Exhibit 99-1
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
FINANCIAL REPORT
DECEMBER 31, 1997
TABLE OF CONTENTS
Independent Auditors' Report 1
Statements of Net Assets Available for Benefits
With Fund Information 2 - 3
Statements of Changes in Net Assets Available for
Benefits with Fund Information 4 - 5
Notes to Financial Statements 6 - 10
________________________________________________
Independent Auditors' Report on the
Supplementary Information 11
Schedule of Assets Held for Investment
Purposes 12 - 14
Schedule of Assets Held for Investment Purposes
Which Were Both Acquired and Disposed of
Within the Plan Year 15
Schedule of Reportable 5%
Transactions 16
INDEPENDENT AUDITORS' REPORT
To The Board of Trustees of
Home Properties
Retirement Savings Plan
Rochester, New York
We have audited the accompanying statements of net assets available
for benefits with fund information of Home Properties Retirement
Savings Plan as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for benefits with fund
information for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements, referred to above present
fairly, in all material respects, the net assets available for
benefits with fund information of the Plan as of December 31, 1997 and
1996, and the changes in net assets available for benefits with fund
information for the years then ended, in conformity with generally
accepted accounting principles.
Respectfully Submitted,
/s/ Brovitz, Insero, Kasperski & Co., P.C.
Brovitz, Insero, Kasperski & Co., P.C.
Certified Public Accountants
Rochester, New York
May 6, 1998
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1997 WITH COMPARATIVE TOTALS FOR 1996
GROWTH WITH
ALL REDUCED
ASSETS STABLE EQUITY VOLATILITY
INVESTMENTS AT FAIR VALUE (NOTES 2 AND 3):
Money Market Funds $ - $ 31,494 $ 5,248
Common Trust Fund 207,971 - -
U.S. Government and Agency Obligations - - 89,800
Common Stock - 229,651 81,951
Mutual Funds - 29,911 29,835
Participant Loans - - -
TOTAL INVESTMENTS AT FAIR VALUE 207,971 291,056 206,834
RECEIVABLES
Employer Contributions 18,039 46,843 24,480
Participant Contributions 2,794 7,200 4,143
Participant Loans 684 234 494
Accrued Interest 1,057 142 1,322
Due From Custody First - - -
TOTAL RECEIVABLES 22,574 54,419 30,439
TOTAL ASSETS 230,545 345,475 237,273
LIABILITIES - - -
NET ASSETS AVAILABLE FOR BENEFITS $230,545 $345,475 $237,273
SEE NOTES TO FINANCIAL STATEMENTS.
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1997 WITH COMPARATIVE TOTALS FOR 1996
LONG-TERM COMPANY PARTICIPANT
GROWTH STOCK NOTES 1997 1996
$ 8,550 $14,010 $ - $ 59,302 $ 21,337
- - - 207,971 184,934
149,516 - - 239,316 409,433
351,227 98,203 - 761,032 268,667
82,335 - - 142,081 -
- - 55,675 55,675 48,755
591,628 112,213 55,675 1,465,377 933,126
75,535 15,938 - 180,835 150,614
12,695 2,368 - 29,200 23,954
439 434 - 2,285 2,212
2,986 349 - 5,856 8,700
- - - - 655
91,655 19,089 - 218,176 186,135
683,283 131,302 55,675 1,683,553 1,119,261
- - - - -
$ 683,283 $131,302 $55,675 $1,683,553 $1,119,261
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1997 AND COMPARATIVE TOTALS FOR 1996
PARTICIPANT DIRECTED
--------------------------------------
GROWTH WITH
ALL REDUCED
INCREASES IN NET ASSETS STABLE EQUITY VOLATILITY
INVESTMENT INCOME:
Interest and Dividends $11,882 $ 7,227 $ 10,960
Net Appreciation in Fair Value of Investments
(NOTE 3) - (14,225) 14,501
TOTAL INVESTMENT INCOME 11,882 ( 6,998) 25,461
CONTRIBUTIONS
Employer 18,039 46,843 24,480
Employee 39,060 41,222 55,928
Rollover 1,950 3,247 3,077
TOTAL INCREASES 70,931 84,314 108,946
DECREASES IN NET ASSETS
Benefits Paid to Participants 29,904 - 43,434
Distribution of Assets Spun-off Plan - - -
Administrative Expenses 1,928 1,274 2,928
TOTAL DECREASES 31,832 1,274 46,362
NET INCREASE PRIOR TO
INTERFUND TRANSFERS 39,099 83,040 62,584
INTERFUND TRANSFERS (10,963) 262,435 (24,265)
NET INCREASE (DECREASE) 28,136 345,475 38,319
NET ASSETS AVAILABLE FOR
