nUSTIN HOUSING FINflNCE CORPORRTION Board of Directors: Gustavo L. Garcia, President Jackie Goodman, Vice President Raul Alvarez, Director Danny Thomas, Director Beverly Griffith, Director Will Wynn, Director Daryl Slusher, Director Jesus Garza, General Manager Betty Dunkerley, Secretary Sedora Jefferson, General Counsel BOARD OF DIRECTORS' MEETING AUSTIN HOUSING FINANCE CORPORATION MINUTES THURSDAY, JANUARY 10, 2002 The Board of Directors of the Austin Housing Finance Corporation (AHFC) was convened at 2:25 p.m. on Thursday, January 10, 2002 in the Hancock Building Board Room at the Lower Colorado River Authority, 3700 Lake Austin Blvd. The following agenda were the AHFC items considered by the Austin Housing Finance Corporation's Board of Directors. President Garcia called the meeting to order at 2:25 p.m. AHFC-1. Approval of minutes for Austin Housing Finance Corporation Special Called Meeting of December 13,2001. The minutes for the Austin Housing Finance Corporation Special Called Meeting of December 13, 2001 were approved on Vice President Goodman's motion, Board Member Griffith's second by a 7-0 vote. AHFC-2. Approve the issuance of Austin Housing Finance Corporation Refunding Multi-family non-recourse bonds in an amount not to exceed an aggregate principal amount of $9 million and the financing documents in connection with the transaction to refinance the bonds issued in 1985 on the Riverchase Apartments, owned and operated by Riverchase Associates, Ltd., a Texas limited partnership. The motion to postpone this item to January 17, 2002 was approved on Board Member Griffith's motion, Board Member Slusher's second by a 7-0 vote. AHFC-3. Approve a Resolution authorizing the negotiation and execution of a Rental Housing Development Assistance (RHDA) Program loan in an amount not to exceed $1,275,750 to Garden Terrace Housing Corporation, an affiliate of Foundation Communities, for the acquisition and development of the Garden Terrace Apartments, an 85-unit single-room- occupancy (SRO) rental facility at 1015 West William Cannon Drive. Resolution No. 020110-3 was approved on Vice President Goodman's motion, Board Member Griffith's second by a 7-0 vote. AHFC-4. Approve a Resolution authorizing the negotiation and execution of a Rental Housing Development Assistance (RHDA) program payment loan in an amount not to exceed $71,900 to Community Partnership for the Homeless for the acquisition of nine units of transitional housing for low income homeless veterans. Resolution No. 020110-4 was approved on Vice President Goodman's motion, Board Member Alvarez' second by a 7-0 vote. CORPORATE OFFICES. 505 Barton Springs Rd. Suite 600. Austin. TX 78704 (512) 974-3103 OFFICE OF CORPORATE COUNSEL, 114 West 7th Street, Austin, TX. 78701(512) 974-2268 The motion to adjourn the meeting at 2:35 p.m. was approved on Board Member Slasher's motion, President Garcia's second by a 7-0 vote. The minutes for the Austin Housing Finance Corporation Special Called Meeting of January 10, 2002 were approved on Vice President Goodman's motion, Board Member second Wynn's by a 7-0 vote. CORPORATE OFFICES. 505 Barton Springs Rd. Suite 600. Austin. TX 78704 (512) 974-3103 OFFICE OF CORPORATE COUNSEL, 114 West 7th Street, Austin, TX. 78701(512) 974-2268