VAN KAMPEN
                                                                      FUNDS INC.

NEWS RELEASE

    1 Parkview Plaza o P.O. Box 5555 o Oakbrook Terrace, Illinois 60181-5555
                              o www.vankampen.com
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FOR IMMEDIATE RELEASE

FOR MORE INFORMATION CONTACT:
Chad Peterson
212/762-9612

               VAN KAMPEN NEW YORK VALUE MUNICIPAL INCOME TRUST,
                  VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST,
                                      AND
           VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
                        ANNOUNCE PROPOSED REORGANIZATION

         CHICAGO (May 11, 2005) -- Van Kampen Asset Management announced today
that the Board of Trustees of each of Van Kampen New York Value Municipal Income
Trust (AMEX/CHX: VNV), Van Kampen New York Quality Municipal Trust (NYSE/CHX:
VNM), and Van Kampen Trust for Investment Grade New York Municipals (NYSE/CHX:
VTN) approved a reorganization of each of VNV and VNM into VTN. The proposed
reorganization will be presented for shareholder approval at a special meeting
of shareholders.

         Van Kampen Asset Management is a subsidiary of Van Kampen Investments
Inc. ("Van Kampen"). Van Kampen is one of the nation's largest investment
management companies, with more than $97 billion in assets under management or
supervision, as of April 30, 2005. With roots in money management dating back
to 1927, Van Kampen has helped more than four generations of investors work
toward their financial goals. Van Kampen is a wholly owned subsidiary of Morgan
Stanley (NYSE: MWD). For more information, visit Van Kampen's web site at
www.vankampen.com.

         The foregoing does not constitute an offer of any securities for sale.
The joint proxy statement/prospectus relating the proposed reorganization
contains important information and shareholders are urged to read it. Free
copies of the joint prospectus/proxy will be available after the registration
statement filed with the Securities and Exchange Commission (the "SEC") becomes
effective by calling Van Kampen's Client Relations Department at (800) 847-2424
or on the SEC's web site at www.sec.gov.

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Copyright(C)2005 Van Kampen Funds Inc.  All rights reserved.  Member NASD/SIPC.