Concerning Issuance of Bonds to Finance Multifamily Residential Rental Developments Notice is hereby given that the Florida Housing Finance Corporation (“Florida Housing”) will conduct a public hearing in accordance with the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”). To conduct a TEFRA hearing concerning the potential future issuance of tax-exempt bonds by Florida Housing to finance the acquisition, construction or rehabilitation of the following multifamily residential rental development in the aggregate face amount not to exceed the amount listed below: College Arms Garden Apartments, a 108-unit multifamily residential rental development located at 2305 Husson Avenue, Palatka, Putnam County, FL 32177. The prospective owner and operator of the proposed development is College Arms Redevelopment, Ltd., 1002 W. 23rd Street, Suite 400, Panama City, FL 32405, or such successor in interest in which Royal American Development, Inc., or an affiliate thereof, is a managing member, general partner and/or controlling stockholder. The prospective manager of the proposed development is Royal American Management, Inc., 1002 W. 23rd Street, Suite 400, Panama City, FL 32405. The total tax-exempt bond amount is not to exceed $3,815,000. All interested parties may present oral comments at the public TEFRA hearing or submit written comments regarding the potential bond issuance for the development being financed. Written comments should be received by Florida Housing by 5:00pm (Tallahassee local time), June 2, 2008, and should be addressed to the attention of Wayne Conner, Deputy Development Officer. Any persons desiring to present oral comments should appear at the hearing. If requested in writing, a fact-finding hearing will be held in the county where the property is located. When possible, the local hearing will be held before the formal TEFRA hearing and comments received at the local hearing will be placed on record at the TEFRA hearing.