CLARKSDALE, Miss., Sept. 26, 2006 (PRIMEZONE) -- Superior Development Group, Inc., (Pink Sheets:SDVG) ("Superior Development") announced today that it has entered into a memorandum of understanding with Veteran's Quality of Life Access Network Inc., ("VQLAN"), a New York City based 501(c)(19) nonprofit organization to provide supportive housing for homeless veterans and transitional multi-family housing for meeting the immediate and long-term housing needs of homeless veterans on a nationwide basis under the U.S. Department of Veterans Affairs ("VA") housing initiatives and programs.
Under the agreement between the parties, Superior Development will provide development services to VQLAN and receive development fees up to 15% of the actual hard and soft costs of the projects. VQLAN is a qualified nonprofit organization under the VA programs and will assist with the placing of veterans in the housing units and apply or make applications to the VA for grants and securing payment for services under the VA programs.
Financing for the development of the proposed projects will consist of a variety of financial products which will include federal loan guarantees, taxable and tax-exempt bonds, historical and low-income housing tax credits, Veteran Affairs grants and property tax abatements. The first project to be developed under the agreement will be a pilot development in New York and then implemented throughout the rest of the country.
"We are pleased that VQLAN has selected our Company to be its partner and serve as the developer in this worthy housing program," said Derrick Neal, Chairman and CEO of Superior Development. VQLAN's CEO and Founder, Barry Campbell also stated that "We are elated to have Superior Development partner with us as we move forward to provide housing for the nation's veterans who have given so much for this country and who deserve to be treated with respect and have safe, decent, and affordable housing."
About Superior Development Group, Inc.
Superior Development Group, Inc. is a publicly traded multi-faceted real estate development Company that primarily develops affordable single and multifamily housing communities. The Company operates through subsidiaries which purchase raw land or undervalued properties, improves them and profits from the investment through development fees, sales income or rental income. In addition to prospective real estate housing opportunities Superior Development has also entered into the business of Resort Hotel and Casino business with the planned acquisition of Triad Resorts, LLC, a Nevada Limited Liability Corporation.
Additional information about Superior Development Group, Inc. is available online at www.superiordevelopmentgroup.com
About VQLAN
VQLAN is a New York City based 501(c)(19) nonprofit organization formed for the purpose of assisting veterans with obtaining their basic needs such as housing, pensions, social security and other forms of federal compensation.
Additional information about VQLAN is available online at www.vqlan.org
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