A NOTE FROM THE GENERAL PARTNER
Dear Limited Partners:
We are pleased to report that based upon Partnership operations during the second quarter of 1999, the General Partner has again elected to increase quarterly distributions to Limited Partners. The distribution for the second quarter of 1999 has been increased to $2.50 per unit , or $75,000. The new distribution amount represents a 11% increase from the previous distribution amount of $2.25 per unit held,paid for the first quarter of 1999. Please find attached your quarterly distribution checks. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.
Positive news continues regarding the manufactured home Industry.As reported by the Manufactured Housing Institute(MHI),through their website,favorable Manufactured housing industry trends continue.The trends that have been most noted are increased service-sector job creation in the south eastand south west regions(traditionally strong areas for manufactured housing) an aging baby boomer population,generation"X" population moving into the first time homebuying market,improved construction quality and appearance,and even more importantly,greater availability of financing including longer loan terms.
The MHI also reports that manufactured home shippments represent approximately 25% of all new single family homes sold.The industry'sstability continues to have a positive effect on the Partnership's four communities,as overall occupancy has been 97% or better for the past several quarters.
To keep up to date with Industry trends,home shipments and various ststistics,the MHI has an extensive website available on the INTERNET.The website address is http://www.mfghome.org.
As always, please feel free to write us or give us a call at 1-800-541-7767, if there is anything we can do to help you with your investment in UMHCIF.
Sincerely,
P.I. Associates Limited Partnership
The General Partner
Paul M. Zlotoff
its general partner