BENEFITS - BEGINNING 202,409 - 198,954
NET ASSETS AVAILABLE FOR
BENEFITS - ENDING $230,545 $345,475 $237,273
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1997 AND COMPARATIVE TOTALS FOR 1996
PARTICIPANT DIRECTED
- -----------------------------------
LONG-TERM COMPANY PARTICIPANT
GROWTH STOCK NOTES OTHER 1997 1996
$ 31,686 $ 5,592 $ 3,976 $ - $ 71,323 $ 41,075
75,741 13,643 - - 89,660 42,672
107,427 19,235 3,976 - 160,983 83,747
75,535 15,938 - - 180,835 150,419
210,237 30,232 - - 376,679 317,426
7,180 - - - 15,454 24,749
400,379 65,405 3,976 - 733,951 567,341
67,682 14,044 - - 155,064 107,281
- - - - - 455,353
8,465 - - - 14,595 10,203
76,147 14,044 - - 169,659 572,837
324,232 51,361 3,976 - 564,292 3,504
(259,732) 29,776 2,944 (195) - -
64,500 81,137 6,920 (195) 564,292 3,504
618,783 50,165 48,755 195 1,119,261 1,115,757
$683,283 $131,302 $ 55,675 $ - $1,683,553 $1,119,261
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 1 Description of Plan
The following description of the Home Properties Retirement Savings
Plan provides only general information. Participants should refer to
the Plan agreement for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution plan covering all employees of Home
Properties of New York, Inc. who are 21 years of age or older and who
have completed one year of service. It is subject to the provisions
of the Employee Retirement Income Security Act of 1974 (ERISA). Prior
to January 1, 1996, the plan covered the employees of Hauser
Corporation and Fluoro Film, Inc. (entities related to Home
Properties of New York, Inc. through common ownership). Effective
January 1, 1996, the assets associated with participants employed by
Hauser Corporation and Fluoro Film, Inc. were spun-off into their own
plan.
TRUST
State Street Bank and Trust Co. (Exeter Trust) serves as trustee of
the Plan.
CONTRIBUTIONS
Each year, the sponsor may contribute such amount as its Board of
Directors shall, at its discretion, determine. Employees may
contribute to the Plan a percentage of their compensation or a fixed
dollar amount each pay period. In addition, the employer makes a
matching contribution based on participants' tax deferred
contributions.
PARTICIPANT ACCOUNTS
Each participant's account is credited with an allocation of: (1) his
or her tax deferred contribution, (2) the company's contributions, (3)
Plan earnings, and (4) forfeitures of terminated participants' non-
vested accounts. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
account.
VESTING
Each participant's interest in his/her employee contribution account
is fully vested at all times. The Plan provides for vesting in the
employer contribution account of 20% after two years, 40% after three
years, 60% after four years, 80% after five years, and 100% after six
years of service.
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 1 Description of Plan - Continued
INVESTMENT OPTIONS
Effective January 1, 1996 and upon enrollment in the Plan, a
participant may direct contributions to the Plan to any of four
investment options.
1) Stable Income - This Option invests in a pooled investment trust
fund. The Fund is comprised of a diversified portfolio of
GIC's and/or other stable value investments, such as
certificates of deposits. The objective of this option is to
generate a relatively high rate of interest while protecting
against declines in market value.
2) All Equity - This Portfolio consists of common stocks. The
objective is to generate capital growth over time.
3) Growth with Reduced Volatility - This Portfolio consists of common
stocks, bonds and cash equivalents in an effort to generate a
significant rate of capital growth over time.
4) Long-Term Growth - This Portfolio consists of common stocks, bonds
and cash equivalents in an effort to generate a significant
rate of capital growth over time.
5) Company Stock - Effective October 1, 1996, participants may invest
in common stock of Home Properties of New York, Inc.
