NOTICE OF PUBLIC HEARING

Notice is hereby given that on November 2, 2007 at 10:20 a.m., the Chief Financial Officer of the Idaho Housing and Finance Association ("IHFA") will conduct a public hearing at 565 West Myrtle Street, Boise, Idaho, 4th Floor Conference Room, regarding IHFA's issuance of it's Nonprofit Facilities Revenue Bonds (Sandpoint Charter School, Inc.) in an aggregate principal amount not to exceed $1,146,000 (the "Bonds"), with the proceeds of such Bonds to be used to refinance its existing loan that financed a 29,000 sq. ft. public middle school serving 6th, 7th and 8th grade students located at 614 S. Madison, Sandpoint, ID. The funds will also be used to re-roof the school and do asphalt repairs. Sandpoint Charter School, Inc will be the owner and operator of the facility.

Neither the State of Idaho nor any county, municipal corporation, quasi-municipal corporation, subdivision or agency of the State is obligated to pay the principal or interest on the Bonds. No local or state tax funds or revenue have been committed to pay the principal or interest on the Bonds.

This public hearing is required by the U.S. internal Revenue Code. Written comments may be submitted to IHFA at Post Office Box 7899, Boise, Idaho 83707-1899 or at 565 West Myrtle Street, Boise, Idaho 83702, (208) 331-4766, Telecopier: (208) 331-4802 Attn: Janet Thurman, Treasury Manager, until the time set for said public hearing. Persons desiring to speak at the hearing may do so in person or by telephone and must notify IHFA in writing, at the above address or telecopy number, Attention: Janet Therman, Treasury Manager, at least 24 hours prior to the hearing, and if desiring to testify by telephone, to indicate their telephone number to be called at the time of said hearing. Additional information can be obtained from Janet Thurman, Treasury Manager of the IHFA at the address shown above, telephone number 208-331-4766 or e-mail: Janet@ihfa.org

Legal SNP 9045

October 18, 2007