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Official Board PacketOctober Board MeetingTo be held atTreaty Oak Bank101 Westlake Dr.Treaty Oak Conference RoomAustin, TX 78746Friday, October 10, 200810:30 a.m.

BOARD MEETINGTEXAS STATE AFFORDABLE HOUSING CORPORATIONTo be held atTreaty Oak Bank101 Westlake DriveTreaty Oak Conference RoomAustin, Texas 78746October 10, 2008 at 10:30 amCALL TO ORDER, ROLL CALLCERTIFICATION OF QUORUMThomas LeeperChairThe Board of Directors of Texas State Affordable Housing Corporation will meet to consider and possibly act on the following:STAFF REPORTDavid LongACTION ITEMS IN OPEN MEETING:Tab 1Presentation, Discussion and Possible Approval of Minutes of the Board Meeting held on September 19,2008.Tab 2Presentation, Discussion and Possible Approval of Potential Modifications, Including Cancellation of,Corporation’s Single Family Bond Drawdown Program, Financed By Its Single Family Mortgage RevenueRefunding Bonds, Drawdown Series 2007.Tab 3Presentation, Discussion, and Possible Approval of the 2008 Grant Awards for the Texas Foundations Fund.Tab 4Presentation, Discussion and Possible Approval of a Resolution Regarding the Approval of Amended andRestated Guidelines for the Texas Foundations Fund, a Segregated Fund of the Corporation, to ProvideCertain Relief in Areas Affected by Recent Hurricanes, the Approval of the Transfer of AdditionalUnrestricted Funds of the Corporation to the Texas Foundations Fund for this Purpose and Concerning OtherMatters Incident and Related Thereto.Tab 5Presentation, Discussion and Possible Approval of the Publication for Public Comment Guidelines, ScoringCriteria and Targeted Areas for the Allocation of Qualified Residential Rental Project Bond Funds under the2009 Multifamily Housing Private Activity Bond Program Request for Proposals.Tab 6Presentation, Discussion and Possible Approval of the Publication for Public Comment Policies Governingthe Allocation of Qualified Residential Rental Project Bonds under the 501(c)(3) Bond Program.Tab 7Presentation, Discussion and Possible Approval of the Publication for Public Comment Policies GoverningRefunding and Restructuring of Multifamily Mortgage Revenue Bonds.Tab 8Presentation, Discussion and Possible Approval of Application for Participation in the Texas Short TermAsset Reserve Program (TexSTAR).PUBLIC COMMENTCLOSED MEETINGConsultation with legal counsel on legal matters – Texas Government Code § 551.071Deliberation regarding purchase, exchange, lease, or value of real property – Texas Government Code § 551.072Deliberation regarding prospective gift or donation to the state or Texas State Affordable Housing Corporation – TexasGovernment Code § 551.073Personnel Matters – Texas Government Code § 551.074Implementation of security personnel or devices – Texas Government Code § 551.076Other matters authorized under the Texas Government CodeOPEN MEETINGAction in Open Meeting on Items Discussed in Closed MeetingADJOURNIndividuals who require auxiliary aids or services for this meeting should contact Laura Ross, ADA Responsible Employee, at512-477-3555, x 400 or Relay Texas at 1-800-735-2989 at least two days before the meeting so that the appropriatearrangements can be made.Texas State Affordable Housing Corporation reserves the right to recess this meeting (without adjourning) and convene at a laterstated time, if and to the extent allowed by law. If Texas State Affordable Housing Corporation adjourns this meeting andreconvenes at a later time, the later meeting will be held in the same location as this meeting. Texas State Affordable Housing

Corporation also reserves the right to proceed into a closed meeting during the meeting in accordance with the Open MeetingsAct, Chapter 551 of the Texas Government Code. If permitted by the Open Meetings Act, Chapter 551 of the Texas GovernmentCode, any item on this Agenda to be discussed in open meeting may also be discussed by the Board (and any other authorizedpersons) in closed meeting.

