Exhibit (a)(5) FOR IMMEDIATE RELEASE May 30, 2002 Contact: Eggert Dagbjartsson Equity Resources Group, Inc. 44 Brattle Street Cambridge, Massachusetts 02138 Telephone: (617) 876-4800 For Immediate Release Equity Resource Lexington Fund Limited Partnership announced today that it has extended its tender offer to purchase up to 1,040 units of limited partnership interests, or LP Units, in Urban Improvement Fund Limited-1974, a California limited partnership until June 13, 2002. The terms of the offer are otherwise identical to the terms of the original offer made to holders of LP Units on April 30, 2002. Approximately 215 units have been tendered as of the date of the extension.