Good News!

February 12, 2007 –The Residences at Westbrook Place LDHA LP is pleased to announce that the Michigan State Housing Development Authority (MSHDA) has issued reservations to award tax credits as financial support for a new project to develop property located at 183 West Street into affordable housing for family residents. The proposed development, “Residences at Westbrook Place” is planned to be a new, affordable living community located in the heart of Battle Creek, Michigan. The new 48-unit development will consist of 2 and 3 bedroom family-style rental units which will be targeted to serve families who earn less than 50% of the state’s average income level. Rents will be restricted to 30% of the household’s income. The new units will be appointed with fully equipped kitchens, ceiling fans, carpeting, window blinds, central heat/air conditioning, and cable television/internet access. The new project will be located next to Westbrook Place, a MSHDA supported senior housing complex located in the old Community Hospital building which opened in June of 2006.

Residences at Westbrook Place is being developed and built by a joint venture partnership of the JPM Group, LLC of Jacksonville, Florida and Wolgast Corporation of Saginaw, Michigan. This new development was made possible by the City of Battle Creek, Battle Creek Unlimited, and Battle Creek Health System. The site is located in a Renaissance Zone, which provides tax abatements through 2012, and partial tax abatements until 2015. The City of Battle Creek is providing a Payment in Lieu of Taxes ordinance, which will take effect at the expiration of the Renaissance Zone period.

Occupancy of Westbrook Place is scheduled for summer 2008.