STAFF REPORT

Single Family Lending Report

Texas State Affordable Housing Corporation'sProfessional Educators Home Loan Program Series 2007AAs of February 22, 2007 through October 1, ay-08Jun-08Jul-08Totals# ofLoans249562551015522222644322% % ,094297100% 35,047,209LenderCountrywide Home Loans, Inc.Cornerstone Mortgage CompanyWR Starkey MortgageRocky Mountain Mortgage Co.Wells Fargo Bank, NADHI Mortgage Company, Ltd.Market Street Mortgage Corp.Hammersmith Financial, L.P.Universal American Mortgage CoWachovia Mortgage, FSBCTX Mortgage Company, LLCService First MortgageTexas State BankHometrust Mortgage CompanyColonial Savings, FACountrywide - WholesaleFirst Continental Mortgage LtdHome Loan CorporationAmerican Bank, N.ANew South Federal Savings BankFirst National Bank TexasPrimeLending, A PlainsCptl Co.Willow Bend MortgageFirst United Bank & Trust Co.Maverick Residential MortgageFirst Tennessee Bank, N.AStandard Pacific Mortgage, IncR. H. Lending, IncPulaski Mortgage CompanyGMAC Mortgage, LLCChase Home Finance, LLCSWBC Mortgage CorporationPrado MortgagePrimary Residential Mtg, Inc.Castle & Cooke Mortgage, LLCOriginated 5,871,921.00 4,350,410.00 3,043,233.00 2,329,545.00 1,869,540.00 1,814,846.00 1,792,587.00 1,661,450.00 1,635,839.00 1,494,969.00 1,205,816.00 922,274.00 825,467.00 704,897.00 630,211.00 629,350.00 419,882.00 413,116.00 374,170.00 359,016.00 356,902.00 318,350.00 258,400.00 229,200.00 195,275.00 181,785.00 177,625.00 149,900.00 136,422.00 128,375.00 124,000.00 119,744.00 119,300.00 111,122.00 92,270.00# of 1Total %1%1%0%0%0%0%0%0%0%0%0%Total Committed 35,047,209297100%Total AllocationRemaining to Commit 35,000,000- 47,209At a GlanceTotal Amount OriginatedAverage Annual IncomeAverage Purchase PriceAverage Loan AmountAverage Household SizeNew/ExistingNewExistingProfessional BreakdownTeacherTeacher AideSchool CounselorSchool NurseSchool LibrarianNot SpecifiedType of LoanConventionalFHAVAUSDA-RDEthnicityAmerican Indian/Alaskan NativeAsian or Pacific IslanderBlackHispanicWhiteOtherNot DefinedTop Originating CountiesHarrisDallasEl PasoTarrantTravisBexarFort aKaufmanGalvestonCameronTaylorHuntBellTom rsBastrop 35,047,209 49,012 121,390 %14%0%# of Loans69322422201712108875544433322222222

