RUSTIN HOUSING FINflNCE CORPORfiTION Board of Directors; Gus Garcia, President Jackie Goodman, Vice President Raul Alvarez, Director Danny Thomas, Director Betty Dunkerley, Director Will Wynn, Director Daryl Slushier, Director Toby Futrell, General Manager Shirley Brown, Assistant Secretary Sedora Jefferson, General Counsel BOARD OF DIRECTORS' MEETING AUSTIN HOUSING FINANCE CORPORATION SPECIAL CALLED MEETING MINUTES THURSDAY, JULY 18,2002 The Board of Directors of the Austin Housing Finance Corporation (AHFC) was convened on Thursday, July 18, 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 2:54 p.m. AHFC-1. Approval of minutes for Austin Housing Finance Corporation Special Called Meeting of July 11,2002. The minutes for the Austin Housing Finance Corporation Special Called Meeting of July 11, 2002 were approved on Board Member Wynn's motion, President Garcia's second by a 4-0 vote. Board Members Alvarez, Slusher and Thomas were off the dais. AHFC-2 Conduct a public hearing on July 18,2002 for the purpose of receiving public input on the issuance of up to $15 million of private activity multi-family non-recourse bonds and $1,500,000 of taxable bonds to finance the construction of the Pleasant Valley Villas, located on the south side of Oltorf Street East and Pleasant Valley Road, Austin, Texas 78741, to be owned by Pleasant Valley Villas Housing, LTD, a newly-formed Texas limited partnership affiliated with Southwest Housing Development. The public hearing was closed on Board Member Slusher's motion, Board Member Wynn's second by a 6-0 vote. Vice President Goodman was off the dais. The motion to adjourn the meeting at 4:22 p.m. was approved on Board Member Slusher's motion, President Garcia's second on 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