MINUTES OF THE MEETING OF THE MEMBERS OF THE OSCEOLA COUNTY HOUSING FINANCE AUTHORITY February6, 2026 The meeting of the Osceola County Housing Finance Authority was held at the Hart Memorial Library, Room 120, 211 E. Dakin Avenue, Kissimmee, Florida on the 61h day of February,2026at 1:00p.m, Thefollowing memberswerepresent: Duane "Rocky" Owen, Chairman Casmore Shaw,Secretary KarenGiel, AssistantSecretary Renee Lavendar, AssistantSecretary Also present were: GeorgeS.Flint-GMS-CF,LLC Jan Carpenter, Esq. -Latham, Luna, Eden & Beaudine, LLP MikeWatkins-GreenbergTraurig-BondCounsel Helen Feinberg-RBC Capital Markets -via telephone Daniel-SalvatoreGiannelli-LincolnAvenueCommunities-via telephone Major Lee-EnvolveCommunities-via telephone ITEM #1 CaD to Order Mr. Flintcalled the meetingto orderat 1:00 PM. Four Board Members were physically present,constitutinga quorum. ITEM #2 Public Comment Period There being none, ITEM #3 Consideration of Delegation Resolution 202~3 Approving Issuance of Crestwood Bonds & Supporting Exhibits A. Exhibit A: Trust Indenture B. Exhibit B: Loan Agreement C. Exhibit C: Land Use Restriction Agreement D. Exhibit D: Assignment of Mortgage E. Exhibit E: Mortgage Loan Agreement February 6, 2026 OsceolaCounty HFA F. Exhibit F: Bond Purchase Agreement G. Exhibit G: Preliminary Official Statement H. Exhibit R: Arbitrage Rebate Agreement I. Exhibit I: Environmental Indemnity J. Exhibit J: Guaranty of Recourse Obligations K. Exhibit K: Guaranty of Completion L. Exhibit L: Guaranty of Operating Deficits M. Exm"bit M: Compliance Monitoring Agreement N. Exhibit N: Credit Underwriting Report Ms. Carpenter stated just before Mike starts, rwant to give a 30 second overview for the Board since we have a new member. Once we have the documents in substantially final form, we have what's called a Delegation Resolution where the Board adopts the substantially final form documents and delegates the Chairman the ability to sign the final documents. Mike is Bond Counsel, and he will go through the resolution because there are certain statutory requirements we have to meet to be able to issue the bonds. This is something you'll see with every deal as we get to closing. Mr. Watkins stated yes, right be before we close we come back with the Delegation Resolution and you'll see a list ofdocuments, these are all documents that the Authority signs. Ms. Carpenter stated it lists the parameters for the bond. The documents are the standard bond documents. The Trust Indenture is the contract with the bondholders that we will pay them. The Loan Agreement is the contract with the Developer that they will pay the issuers to pay bondholders, and then the rest are typical mortgage documents. Mr. Watkins stated we have Land Use Restriction there, the Assignment of Mortgage, and this one also has a Preliminary Official Statement and a Bond Purchase Agreement as well. Ms. Carpenter added because these will be marketed as securities to the public market, so we have to put an offering document out to the public. Mr. Watkins stated yep, and everything else is general documents that you have for most of your deals. Security documents for the Authority, arbitrage for the tax•.. Ms. Carpenter stated and then the rest of the Delegation Resolution goes through some of the specifics that are required for the selling the bonds. On MOTION by Mr. Owen, seconded by Ms. Giel, with an in favor, Resolution 2026-03 Delegation Resolution Approving issuance of Crestwood Bonds & Supporting Documents, was approved. 2 February 6, 2026 OsceolaCountyHFA ITEM #4 Consideration of Credit Underwriting Report Amendment for San Jose Apartments Mr. Flint stated item four is the Credit Underwriting Report amended for the San Jose Apartments. Ms. Carpenter stated the Board approved an underwriting report for San Jose, this is the rehabiliuiiion project in Semin~le County, as they went through the underwriting and they're working with HUD on this one. They've changed the structure a little bit, so instead of$27 million in two series of bonds, it'll be $15 million in one series ofbonds. They're still going to assume the old HUD mortgage and have a new HUD mortgage, but just a change in the bond structure. So because ofthat, we have an updated Underwriting Report that was included in here that shows the