04.18.07: Star Development receives California Tax Credit and Bond Allocations

ROCKFORD, IL April 18, 2007 - Star Development, L.L.C. received an annual allocation award of 4% Low Income Housing Tax Credits from the California Tax Credit Allocation Committee of $186,777 for Ukiah Terrace Apartments (Ukiah). Over the past 19 years, Star has received more than 30 allocations of tax credits in multiple states.

Through Star Development, Ukiah was also awarded an allocation of Private Activity Bonds from the California Debt Limit Allocation Committee (CDLAC) in the total amount of $2,826,000. This marks the second allocation of Private Activity Bonds made by CDLAC to Star Development in the past month.

Ukiah Terrace, an affordable housing property located in northwestern California, was constructed in 1991 and consists of 41 units. Star Development will coordinate the transfer of the property to Star-Ukiah Terrace Limited Partnership 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 Bonds and LIHTC are pieces of the multi-layered financing being assembled by Star Development 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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