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FLORIDA ASSOCIATION OF LOCAL HOUSING FINANCE AUTHORITIES QUARTERLY MEETING

Minutes of meeting held January 18, 2007

Present: Gordon Jernigan, President Angela Abbott, Vice President Walt Ferguson, Treasurer/Secretary John Kopelousos, Board Member Rodney Fischer, Board Member Patricia Braynon, Board Member Karen Sindel, Executive Director

Others participating: Debra Dangler, RBC Capital Laura Upham, Wells Fargo Mary Lou Frey, Wells Fargo Barry Krinsky, Capmark Wes Wolf, Wolf and Company Cheryl Henry, Bank of America Mark Hendrickson, The Hendrickson Co. (via telephone) Ray Popkin, RBC Capital Jeff Kiss, Packer Kiss Larry Flick, RBC Capital

The Florida Association of Local Housing Finance Authorities held a quarterly meeting via telephone conference on this 18th day of January, 2007. Mr. Gordon Jernigan, President, was absent due to illness. Ms. Sindel called the meeting to order at 1:35 p.m., at which time she determined a quorum of the Board was present. Mr. Ferguson then moved that the minutes from the October 19, 2006 FLALHFA quarterly board meeting, held in Orlando, FL, be approved. Mr. Fischer seconded the motion which was then passed unanimously. The next item was the presentation of the financial report. Mr. Ferguson presented the financials as follows: checking - $66,367.10; money market savings - $106,931.27; Bank of Pensacola CD - $106,576.66; Gulf Coast Bank Savings - $83,831.12 for a total of $363,706.15. A motion was made by Ms. Braynon, seconded by Mr. Fischer and passed unanimously to approve and ratify the financial report. Mr. Hendrickson then presented the legislative update. The major issue is the repeal of the cap on the Housing Trust Funds. Gov. Bush forced the legislature to cap distribution as $243 million per year beginning January 1, 2007. Between $450 - $600 million actually goes into the Housing Trust Funds annually and yet the limit of monies spent will be $243 million. The focus should be on repealing the cap. However, one of the problems facing this repeal is that two of the staff the worked for Gov. Bush are now employees of the House. These employees are still striving to maintain the $243 million cap. At this time we are unaware of Gov. Crist's position regarding the Housing Trust Funds. Mr. Hendrickson will send Ms. Sindel a one page of talking points regarding this issue to be distributed to the FL ALHFA membership. Florida Housing Coalition will also be providing a detailed article that deals with facts vs. myths of the Housing Trust Funds. Ms. Sindel the presented the membership report. A list of current members, as well as those who have not yet sent in their membership fee, was distributed to the Board members. It was noted that many of FL ALHFA's members do not send in their fees until January/February timeframe as their new fiscal year begins January 1. An update was them presented by Ms. Sindel regarding the annual conference in Key West, FL. Conference dates are July 11 - 14, 2007. The Wednesday night reception will be held at the Custom's House and catered by Great Events. The menu for this event is being developed. Dine Around restaurants have been secured and their contracts and menus are in process. The Friday evening cookout will be held on the wharf/boardwalk. This year, the Hilton has transitioned into a Westin. Our overflow hotel will still be the Pier House. Regarding sponsorship for the Key West event, Elizabeth Feezor has offered to work with Ms. Sindel in securing sponsorships again this year. It was noted by Ms. Feezor that a few of last year's sponsors have merged/consolidated which could mean a reduction in funding. Mr. Popkin stated that it is often much more effective to have clients of these firms request their involvement in the annual event. We really need to encourage issuers to be involved in securing sponsorship dollars. Mr. Popkin announced that he will be retiring in the spring. As he has been the primary person that developed our program for the annual conference, we are going to need someone else to step up and assist. Mr. Popkin stated it is a continual effort to secure speakers and panelists as many companies have cut their staff and attendance at conferences. We need assistance from the local housing finance authorities to secure speakers regarding tax credit deals and multifamily issues. The question was raised if lack of speakers/sponsors/attendance could be due to "Key West fatigue." Ms. Sindel noted that she is working with the state to determine if continuing education credits could be issued to builders/realtors/mortgage brokers for attending the conference. Mr. Fischer offered to assist with this effort. The next regular meeting of the FLALHFA Board of Directors will be March 22, 2007. in Orlando, FL The spring NALHFA conference will be in Seattle during the month of April. FL ALHFA will have a display booth promoting the Key West conference. There being no further business the meeting was adjourned at 1.20 p.m.

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