04.16.07: Star Development receives Wisconsin LIHTC Allocation

ROCKFORD, IL April 16, 2007 - Star Development, L.L.C., the development arm of Star-Holdings of Illinois, L.L.C., received an annual allocation of Low Income Housing Tax Credits (LIHTC) in the total amount of $470,024 from the Wisconsin Housing and Economic Development Authority (WHEDA) for Valley Crest Apartments. This will mark the 5th allocation of LIHTC to Star Development by WHEDA since 2000.

Valley Crest is a scattered site redevelopment project located in southeastern Wisconsin consisting of 144 units that were constructed in the 1980's. Star Development, along with Star General Contractors, will be rehabilitating the properties in order to preserve them as part of the affordable housing stock in the state of Wisconsin. The equity raised through the syndication of the LIHTC is an important component of the financial structure Star Development is engineering for this transaction.

About Star-Holdings, LLC

Headquartered in Rockford, Illinois, Star-Holdings is a recognized leader in the development, management and construction of affordable housing properties. One of the largest affordable housing managers in Illinois and Wisconsin, Star-Holdings owns or manages more than 200 properties in ten states.

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