09.26.07: Star Development receives California Tax Credit and Bond Allocations

ROCKFORD, IL September 26, 2007 - Star Development, L.L.C., a division of Star-Holdings of Illinois, L.L.C., received an annual allocation in excess of $122,000 of 4% Low Income Housing Tax Credits from the California Tax Credit Allocation Committee (CTCAC) for Woodlake Manor Apartments (Woodlake). In addition, CTCAC also awarded $161,846 in state Tax Credits. This award marks Star Development's third allocation of LIHTC in the state of California in the past 6 months.

In addition to the tax credits, Star Development was awarded an allocation of Private Activity Bonds from the California Debt Limit Allocation Committee (CDLAC) for Woodlake totaling more than $2,000,000. This is the 3rd allocation of Bonds by CDLAC to Star Development this year.

Woodlake Manor, located in northwestern California, was constructed in 1991 and consists of 44 units designated for senior tenants. Star Development will coordinate the transfer of the property to Star-Woodlake Manor 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.

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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