M.D.C. Holdings Announces 14% Increase in First Quarter Dividend

M.D.C. Holdings, Inc. ( ) today announced that its board of directors has declared a dividend of eight cents ($.08) per share for the first quarter ended March 31, 2002, an increase of 14% over the seven cents per share quarterly dividend previously paid by the Company. The dividend is payable on May 23, 2002 to shareowners of record on May 9, 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, Northern California and Southern 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.