1
                                                                      EXHIBIT 20

                            U.S. Shelter Corporation
                                 P.O. Box 26718
                        Greenville, South Carolina 29616

                               September 20, 1999


Dear Stockholder:

         Your are hereby advised that, pursuant to the approval of the
stockholders of U.S. Shelter Corporation (the "Company") on December 31, 1990
and effective as of September 30, 1999 (the "Effective Date"), the Company
will be liquidated and every share of Common Stock of the Company held by a
stockholder of record on that date will be cancelled and converted into the
right to receive shares of the common stock of Insignia Financial Group, Inc.
("Insignia") and shares of the common stock of Apartment Investment and
Management Company ("Aimco") at the rate of .031836094 share of Insignia and
 .011428490 share of Aimco for each share of Shelter issued and outstanding on
September 30, 1999 (the "Effective Date"). Shares of Insignia and Aimco
constitute substantially all of the remaining assets of the Company other than
a cash reserve for contingencies. No fractional shares of Insignia or Aimco
will be issued. In lieu thereof former stockholders of the Company will receive
payment of the amount of cash to which such stockholder is entitled in respect
of fractional interests sold.

         In order to obtain the new certificates for Insignia and Aimco and any
cash payment for fractional shares, it will be necessary for you to fill out
the enclosed Notice of Filing and Letter of Transmittal and send it, along with
the certificate(s) that you currently hold, to the Shareholder Services Group
of First Union National Bank, which is acting as liquidation agent. A return
envelope to be used for this purpose is enclosed for your convenience.

         We have been advised by our legal counsel that under current federal
tax laws, the receipt of shares of Insignia and Aimco, as well as cash in lieu
of fractional shares will result in taxable gain if the fair market value of
the Insignia and Aimco shares on September 30, 1999 plus the cash in lieu of
fractional shares exceed your tax basis in your stock in the Company. Each
stockholder should consult his or her tax advisor as to any questions
concerning the tax treatment of this liquidating distribution.

         If you have questions, please contact the Shareholder Services Group
at First Union National Bank at 800-829-8432.

                                       Very truly yours,

                                       /s/ William D. Richardson

                                       William D. Richardson
                                       President and Secretary

Enclosures