flUSTIN HOUSING FINflNCE CORPORflTION Board of Directors: Gus Garcia, President Jackie Goodman, Vice President Raul Alvarez, Director Danny Thomas, Director Betty Dunkerley, Director Will Wynn, Director Daryl Slusher, 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, AUGUST 1,2002 The Board of Directors of the Austin Housing Finance Corporation (AHFC) was convened on Thursday, August 1, 2002 in the Hancock Building Board Room of the Lower Colorado River Authority, 3700 Lake Austin Blvd. The following were the AHFC items considered by the Austin Housing Finance Corporation's Board of Directors. President Garcia called the meeting to order at 3:06 p.m. AHFC-1. Approval of minutes for Austin Housing Finance Corporation Special Called Meeting of July 18, 2002. The minutes for the Austin Housing Finance Corporation Special Called Meeting of July 18, 2002 were approved on Board Member Dunkerley's motion, President Garcia's second on a 7-0 vote. AHFC-3 Approve a resolution authorizing the negotiation and execution of a contract with the Housing Authority of the City of Austin for a twelve-month period to administer a Tenant Based Rental Assistance program for eligible homeless households in an amount not to exceed $430,750, with two 12-month extension options not to exceed $430,750 annually, for a total contract amount of $1,292,250. Resolution No. 2002-0801-3 was approved on Board Member Thomas' motion, Board Member Wynn's second on a 7-0 vote. AHFC-2 Approve a resolution for the issuance of Austin Housing Finance Corporation Private Activity Volume Cap Multi-family Housing Revenue Bonds Series 2002 (Pleasant Valley Villas Project), in an amount not to exceed an aggregate principal amount of $15 million, the issuance of Austin Housing Finance Corporation Multi-Family Housing Taxable Revenue Bonds in an amount not to exceed an aggregate principal amount of $2,945,000 and the bond indenture and financing documents for the construction of the Pleasant Valley Villas Apartments, to be owned and operated by a single purpose Texas limited partnership affiliated with Southwest Housing Development. Resolution No. 2002-0801-2 was approved on Board Member Dunkerley's motion, Board Member Alvarez* second on a 7-0 vote. The motion to adjourn the meeting at 3:45 p.m. was approved on Vice President Goodman'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