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             UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15269 / February 27, 1997
SEC  v. Neil  A. Liechty,  U.S. District  Court for  the Southern
District of Alabama, Civil No. 97-149-RV (S.D. Al.)

     The Securities and Exchange Commission ("Commission")
announced the filing of a Complaint on February 27, 1997 in the
United States District Court for the Southern District of
Alabama, alleging Neil A. Liechty ("Liechty") of Pine Mountain,
Georgia (formerly residing in Pensacola, Florida), and Neil
Liechty, Inc. ("NLI"), a Florida corporation owned and controlled
by Liechty, offered and sold approximately $26 million of
securities to investors, most of whom were elderly, in violation
of various provisions of the securities laws.

     The Complaint alleges that Liechty and NLI sold limited
partnership interests in The Homestead Village, Ltd. ("HV"), The
Homestead Garden Apartments, Ltd. ("HGA"), located in Pensacola,
Florida, The Homestead Village of Fairhope, Ltd ("HVF") and The
Homestead Garden Apartments of Fairhope, Ltd. ("HGAF"), located
in Fairhope, Alabama and unsecured notes of HGA and HGAF.  Each
entity provides assisted care to the elderly.  All are presently
in receivership.  Pre-organization subscriptions for interests in
similar entities which were to have done business in Foley and
Gulf Shores, Alabama are also alleged to have been sold, but no
facilities were developed.

     The Complaint alleges that Liechty and NLI, misrepresented
material facts while selling the securities, including that the
securities had been approved by the Commission, that the issuers
would be debt free, that certain facilities would be built with
the proceeds of the offerings and that only a specified dollar
amount of the securities would be sold.  They omitted to disclose
that funds from the various entities were being comingled.

     Simultaneous with the filing of the Complaint, and without
admitting or denying the allegations made against them, Liechty
and NLI consented to the entry of a Judgment of Permanent
Injunction and Other Relief ("Judgment").  The Judgment
permanently enjoins Liechty and NLI from future violations of the
antifraud and registration provisions of the federal securities
laws and also from unlawfully representing that the Commission in
any way approved securities offered or sold.  (Sections 5(a),
5(c), 17(a) and 23 of the Securities Act of 1933, and Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder).

     The Judgment also provides that Liechty and NLI will provide
an accounting of all monies received in connection with the
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offerings and that disgorgement and civil penalties will be
determined later.