PARTICIPANT NOTES RECEIVABLE
Participants may borrow from their accounts a minimum of $1,000 to a
maximum equal to the lessor of $50,000 or 50% of their vested account
balance. Loan transactions are treated as a transfer to (from) the
investment fund from (to) the Participant Notes Fund. Loan terms
range from one to five years, or longer for the purchase of a primary
residence. The loans are secured by the balance in the participant's
account and bear interest at the prime rate plus one percent (1%) in
effect on the first day of the month in which the loan is made.
Interest rates range from 7% to 9.75% for the current outstanding
notes. Principal and interest is paid ratably through weekly or semi-
monthly payroll deductions.
PAYMENT OF BENEFITS
The Plan provides for normal retirement benefits upon reaching age 65
and has provisions for early retirement, disability, death and
termination benefits for those participants who are eligible to
receive such benefits.
On termination of service, a participant may elect to receive:
(1) A lump sum amount equal to the value of his or her account, or
(2) Annual installments over a period of time not to exceed 15 years.
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 1 Description of Plan - Continued
PLAN TERMINATION
Although the Company has not expressed an intent to do so, the Company
has the right under the Plan to discontinue contributions at any time
and to terminate the Plan subject to the provisions of ERISA. In the
event of Plan termination, participants will become 100% vested in
their accounts.
TAX STATUS
In October, 1993, the Company adopted a prototype plan which received
a favorable determination letter from the Internal Revenue Service in
April, 1993 stating that the Plan qualifies under the applicable
provisions of the Internal Revenue Code, including Section 401(k).
NOTE 2 Significant Accounting Policies
METHOD OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual
method of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Shares of registered
investment companies are valued at quoted market prices which
represent the net asset value of shares held by the Plan at year-end.
The Company stock is valued at its quoted market price. Participant
notes receivable are valued at cost which approximates fair value.
Purchases and sales of securities are recorded on a settlement-date
basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the date received.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
MANAGEMENT ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during
the reporting period. Actual results could differ from those
estimates.
ADMINISTRATIVE EXPENSES
The Company absorbs significant administrative costs of the Plan.
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 3 Investments
The Plan's investments are held by State Street Bank and Trust Co.
The following table represents the fair market values of the
investments. Investments representing 5% or more of the Plan's net
assets are separately identified.
1997 1996
---------------- ------------------
INVESTMENTS AT NUMBER OF NUMBER OF
FAIR VALUE AS SHARES OR SHARES OR
DETERMINED BY QUOTED PRINCIPAL FAIR PRINCIPAL FAIR
MARKET PRICE AMOUNT VALUE AMOUNT VALUE
MONEY MARKET FUNDS - $ 59,302 - $ 21,337
COMMON TRUST FUNDS
State St. Principal Preservation
Fund 207,971 207,971 184,934 184,934
U.S. GOVERNMENT SECURITIES
U.S. Treasury Bond, 7.25%,
Due 8/15/22 95,000 109,725 170,000 179,828
Other Notes and Bonds - 129,591 - 229,605
239,316 409,433
COMMON STOCKS
Home Properties of New
York, Inc. 3,612 98,203 - -
Other Common Stocks - 662,829 - 268,667
761,032 268,667
MUTUAL FUNDS - 142,081 - -
1,409,702 884,371
OTHER INVESTMENTS AT FAIR VALUE
Participant Notes - 55,675 - 48,755
TOTAL INVESTMENTS AT FAIR
VALUE $1,465,377 $ 933,126
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 3 Investments - Continued
During 1997 and 1996, the Plan's investments (including investments
bought, sold and held during the year) appreciated in value as
follows:
1997 1996
NET APPRECIATION (DEPRECIATION) IN FAIR VALUE
All Equity $(14,225) $ -
Growth with Reduced Volatility 14,501 2,346
Long-Term Growth 75,741 36,488
Company Stock 13,643 3,838
NET APPRECIATION (DEPRECIATION)
IN FAIR VALUE $ 89,660 $42,672
INDEPENDENT AUDITORS' REPORT
ON THE SUPPLEMENTARY INFORMATION
To the Board of Trustees of
Home Properties
Retirement Savings Plan
Rochester, New York
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
schedules of assets held for investment purposes and reportable 5%
transactions as of or for the year ended December 31, 1997, are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken
as a whole.
Respectfully Submitted,
/s/ Brovitz, Insero, Kasperski & Co., P.C.
