EXHIBIT (a)(17)
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BERKSHIRE INCOME REALTY AMENDS EXCHANGE OFFERS
AND EXTENDS EXPIRATION DATE
BOSTON, MASSACHUSETTS - - March 24, 2003 - - Berkshire Income
Realty, Inc. today announced that it has amended the terms of its exchange
offers and is now seeking up to 4,708,974 interests in Krupp Government Income
Trust (GIT), up to 5,742,802 interests in Krupp Government Income Trust II (GIT
II), up to 3,501,460 interests in Krupp Insured Mortgage Limited Partnership
(KIM), up to 2,766,307 interests in Krupp Insured Plus Limited Partnership
(KIP), up to 3,370,614 interests in Krupp Insured Plus II Limited Partnership
(KIP II) and up to 3,452,096 interests in Krupp Insured Plus III Limited
Partnership (KIP III). These changes to the offers are being made because
Berkshire Income Realty has received or expects to receive tenders of interests
that are in excess of the number of interests it had been seeking in three of
its six exchange offers. In connection with these changes, the Company also
announced that the expiration date for its exchange offers has been extended to
5:00 p.m., New York City time, on April 2, 2003. The Company does not expect to
further extend the expiration date. Except as described above, the terms and
conditions of the exchange offers as set forth in the prospectus relating to
Berkshire Income Realty's 9% Series A Cumulative Redeemable Preferred Stock
remain in effect.
As of the close of business on March 13, 2003, Berkshire
Income Realty had received tenders of approximately 3,841,766 interests in GIT,
4,726,262 interests in GIT II, 2,971,587 interests in KIM, 2,401,791 interests
in KIP, 2,990,570 interests in KIP II and 2,871,897 interests in KIP III. As of
such date, sufficient interests had been tendered so that more than 1,000,000
shares of Berkshire Income Realty's 9% Series A
Preferred Stock would be issued in exchange for mortgage fund interests, thereby
satisfying, as of such date, the minimum tender condition referred to in the
prospectus relating to the exchange offers. This press release does not
constitute an offer to sell or the solicitation of an offer to buy the preferred
stock, nor will there be any sale of the preferred stock in any state where the
offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
This press release contains "forward-looking statements,"
within the meaning of the Private Securities Litigation Reform Act of 1995,
about Berkshire Income Realty, Inc. and the mortgage funds, including statements
containing words such as "expects," "believes" or "will," which indicate that
those statements are forward-looking. Except for historical information, the
matters discussed in this press release and forward-looking statements that are
subject to certain risks and uncertainties could cause actual results,
performance or achievements to differ materially. These factors include, among
other things, the exercise of withdrawal rights by tendering interestholders;
federal, state or local regulations; the inability to meet financial obligations
on additional loans; pre-payments of mortgages; operating results at properties
underlying mortgages; uninsured losses and potential conflicts of interest
between the company and its affiliates and advisors. Additional risks are
discussed in Berkshire Income Realty, Inc.'s registration statement on Form S-11
relating to the transactions and in the mortgage funds' filings with the
Securities and Exchange Commission.
Berkshire Income Realty, Inc. has filed a registration
statement on Form S-11 with the SEC in connection with the transaction. Current
and future holders of interests in the mortgage funds are urged to read the
following documents filed by Berkshire Income Realty, Inc. in connection with
the transaction described above: the prospectus relating to the exchange offers,
the registration statement on Form S-11 and the Schedule TOs containing or
incorporating by reference such documents and other information. Such documents
contain important information about the transaction and related matters.
Investors should read the documents filed with the SEC carefully before making
any decision in connection with the transaction.
In addition to the prospectus relating to the exchange offers,
registration statement and Schedule TOs filed by Berkshire Income Realty, Inc.,
the mortgage funds file annual, quarterly and special reports, proxy statements
and other information with the SEC. You may read and copy any reports,
statements or other information filed by Berkshire Income Realty, Inc. or the
mortgage funds at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. The filings by Berkshire Income
Realty, Inc. and the mortgage funds with the SEC are also available to the
public from commercial document-retrieval services and at the web site
maintained by the SEC at http://www.sec.gov. Free copies of the exchange offer
materials and these other
documents may also be obtained from Berkshire Income Realty, Inc. by directing a
request by mail to Berkshire Income Realty, Inc., One Beacon Street, Suite 1500,
Boston, Massachusetts 02108, Attention: Investor Communications, Telephone:
1-866-33-KRUPP or 1-866-305-7877.
CONTACT INFORMATION:
Berkshire Income Realty, Inc.
One Beacon Street, Suite 1500
Boston, Massachusetts 02108
Attention: Phil Darby
Telephone: 1-617-574-8374
E-mail: phil.darby@berkshire-group.com
Facsimile: 1-617-423-8919