Chase Bank of Texas Announces El Paso Housing Finance Corporation Series 1986 A Special Payment Nov. 30, 1999.

HOUSTON--(BUSINESS WIRE)--Nov. 5, 1999--

Re: $200 Million El Paso Housing Finance Corporation Securitized

Multifamily Housing Revenue Bonds, Series 1986 A

                           CUSIP NO. 283760CA2

                     NOTICE OF SPECIAL RECORD DATE
                           AND PAYMENT DATE

           Record Date:                       Nov. 15, 1999
           Payment Date:                      Nov. 30, 1999
           Total Distribution                 $1,280,000.00

Chase Bank of Texas, National Association (formerly named Texas Commerce Bank National Association), as indenture trustee for the above referenced Bonds, has established a special payment date of Nov. 30, 1999 (the "Payment Date") for the partial payment of principal of the Bonds. The special record date for determining bondholders entitled to received such payment is Nov. 15, 1999. On the Payment Date, the Trustee will distribute an aggregate amount of $32.00 per each $5,000 original par value to the registered owners ("Registered Owners") of the Bonds on the record date.

This payment is the sixth distribution of moneys by the Trustee since the Bonds defaulted on April 15, 1991, following the failure of Executive Life Insurance Company. Including this distribution the Trustee will have distributed $195,536,000.00 in cash ($186,656,000.00 represents principal or 93.33% of par and $8,880,000.00 represents interest due April 15, 1991) to the Bondholders since the default occurred. Following payment of the special distribution, the Trustee estimates that it will continue to hold approximately $479,000.00 as a reserve for possible future expenses.

Registered Owners should note that the Trustee, pursuant to the Trust Indenture and orders of the 41st District Court, El Paso County, Texas, has allocated and will report to the Internal Revenue Service the entire $1,280,000 distribution as a principal payment. Each Bondholder is encouraged to consult its tax advisor with respect to this allocation. The Internal Revenue Service is not bound by and could challenge the above allocation of principal.

You are not required to physically present your Bonds to the Trustee in order to receive this special payment if you have already physically presented your Bonds to the Trustee in connection with any previous special payments.

For further information please contact Chris Matthews, Senior Vice President, Chase Bank of Texas, Chase Tower, 53rd Floor, 600 Travis Street, Houston, Texas 77002, or by telephone at 713/216-4728, fax [phone].