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FLORIDA ASSOCIATION OF LOCAL HOUSING FINANCE AUTHORITIES QUARTERLY MEETING

Minutes of meeting held April 3, 2008

Present: Angela Abbott, Vice President John Kopelousos, Board Member W.D. Morris, Board Member Walt Ferguson, Board Member Karen Sindel, Executive Director Debra Dangler, RBC Capital Markets Marylou Frey, Wells Fargo Bank Susan Tinsley, Wells Fargo Bank Laura Upham, Wells Fargo Bank Susan Thorpe, Wells Fargo Bank Jim Ryan, Clay County HFA Steve Rodesney, Clay County HFA Dick Everhart, Leader Financial Elizabeth Feezor, The Bank of New York Trust Brian Justice, US Bank Jeff Alexander, US Bank

Others participating: Rodney Fischer, Board Member (via telephone) Mark Hendrickson, The Hendrickson Company (via telephone) David Neuman, Leader Financial (via telephone) Trish Storm, US Bank (via telephone) Jeff Kiss, PackerKiss Securities (via telephone) Scott Schuhle, US Bank (via telephone) Elbert Jones, Escambia County HFA (via telephone) Francine Jones, Escambia County HFA (via telephone) CJ Pipkins, Escambia County HFA (via telephone) Karyn Norton, Escambia County HFA (via telephone)

The Florida Association of Local Housing Finance Authorities held a quarterly meeting on April 3, 2008 at the Wells Fargo Bank, 301 E. Pine Street, 11th Floor, Suite 1150, Orlando, FL. Ms. Abbott called the meeting to order at 12:32 p.m. at which time she determined a quorum of the Board was present. Mr. Kopelousos then moved that the minutes from the January 3, 2008 FL ALHFA quarterly board meeting, held via telephone conference, be approved. Mr. Morris seconded the motion which was then passed unanimously. The next item was the presentation of the financial report. Ms. Sindel presented the financials as follows: checking - $29,463.08; money market savings - $108,603.09; Bank of Pensacola CD - $113,018.89; Gulf Coast Bank Savings - $85,821.72 for a total of $336,906.78. A motion was made by Mr. Ferguson, seconded by Mr. Fischer and passed unanimously to approve and ratify the financial report. Mr. Hendrickson then presented the legislative update. The House and Senate proposed appropriation bills for FY 08-09 have been released. The Senate is proposing a total of $321,000,000 for housing, an amount that is $69,800,000 or 17.9 % less than last year. The House has proposed $243,000,000 for housing, an amount that is $147,800,000 or 37.8% less than last year. The House appropriation reflects a total amount that is less than what was spent in 2002. The appropriation bill from the Senate also reflects a total of $180,200,000 trust fund dollars that will be swept into the General Revenue. Our position is to request that the Senate not sweep any trust fund dollars into General Revenue. Mr. Hendrickson then noted that this is the year the trust funds are to be re-authorized due to the Florida Constitution. It was noted that the trust funds will stay in effect unless there is legislation to remove them. Then, Mr. Hendrickson discussed the fact that every 10 years there is to be an amendment that would put Housing Trust Funds into the Florida Constitution. This amendments would be voted on by Florida voters and would need 60% approval to carry. In essence, this could eliminate "abuse" of the Trust Funds and repeal the cap. House Bill 699 was then brought up for discussion as this bill would change the bond allocation system regarding "carry forward authority." This statutory change is being pushed because of a change in interpretation of existing law – FHFC was allowed to access the state pool from its inception when they had outstanding carry forward allocation – until this past year when staff interpreted the statute differently than they had for many years. As a result, FHFC can characterize the legislation as conforming the statue to existing practice. Mr. Hendrickson stated that the chance of defeating this issue is slim however FL ALFHA should still express their concerns to FHFC. Discussion included expressing the opinion that carry forward should be used prior to new allocation. Mr. Kopelousos made a motion that FL ALHFA should try to make the best deal possible with FHFC and if that does not work then FL ALHFA should approach the legislature. That a compromise accessible to Housing Finance Authorities issuers should be obtained. Mr. Morris seconded the motion which then passed unanimously. The next topic of discussion was the FL ALHFA membership drive. Ms. Sindel presented an updated list reflecting those active/inactive/associate members that have renewed their membership, as well as those that have not. The next membership drive will occur in September/October time frame. Ms. Sindel then presented a report regarding the upcoming educational conference in Orlando, FL. A list of those companies that have committed to sponsoring the event was distributed. Once again, everyone was encouraged to approach businesses that they have a working relationship with to see if they are interested in sponsoring the conference. Ms. Sindel also reported that the Program Committee has been working had to pull together the agenda as well as moderators and panelists for the conference. Ms. Abbott stated that she will, once again, head up the Nominating Committee and will have a slate of officers to present at the annual Board meeting July 16. She also noted that the Nominating Committee will be a bit larger this year and that there is some discussion regarding expanding the Board of Director. Next conference topic was Dine Around. Ms. Sindel reported that there will be three restaurants this year, Bice Ristorante; The Palm, and Mama Della’s. All three are within a 5 minute walk and/or water taxi ride from the hotel. Menus have not yet been finalized but will be placed on the FL ALHA website upon completion. Also, instead of going to the restaurants for the "happy hour" prior to dinner, this year there will be a 45 minute – 1 hour reception at the hotel. Ms. Sindel also reported that the Wednesday night "Welcome Reception" and the Friday night dinner will be held at the Portofino and that details are currently being worked out. Ms. Abbott announced that she has secured CEU credits for attorneys and certified public accountants attending the conference. Other Business: Ms. Sindel announced the following dates/events: The NALHFA spring and fall conferences will be: Los Angeles, CA April 16 – 19; Minneapolis, MN; October 15 – 18. Ms. Sindel also announced that FL ALFHA now has a new mailing address: 4051 Barrancas Avenue; Suite G, PMB 217; Pensacola, FL 32507. There being no other business the meeting was adjourned at 1: 45 p.m.

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