agreement.