04.18.07: Star Development receives California Tax Credit and Bond Allocations

ROCKFORD, IL April 18, 2007 - Star Development, L.L.C., a division of Star-Holdings of Illinois, L.L.C., received an annual allocation award of just over $289,000 in 4% Low Income Housing Tax Credits LIHTC from the California Tax Credit Allocation Committee for Highlands of Oroville Apartments (Highlands). Having been highly successful in obtaining allocations of LIHTC in other states, Highlands is Star Development's first attempt at obtaining an allocation in California.

In addition to the tax credits, Star Development was awarded an allocation of Private Activity Bonds totaling $4,737,000 from the California Debt Limit Allocation Committee (CDLAC) for Highlands. This is one of two allocations of bonds made by CDLAC to Star Development in the past month.

Constructed in 1979, Highlands of Oroville is an affordable housing complex containing 88 units located in north central California. Star Development will coordinate the transfer of the property to Star-Highlands of Oroville L.P. and will oversee the rehabilitation of the property in order to preserve it as part of the affordable housing stock in the state of California. The allocations of LIHTC and Private Activity Bonds are components of the financing structure being assembled by Star Development for this redevelopment.

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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