M.D.C. Holdings Announces Fourth Quarter Dividend

DENVER, Jan. 22 /PRNewswire-FirstCall/ -- M.D.C. Holdings, Inc. ( ) today announced that its board of directors has declared a dividend of seven cents ($.07) per share for the fourth quarter ended December 31, 2001. The dividend is payable on February 21, 2002 to shareowners of record on February 7, 2002.

MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's home buyers, through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. Richmond American Homes is the largest homebuilder in Colorado; among the top five homebuilders in northern Virginia, Phoenix and Tucson; and among the top ten homebuilders in suburban Maryland, Las Vegas, Southern California and Northern California.


SOURCE: M.D.C. Holdings, Inc.

Contact: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706,; or Rodger Van Allen of Rubenstein
Associates, Inc., +1-212-843-8000,, for M.D.C.
Holdings, Inc.