The contest began last week

as part of the celebration of the company's name change from Colony Homes

to KB Home.

The contest ends June 30 and

winners will be announced the week of July 7.

The company's "Building

Happy Homes" coloring contest will encourage children throughout

the metro Atlanta area to illustrate their dream homes with original drawings.

Entry forms are available at the ten KB Home sales offices throughout

the Atlanta area. Complete information, rules and locations of all KB

Home communities are available at www.kbhome.com.

"Now that Colony Homes

is KB Home we think this is a fun way to celebrate the importance of home

and give children a chance to win prizes," said Greg Bennett, executive

vice president, KB Home Atlanta division.

The contest is open to children

throughout the metropolitan Atlanta area: including where KB Home builds,

Cherokee, Cobb, Douglas, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale

counties. Judging categories are five and under, and ages 6-10.

The winners in each age range

from each community will receive a Toys-R-Us' gift card valued at $25.

The grand prize winner from each age range will receive, in addition to

the community prize, an additional $25 Toys-R-Us gift card, a $100 U.

S. Savings Bond and a $100 donation for their school or favorite children's

charity.

Copies of the winning pictures

will be sent to local newspapers, posted on KB Home's Web site and displayed

in sales offices in the metropolitan Atlanta area KB Home communities.

KB Home is one of America's

largest homebuilders with domestic operating divisions in some of the

fastest-growing areas of the country including Arizona, California, Colorado,

Florida, Georgia, Nevada, New Mexico, North Carolina and Texas. Kaufman

& Broad S.A., the company's majority-owned subsidiary, is one of the

largest homebuilders in France.

In fiscal 2002, the company

delivered 25,565 homes in the United States and France. It also operates

KB Home Mortgage Company, a full-service mortgage company for the convenience

of its buyers.

Founded in 1957, KB Home is

a Fortune 500 company listed on the New York Stock Exchange under the

ticker symbol "KBH." For more information about any of KB Home's

new home communities, call 1-888-KB-HOMES or visit the Company's Web site

at www.kbhome.com.