Texas State Affordable Housing Corporation'sProfessional Educators Home Loan Program Series 2007 A-3As of June 20, 2007 through October 1, otals# ofLoans1271009111622621923621% ofTotalLoans40%32%3%3%5%1%1%2%7%3%1%1%2%1%0% 16,430350,017656,696203,031145,956317100% 37,087,780LenderCountrywide Home Loans, Inc.Cornerstone Mortgage CompanyWR Starkey MortgageWells Fargo Bank, NACTX Mortgage Company, LLCRocky Mountain Mortgage Co.Market Street Mortgage Corp.Texas State BankDHI Mortgage Company, Ltd.Wachovia Mortgage, FSBUniversal American Mortgage CoHammersmith Financial, L.P.PrimeLending, A PlainsCptl Co.Service First MortgageCountrywide - WholesalePrimary Residential Mtg, Inc.R. H. Lending, IncHometrust Mortgage CompanyHoustonian Mortgage Group Inc.First National Bank TexasStandard Pacific Mortgage, IncPrado MortgageGMAC Mortgage, LLCPrime West Mortgage Corp.Chase Home Finance, LLCNational City MortgageBankers Financial Group - TXColonial Savings, FAAmerican Bank, N.AWillow Bend MortgageHappy State BankRyland Mortgage CompanyMaverick Residential MortgageFirst Tennessee Bank, N.ARepublic Mortgage Home LoansBSM Financial, LPFirst United Bank & Trust Co.SWBC Mortgage CorporationNTFN, Inc.Home Loan CorporationAmerican State Bank - LubbockCoastal Bend Mortgage, Inc.Originated 8,440,386.00 4,058,387.00 3,622,179.00 2,141,478.00 1,965,634.00 1,262,006.00 1,205,788.00 1,136,892.00 1,033,255.00 1,029,066.00 997,670.00 907,700.00 850,769.00 827,296.00 689,893.00 601,565.00 538,350.00 530,708.00 468,750.00 449,158.00 421,066.00 346,550.00 329,971.00 291,971.00 278,324.00 247,296.00 242,297.00 239,175.00 218,262.00 192,850.00 180,713.00 148,941.00 133,500.00 133,000.00 132,500.00 131,249.00 127,000.00 123,265.00 115,583.00 100,395.00 98,719.00 98,223.00# of 11111Total %1%1%1%1%1%1%1%0%1%0%0%0%0%0%0%0%0%0%Total Committed 37,087,780317100%Total AllocationRemaining to Commit 37,235,000 147,220At a GlanceTotal Amount OriginatedAverage Annual IncomeAverage Purchase PriceAverage Loan AmountAverage Household SizeNew/ExistingNewExistingProfessional BreakdownTeacherTeacher AideSchool CounselorSchool NurseSchool LibrarianNot SpecifiedType of LoanConventionalFHAVAUSDA-RDEthnicityAmerican Indian/Alaskan NativeAsian or Pacific IslanderBlackHispanicWhiteOtherNot DefinedTop Originating CountiesHarrisBexarDallasEl PasoTarrantHidalgoTravisMontgomeryFort iamsonRandallLubbockEllisWebbSan PatricioPotterKaufmanJeffersonGuadalupe 37,087,780 48,941 120,413 %19%0%# of Loans8734302019191310986444443333222222

Texas State Affordable Housing Corporation'sProfessional Educators Home Loan Program Series 2007BAs of August 20, 2007 through October 2, 8Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08Totals# ofLoans293642211023171984321% ofTotalLoans15%18%21%11%5%1%2%9%10%4%2%2%1%1% 33,309358,103225,630115,192197100% 23,085,097LenderCountrywide Home Loans, Inc.WR Starkey MortgageWells Fargo Bank, NACornerstone Mortgage CompanyCTX Mortgage Company, LLCRocky Mountain Mortgage Co.Hammersmith Financial, L.P.Primary Residential Mtg, Inc.Countrywide - WholesalePrimeLending, A PlainsCptl Co.GMAC Mortgage, LLCTexas State BankService First MortgageDHI Mortgage Company, Ltd.Wachovia Mortgage, FSBUniversal American Mortgage CoCastle & Cooke Mortgage, LLCFirst Continental Mortgage LtdDraper and KramerNational City MortgageHometrust Mortgage CompanyPrado MortgageFirst National Bank TexasCoastal Bend Mortgage, Inc.Community Financial ServicesAmerican State Bank - LubbockR. H. Lending, IncSWBC Mortgage CorporationCompass Bank - ALHome Loan CorporationNTFN, Inc.Originated 6,417,676.00 2,252,595.00 2,024,579.00 1,560,622.00 1,139,460.00 1,017,336.00 991,900.00 970,965.00 728,893.00 689,049.00 626,891.00 480,993.00 473,059.00 439,244.00 390,665.00 371,439.00 303,972.00 300,305.00 240,528.00 226,900.00 195,074.00 162,450.00 145,847.00 135,411.00 131,000.00 123,700.00 123,500.00 120,051.00 115,192.00 110,000.00 75,801.00# of Loans54211714988876545343222221111211111Total %1%1%1%1%1%1%1%Total Committed 23,085,097197100%Total AllocationRemaining to Commit 23,510,000 424,903At a GlanceTotal Amount OriginatedAverage Annual IncomeAverage Purchase PriceAverage Loan AmountAverage Household SizeNew/ExistingNewExistingProfessional BreakdownTeacherTeacher AideSchool CounselorSchool NurseSchool LibrarianNursing Faculty MemberAllied Health Faculty MemberNot SpecifiedType of LoanConventionalFHAVAUSDA-RDEthnicityAmerican Indian/Alaskan NativeAsian or Pacific IslanderBlackHispanicWhiteOtherNot DefinedTop Originating CountiesHarrisBexarEl ort GraysonComalChambersBell 23,085,097 48,943 119,982 8%37%31%0%# of Loans6428181576655543332221111111111111111111

