CITY OF CONVERSE

CONVERSE HOUSING FINANCE CORPORATION

BOARD OF DIRECTORS MEETING

FEBRUARY 20, 2007

9:30 PM

The Board of Directors of the Converse Housing Finance Corporation conducted a meeting at the City Council Chambers at 402 South Seguin Street on Tuesday, February 20, 2007 at 9:30 PM to discuss the following. The following were present:

Mr. Craig Martin, President Ms. Gloria Weers, Secretary

Mr. Scott Jauregui, Member Mr. Al Suarez, Member

Mr. Jim Uballe, Member Mr. Sam Hughes, Executive Director

Ms. Laura Arens, Assistant City Manager Mr. Rick Jamison, Police Chief

Mr. Gene Baldwin, Fire/EMS Chief Mr. Jerry Wilson, Finance Director

Mr. Mark Luft, COC EDC Executive Director Mr. Ray Ortiz, City Attorney

Mr. James Plummer, Fulbright & Jaworski Mr. Mike Hogan, Project Developer

Ms. Penny Hieronymus, City Secretary

{Tape 2, Side B}

1. Call Meeting to Order

At approximately 10:02 AM, President Martin called the meeting to order.

2. Roll Call and Recognition of Visitors

President Martin asked the record to reflect the Board members and staff members that were present: (Board Members: Martin, Weers, Jauregui, Suarez and Uballe and staff members: Hughes, Arens, Jamison, Baldwin, Wilson, Luft and Hieronymus).

2. Discussion and Appropriate Action to Approve Converse Housing Finance Corporation Minutes for Meeting Conducted on August 15, 2006

Member Uballe made a motion to approve agenda item #3. Member Jauregui seconded the motion.

It passed unanimously to approve agenda item #3.

3. Discussion and Appropriate Action to Approve Converse Housing Finance Corporation Minutes for Public Hearing Conducted on January 16, 2007

Member Weers made a motion to approve agenda item #4. Member Jauregui seconded the motion.

It passed unanimously to approve agenda item #4.

4. Discussion and Appropriate Action on a Request to Approve Converse Housing Finance Corporation Resolution #2; a Resolution Authorizing Converse Housing Finance Corporation Variable Rate Demand Multifamily Housing Revenue Bonds (Town Square Apartment Project) Series 2007; and Other Matters in Connection Therewith

Mr. Plummer commented on the income, specifically Section 7, Setting an Income Level of $83,362 as the amount currently constituting low and moderate income for purposes of Section 394 of the Act in the COC adjusted as set forth in the Regulatory Agreement. This number was developed in 1982 and they use this number across Bexar County.

Mr. Hogan and Ms. Ginger (who runs the management) explained the requirements to qualify to reside on the properties as far as a criminal history. They don’t allow any criminal history, sex offenders, etc. They go by a point system, check job history, evictions, bankruptcies; felonies are rejected.

Member Weers made a motion to approve agenda item #5. Member Suarez seconded the motion.

It passed unanimously to pass agenda item #5.

5. Adjournment

At approximately 10:13 PM, President Martin adjourned the meeting.

___________________________

President

ATTEST:

____________________________________

Secretary