Click on [Download] [GOAL
Program] [Goal Program Notice of Funding Availability (NOFA) -- Rental and
Homeownership Development] (Use dropdown box).
In conjunction with Vanguard Health Systems,
Inc.

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14, 2005.'s
2005 Fourth Quarter and Year End Earnings
Conference Call on the Web

WHEN: Tuesday, September 13, 2005 at 10:00 a. If you connect through www.vanguardhealth.

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PRESS RELEASE AHFC Announces Availability of $22.7 Million in GOAL Funds

AHFC also
provides energy and weatherization programs, low-income rental assistance
in 18 communities, and special programs for the homeless.

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HOW: Live over the Internet -- Simply log on to the web at one of the
addresses above.

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7
million in grants and $20 million in federal tax credits to developers and
project sponsors who build affordable rental housing for low- to
moderate-income families and seniors. Deadline is Oct.

PRESS RELEASE Vanguard Health Systems Inc. Invites You to Join Its 2005 Fourth Quarter and Year End Earnings Conference Call Webcast

visualwebcaster. To access the replay,
click on the Fourth Quarter Webcast on our home page or on the "Latest
News" link on the Investor Relations page of our Web site.

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AHFC is a self-supporting public corporation with offices in 16 communities
statewide.

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Application and details are at www. Since 1986, AHFC
has contributed more than $1.

CONTACT: Aaron Broad, Investor Relations, at (615) 665-6131 or
abroad@vanguardhealth .com.

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It provides statewide financing for multi-family complexes,
congregate facilities, and single -family homes, with special loans for
first-time home buyers, low- and moderate-income borrowers, veterans,
teachers, nurses, and those living in rural areas of the state.

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ahfc.'s Fourth Quarter and Year End 2005 earnings press release, you are
invited to listen to its conference call that will be broadcast live over
the Internet on September 13, 2005 at 10:00am Eastern time with senior
management of Vanguard discussing the operating results.

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Alaska Housing Finance Corporation announces
the 2006 GOAL Program funding process.

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vanguardhealth.

government foreign

The GOAL program provides $2. will release its 2005 fourth quarter
operating results on Monday, September 12, 2005, after 4:00 pm Eastern
time.

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The program is open to for-profits,
non-profits, and regional housing authorities.com

Vanguard Health Systems, Inc. owns and operates 19 acute care hospitals and
complementary facilities and services in Chicago, Illinois; Phoenix,
Arizona; Orange County, California; San Antonio, Texas; and Massachusetts .

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The Company's earnings press release will be posted under the
"Latest News" link on the Investor Relations page of the Company's web site
www.vanguardhealth.com

Vanguard Health Systems, Inc .

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us.com or
http://www.com/event.com,
select "Fourth Quarter Webcast" from the home page.

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WHAT: Vanguard Health Systems, Inc.

foreign provides

4 billion to Alaska's State budget revenues
through cash transfers, capital projects and debt service payments.

If you are unable to participate during the live Webcast, the call will be
archived on our Web site www.vanguardhealth.

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m. Eastern time

WHERE: http://www.