Texas State Affordable Housing Corporation'sFire Fighter, Law Enforcement or Security Officer, and Emergency Medical Services Personnel Home Loan ProgramSeries 2007CAs of April 9, 2007 through September 3, 7Nov-07Dec-07Jan-08Feb-08Mar-08Apr-08Totals# ofLoans2739454117345331012% ofTotalLoans14%20%23%21%9%2%2%3%2%2%5%1%1% 79118,047173,317200100% 23,020,029LenderCountrywide Home Loans, Inc.Chase Home Finance, LLCWR Starkey MortgageCornerstone Mortgage CompanyMarket Street Mortgage Corp.Hometrust Mortgage CompanyCTX Mortgage Company, LLCR. H. Lending, IncWachovia Mortgage, FSBWells Fargo Bank, NARocky Mountain Mortgage Co.Home Loan CorporationCastle & Cooke Mortgage, LLCTexas State BankCity BankUniversal American Mortgage CoCountrywide - WholesaleService First MortgagePrimeLending, A PlainsCptl Co.Weststar Mortgage Corp. Inc.Maverick Residential MortgageColonial Savings, FAWillow Bend MortgageHoustonian Mortgage Group Inc.Prime West Mortgage Corp.Ryland Mortgage CompanyFirst National Bank TexasAmerican Bank, N.ADHI Mortgage Company, Ltd.Hammersmith Financial, L.P.imortgage.comPrimary Residential Mtg, Inc.GMAC Mortgage, LLCCapital One, NARepublic Mortgage Home LoansPrado MortgageNational City MortgageOriginated 3,220,461.00 2,322,401.00 1,867,389.00 1,136,128.00 1,135,070.00 1,049,102.00 1,047,755.00 1,028,954.00 903,412.00 879,342.00 691,500.00 666,168.00 605,734.00 578,820.00 556,303.00 555,341.00 542,795.00 519,042.00 419,736.00 387,556.00 377,401.00 355,260.00 325,301.00 195,000.00 194,679.00 177,680.00 175,150.00 168,609.00 151,660.00 141,800.00 125,060.00 107,315.00 91,500.00 89,000.00 82,745.00 79,500.00 69,360.00# of l %1%1%1%1%1%1%1%1%1%1%1%1%1%Total Committed 23,020,029200100%Total AllocationRemaining to Commit 23,529,000 508,971At a GlanceTotal Amount OriginatedAverage Annual IncomeAverage Purchase PriceAverage Loan AmountAverage Household SizeNew/ExistingNewExistingProfessional BreakdownCorrectional OfficerPeace OfficerFire FighterEMS PersonnelCounty JailerPublic Security OfficerNot SpecifiedType of LoanConventionalFHAVAUSDA-RDEthnicityAmerican Indian/Alaskan NativeAsian or Pacific IslanderBlackHispanicWhiteOtherNot DefinedTop Origination CountiesHarrisMontgomeryTarrantBrazoriaEl PasoFort yellSan PatricioMedinaHardinEllisCallahan 23,020,029 53,848 117,365 9%58%12%0%# of Loans28151211109887777544333333322222