Brovitz, Insero, Kasperski & Co., P.C.
Certified Public Accountants
Rochester, New York
May 6, 1998
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
SCHEDULE OF ASSETS HELD FOR INVESTMENTS PURPOSES
DECEMBER 31, 1997
SHARES OR DESCRIPTION OF CURRENT
FACE VALUE IDENTITY OF ISSUE INVESTMENT COST VALUE
MONEY MARKET FUNDS
59,301.61 SSGA Funds - U.S. Treasury
MMF Interest-bearing cash $ 59,302 $ 59,302
COMMON TRUST FUNDS
207,970.86 State St. Principal Preservation
Fund Interest-bearing cash 207,971 207,971
U.S. GOVERNMENT SECURITIES
10,000 U.S. Treasury Notes 6.25%, Due 6/30/2002 10,082 10,203
10,000 U.S. Treasury Notes 5.875%, Due 9/30/2002 9,957 10,059
20,000 U.S. Treasury Notes 5.625%, Due 11/30/2000 20,234 19,963
5,000 U.S. Treasury Notes 6.25%, Due 4/30/2001 4,927 5,078
10,000 U.S. Treasury Notes 6.625%, Due 7/31/2001 10,065 10,284
30,000 U.S. Treasury Notes 6.5%, Due 8/15/2005 31,847 31,303
95,000 U.S. Treasury Bonds 7.25%, Due 8/15/2022 97,092 109,725
40,000 U.S. Treasury Bonds 6.5%, Due 11/15/2026 37,400 42,701
221,604 239,316
CORPORATE STOCKS
3,650 Alied Donecq ADR Common Equity 27,539 33,031
500 Aracruz Celulose Sa-Spon
ADR Common Equity 10,624 7,187
900 Asia Pulp & Paper Spons ADR Common Equity 10,350 9,056
500 Bell & Howell Co. Common Equity 15,009 12,094
1,500 Celltech (UK) Common Equity 7,636 7,342
450 CIA Anonima Telef De
Ven ADR Common Equity 14,029 18,731
525 De Beers Cons Mines ADR Common Equity 18,553 10,730
625 Diageo PLC-Sponsored ADR Common Equity 25,582 23,672
725 Eastman Kodak Co. Common Equity 53,012 44,088
350 Enersis SA Sponsored ADR Common Equity 10,449 10,150
600 Fingerhut Corporation Common Equity 8,199 12,825
350 Frontier Corporation Common Equity 7,284 8,422
375 Hancock Fabrics Inc. Common Equity 3,592 5,438
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - CONTINUED
DECEMBER 31, 1997
SHARES OR DESCRIPTION OF CURRENT
FACE VALUE IDENTITY OF ISSUE INVESTMENT COST VALUE
CORPORATE STOCKS - CONTINUED
3,612 Home Properties of NY, Inc. Common Equity 82,299 98,203
1,300 International Game
Technology Common Equity 32,070 32,826
200 Jacobs Engr Group Inc. Common Equity 4,393 5,075
425 Kimberly Clark Corp Common Equity 20,023 20,958
600 Mallinckrodt Group Inc. Common Equity 22,813 22,800
600 McDonalds Corp Common Equity 27,399 28,650
1,411 Medpartners Inc. New Common Equity 28,539 31,572
500 Millipore Corp Common Equity 19,993 16,969
450 Motorola Common Equity 27,711 25,678
900 Petrobas ADR Common Equity 22,446 21,048
900 Pharmacia & Upjohn Inc. Common Equity 30,476 32,963
1,350 Resorts World Berhad ADR Common Equity 20,642 11,358
525 Schere RP Corp Del Common Equity 28,059 32,025
200 Takefuji Corp (JPY) Common Equity 8,905 9,162
250 Telebras ADR Common Equity 29,192 29,109
250 Telecom Italia Spa ADR Common Equity 7,854 16,000
600 Unilever PLC ADR Common Equity 15,394 20,700
1,150 Union Tex Pete Hlds Inc. Common Equity 25,305 23,934
1,400 Unisource Worldwide Corp Common Equity 26,346 19,950
1,025 Viacom Inc. CL B Common Equity 30,679 42,473
425 York International Corp Common Equity 19,459 16,813
741,855 761,032
MUTUAL FUNDS
3,795.70 M&N Fund Global Series A Mutual Fund 37,957 38,413
