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January 17, 2008

INDIANAPOLIS HUD PROPERTY IMPLEMENTS NUMEROUS IMPROVEMENTS FOR RESIDENTS
Law Enforcement Satellite Substations Open At Phoenix Apartments

(Hamden, CT – January 17, 2008) – RCM Phoenix Partners, LLC, a Belfonti Associates related entity, announced today that a satellite office of the Marion County Prosecutor officially opened its doors for business on the grounds of the Phoenix Apartments January 16, 2008. This followed last week’s opening of an Indianapolis Metropolitan Police Department substation in one of the units of Phoenix Apartments on January 10.

Both initiatives were undertaken in a renewed emphasis to improve the safety and quality of life for residents of the Phoenix Apartments. Additionally, both exhibit the strong partnerships Phoenix management is developing with local officials, agencies, law enforcement and community leaders, as everyone works to point the property in a new direction.

After issues at the property garnered news headlines in December, Michael Belfonti, President and CEO of Belfonti Associates, visited the property to work with local management to formulate plans to turn the Phoenix around. Since that time, numerous efforts have been made to implement the plan, and significant progress has taken place.

“Until mid-December, our efforts have been focused on the management of the property and on enhancing the physical plant,” Belfonti said. “However, since this property has additional needs, we’re now focusing more efforts on security and on improving the overall community environment. As such, we are working closely with the Marion County Prosecutor and the Indianapolis Metropolitan Police Department (IMPD). We’ve provided funding to allow both the Prosecutor and the Metropolitan Police Department a physical presence on our site. In addition, we are working closely with local agencies, city officials and community leaders to launch new efforts to improve communications.”

Phoenix management is reviewing other measures to increase security at the property, including improved lighting, fencing and security cameras. “We look forward to sharing our progress reports with the community and with the various governmental agencies as these improvements are implemented,” Belfonti continued.

In the area of social services, Phoenix management is identifying resident needs so that those needs can then be matched with the agencies that best address them.

Belfonti’s group has been working in conjunction not only with the Marion County Prosecutor’s office, Indianapolis Metropolitan Police Department and housing officials, but also with local community leaders. The group also has had an ongoing dialogue with the offices of Indiana’s U.S. senators. "Everyone involved wants to come up with the best plan to improve the property from both a property management perspective, which we control, and from a security and social services perspective. The amount of positive energy and offers to assist our efforts has been phenomenal, and we are going to continue to channel that energy to drive positive change,” said Belfonti.

 

Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.