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, DECEMBER 12,2002 The Board of Directors of the Austin Housing Finance Corporation (AHFC) was convened on Thursday, December 12, 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 4:08 p.m. AHFC-1. Approval of minutes for Austin Housing Finance Corporation Special Called Meeting of November 7,2002. The minutes for the Austin Housing Finance Corporation Special Called Meeting of November 7, 2002 were approved on Vice President Goodman's motion, Board Member Wynn's second on a 7-0 vote. AHFC-2. Approve the re-appointment of Michael C. McDonald, Roger Arriaga and Lupe Morin as Directors of the Board of Directors of the Arbors at Creekside Non-Profit Corporation, the general partner in the development of Primrose at Shadow Creek (formerly the Arbors at Creekside), a S.M.A.R.T. Housing 176-unit senior citizen facility located at 1026 Clayton Lane, with terms to expire on January 1, 2005; and Director McDonald is designated to continue to serve as President of the Corporation. The motion authorizing the re-appointment of Directors and designation of the president was approved on Vice President Goodman's motion, Board Member Wynn's second on a 7-0 vote. AHFC-3. Approve modification of the maximum allowable purchase price limits on the Austin Housing Finance Corporation's current Mortgage Credit Certificate program to equal $175,593 for existing homes and $205,677 for newly constructed homes. The motion authorizing the modification of the maximum allowable purchase price limits was approved on Board Member Thomas' motion, Board Member Dunkerley's second on a 7-0 vote. The motion to adjourn the meeting at 4:13 p.m. was approved on Board Member Slusher's motion, Board Member Dunkerley's second on a 7-0 vote. The minutes from the Austin Housing Finance Corporation meeting of December 12,2002 were approved on January 9,2003 on Board Member Thomas' motion, Board Member Alvarez' second on a 6-0 vote. Board Member Slusher was off the dais. 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