original. The only changes were the sources and how they are issuing the bonds. On MOTION by Mr. Shaw, seconded by Ms. Giel, with all in favor, the Credit Underwriting Report Amendment for San Jose Apartments, was approved. ITEM#S Consideration of Resolution 2026-04 Amending and Restating Resolution 202602 for San Jose Apartments & Supporting Exhibits A. Exhibit A: Trust Indenture B. Exhibit B: Loan Agreement C. Exhibit C: Land Use Restriction Agreement D. Exhibit D: Multi-Family Promissory Note E. Exhibit E: Arbitrage Rebate Agreement F. Exhibit F: Environmental Indemnity G. Exhibit G: Guaranty of Recourse Obligations H. Exhibit H: Guaranty of Completion I. Exhibit I: Guaranty of Operating Deficits J. ExhibitJ: Compliance Monitoring Agreement K. Exhibit K: Purchase Contract L. Exhibit L: Preliminary Official Statement M. Exhibit M: Credit Underwriting Report Update Letter N. Exhibit N: Mortgage Loan Agreement Mr. Flint stated item five is Resolution 2026-04 Amending and Restating Resolution 2026 02 for the San Jose project 3 February 6, 2026 Osceola County HFA Mr. Watkins stated this is similar to what Jan mentioned, there's a few updates so we amended and restated but it is the same resolution you approved earlier and has the form documents attached just like the first resolution. On MOTION by Ms. Giel, seconded by Mr. Shaw, with all in favor, Resolution 202~04 Amending and Restating Resolution 2026-02 for San Jose Apartments & Supporting Exhibits, was approved. Mr. Shaw asked for clarification on Exhibit E, the Arbitrage Rebate Agreement. Ms. Carpenter responded that's one of the wonders of tax-exempt bonds. You can't invest the bond money and make more money than you pay on the interest. If you do, you have to pay it back to the IRS. Mr. Flint added negative arbitrage is good..Positive is bad and means we have to pay the IRSback. Ms. Carpenter stated the one thing Jordy was referring to is at the past meetings all of the developers have asked for the tax exemption. This requires a 99-year regulatory agreement, so we went in and extended the regulatory agreement and in reviewing this we realized that they were both rehabilitation projects and don't qualify for the 99-year regulatory agreement. However, because both of them had existing regulatory agreements, they were seeking exemption under a different section, section two rather than four so we didn't need to put that in. So just for future reference, the underwriter and lawyers we all missed that until a couple days ago. So that was one of the reasons for amending and restating. And just on San Jose, it was supposed to close in December but we had the government shutdown with HUD, so they're stilling waiting to get things finalized with HUD and it will close I think in March now, that's what they've scheduled. Crestwood is trying to close in two weeks. ITEM #6 StaffReports A. Attorney Ms. Carpenter stated the one thing Jordy was referring to is at the past meetings all of the developers have asked for the tax exemption. This requires a 99-year regulatory agreement, so we went in and extended the regulatory agreement and in reviewing this we realized that they were both rehabilitation projects and don't qualify for the 99-year regulatory agreement. However, because both of them had existing regulatory agreements, they were seeking exemption under a different 4 February6, 2026 Osceola County HFA section, sectiontworatherthanfoursowedidn't need toputthatin.Sojustforfuturereference, the underwriterandlawyersweallmissedthatuntilacoupledays ago. Sothatwasoneofthereasons foramending andrestating. AndjustonSanJose,itwassupposedtocloseinDecemberbutwehad the government shutdown with HUD, so they're stilling waiting to get things finalized with HUD and it will closeI thinkinMarch now,that's whatthey'vescheduled.Crestwoodistryingtoclosein two weeks. B. Manager Mr. Flint stated I don't have a report because this is a special meeting. You just had a meeting a couple of weeks ago. We don't have any additional financials or information to report underthe staffreports. ITEM #7 Other Business Mr. Flint asked was there any other business the Board wanted to discuss or staff needed addressed at this meeting? Therebeingnone, ITEM #8 Adjournment On MOTION byMs. GielsecondedbyMr.Shaw,withallin favor, the meeting was adjourned. 5