3,598.98 M&N Fund International CL A Mutual Fund 45,583 47,075
2,576.82 M&N Fund Small Cap Ser
CL A Mutual Fund 32,568 31,077
2,614.35 M&N Fund World Opp. CL A Mutual Fund 29,934 25,516
146,042 142,081
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - CONTINUED
DECEMBER 31, 1997
SHARES OR DESCRIPTION OF CURRENT
FACE VALUE IDENTITY OF ISSUE INVESTMENT COST VALUE
PARTICIPANT LOANS
55,675 Participant Notes Interest ranging from
7.0% to 9.75%,
Due From February,
1998 Through October
2002. Collateralized by
remaining balance of
participant's account. - 55,675
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $1,376,774 $1,465,377
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES WHICH WERE BOTH
ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1997
SHARES OR DESCRIPTION OF
FACE VALUE IDENTITY OF ISSUE INVESTMENT COST PROCEEDS
850 Comcast Corp Special CL A Common Equity $ 15,600 $ 23,950
968 Home Properties of New
York, Inc. Common Equity $ 19,486 $ 21,063
2,740 Manning & Napier
Technology Fund Mutual Fund $ 32,744 $ 25,283
25 Motorola, Inc. Common Equity $ 1,477 $ 1,754
1,150 Nellcor Puritan
Bennett, Inc. Common Equity $ 21,000 $ 32,271
350 Orcale Sys Corp Common Equity $ 14,615 $ 19,492
700 Readers Digest
Assn Inc. CL A Common Equity $ 18,586 $ 15,728
76,552 State Street
Principal Fund Common Equity $ 76,552 $ 76,552
50 Telebras ADR Common Equity $ 5,571 $ 8,043
20,000 U.S. Treasury Bonds Interest 6.5%,
Due 11/15/26 $ 18,700 $ 19,756
15,000 U.S. Treasury Notes Interest 5.875%,
Due 9/30/2002 $ 14,904 $ 14,995
20,000 U.S. Treasury Notes Interest 6.625%,
Due 3/31/2002 $ 19,828 $ 20,425
25,000 U.S. Treasury Notes Interest 6.25%,
Due 6/30/2002 $ 25,205 $ 25,289
HOME PROPERTIES
RETIREMENT SAVINGS PLAN
ROCHESTER, NEW YORK
SCHEDULE OF REPORTABLE 5% TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
COMPUTED ON JANUARY 1, 1997 VALUE OF $1,119,261
PURCHASE SELLING GAIN (LOSS)
DESCRIPTION UNITS PRICE PRICE COST ON SALE
Home Properties of New
York, Inc. 2,913 $68,116 $ - $ - $ -
Home Properties of New
York, Inc. 968 $ - $21,063 $19,486 $ 1,577
Nellcor Puritan Bennett, Inc. 1,150 $21,000 $ - $ - $ -
Nellcor Puritan Bennett, Inc. 1,775 $ - $49,809 $34,876 $14,933
State Street Principal Fund 99,589 $99,589 $ - $ - $ -
State Street Principal Fund 76,552 $ - $76,552 $76,552 $ -
U.S. Treasury Bonds, 6.5% ,
Due 11/15/2026 60,000 $56,100 $ - $ - $ -
U.S. Treasury Bonds, 6.5%,
Due 11/15/2026 20,000 $ - $19,756 $18,700 $ 1,056
U.S. Treasury Bonds, 7.25%,
Due 8/15/2022 75,000 $ - $81,905 $83,631 $(1,726)
U.S. Treasury Notes, 6.25%,
Due 6/30/2002 35,000 $35,287 $ - $ - $ -
U.S. Treasury Notes, 6.25%,
Due 6/30/2002 25,000 $ - $25,289 $25,205 $ 84
EXHIBIT 99-2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement
on Form S-8 to be filed by Home Properties of New York, Inc. with respect
to the Home Properties Retirement Savings Plan of our report dated May 6,
1998, with respect to the financial statements and schedules of the
Home Properties Retirement Savings Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1997.
Sincerely,
/s/ Brovitz, Insero, Kasperski & Co., P.C.
Brovitz, Insero, Kasperski & Co., P.C.
Certified Public Accountants
Rochester, New York
June 25, 1998