Texas State Affordable Housing Corporation'sHome Sweet Texas Loan Program Series 2007DAs of October 15, 2007 through October 2, 8May-08Jun-08Jul-08Sep-08Totals# ofLoans2647454627141555311% ofTotalLoans11%19%18%19%11%6%6%2%2%1%5% ,036,958244100% 23,119,995LenderCountrywide Home Loans, Inc.WR Starkey MortgageService First MortgageDHI Mortgage Company, Ltd.Rocky Mountain Mortgage Co.Cornerstone Mortgage CompanySWBC Mortgage CorporationWells Fargo Bank, NAHometrust Mortgage CompanyTexas State BankCountrywide - WholesaleCommunity Financial ServicesCoastal Bend Mortgage, Inc.Houstonian Mortgage Group Inc.Castle & Cooke Mortgage, LLCPrimary Residential Mtg, Inc.Happy State BankFirst National Bank TexasUniversal American Mortgage CoPrimeLending, A PlainsCptl Co.Colonial Savings, FACTX Mortgage Company, LLCWachovia Mortgage, FSBimortgage.comHome Loan CorporationAmericaHomeKey, Inc.Chase Home Finance, LLCMaverick Residential MortgageNational City MortgagePatriot Bank Mortgage, Inc.Originated 6,167,794.00 3,615,280.00 2,033,738.00 1,903,702.00 1,428,237.00 1,339,087.00 1,033,881.00 851,036.00 676,883.00 564,291.00 430,029.00 341,218.00 281,564.00 253,441.00 240,640.00 234,500.00 178,480.00 178,103.00 167,830.00 156,748.00 144,175.00 141,033.00 118,700.00 107,750.00 103,377.00 102,505.00 89,492.00 89,381.00 83,900.00 63,200.00# of Loans6639241715121298743322223121211111111Total 0%0%0%0%0%0%0%Total Committed 23,119,995244100%Total AllocationRemaining to Commit 23,535,000 415,005At a GlanceTotal Amount OriginatedAverage Annual IncomeAverage Purchase PriceAverage Loan AmountAverage Household SizeNew/ExistingNewExistingType of LoanConventionalFHAVAUSDA-RDEthnicityAmerican Indian/Alaskan NativeAsian or Pacific IslanderBlackHispanicWhiteOtherNot DefinedTop Origination CountiesHarrisTarrantDallasEl anFort DentonCoryellCarsonAtascosaAnderson 23,119,995 38,471 96,543 94,754220%80%29%68%2%0%0%1%10%8%39%41%0%# of 111

Multifamily Lending Report

Developer Financing Programs ReportOct. 10, 2008Summary of ActivitiesThe Corporation s Multifamily Private Activity Bond program continues to stay activedespite the sluggish bond markets. While the Corporation did induce one application, nodevelopments were reserved or closed on this year. With the passing of the Federal HousingAct in late July and the allocation of approximately 748 million in new housing bondvolume cap to the state, the Corporation approved a carryforward application for 50million for multifamily activities. The Corporation s bond counsel has begun processing thecarryforward application.Staff has also continued to work with developers, bond holders and stakeholders to refine itsbond programs. This month the Board will review draft policies for the Corporation s501(c)(3) bond program, Private Activity Bond program, and new policies for refunding andrestructuring of prior bond issues. Furthermore, staff has attended policy summits andassociation conferences in order to promote the Corporation s bond programs.The Corporation s lending programs continue to be active with efforts to market lendingproducts to developers and raise capital for our loan pool. Staff has received two newproposals for loans to affordable rental developments, but is waiting on formal applicationsbefore bringing them to the loan committee. Fund raising efforts also have kept us busyresponding to information requests from grantors and financial institutions.

Marketing and Development Report

Texas State Affordable Housing CorporationMarketing & Development ReportOctober 10, 2008DateCategoryActivity SummaryOctoberMarketingParticipating in the Combined Law Enforcement Association of Texas(CLEAT) Conference.OctoberMarketingMailing first-time homebuyer programs poster to school districts,police stations and jails across the state.NovemberMarketingWill be exhibiting at Texas EMS Conference in Fort Worth.SeptemberDevelopmentReceived a 10,000 grant from Neighbor Works for the TexasForeclosure Prevention Task Force.SeptemberDevelopmentReviewed and scored grant applications for the Texas FoundationsFund.OctoberDevelopmentAdvisory Council met to review and score grant applications forTexas Foundations Fund. Will be making recommendations to Boardat October Board Meeting.SeptemberDevelopmentAssisted TDHCA with preparation of Texas application for NFMCforeclosure prevention funds.OctoberDevelopmentMet with a Foundation Program Manager to discuss possible TSA

Houstonian Mortgage Group Inc. 468,750.00 41%Montgomery10 First National Bank Texas 449,158.00 52%Fort Bend9 Standard Pacific Mortgage, Inc 421,066.00 31%Collin8 Prado Mortgage 346,550.00 31%Denton6 GMAC Mortgage, LLC 329,971.00 31%Taylor4 Prime West Mortgage Corp. 291,971.00 31%Nueces4 Chase Home Finance, LLC 278,324.00 21%Brazos4