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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/13/2010 RECEIVED FEB 16 2010 CRY SECRETARY'S OFFICE CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, January 13, 2010 12 NOON MINUTES of the November 11, 2009 meeting STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Cliff Atnip Isidoro U. Prado, Housing Administration Supervisor David Cantu MEMBERS PRESENT Alice Vaughn Abel Alonzo Keith Parker Chris Hamilton Barry Lobell Coretta Graham (arrived late) Jodi Steen Chairperson, Alice Vaughn called the meeting to order in the 1st Floor, Staff Conference Room, 1201 Leopard St., City Hall; roll call was taken with 7(seven) members present. Two (2) members were absent. Second order of business to approve the minutes of the September 9, 2009 meeting. Motion was made by Mr. Lobell to approve the minutes and second was made by Ms. Steen. Motion passed unanimously. SCANNED The following loans were presented to the Committee for review: Mr. Vallejo informed the Committee four (4) loans were being presented to the Committee today. Pangilinan, Rosa —846 Lum: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Mr. Vallejo informed the Committee that Ms. Pangilinan will be having a 796 sq ft, 2 bedroom and 1 bath house constructed. Ms. Pangilinan will be receiving a 0% loan for$17,000, a Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$19,815. The Corporation will be in a first lien position. Ms. Pangilinan has a net income of $611. Ms. Pangilinan's credit score is at 660. The title appears to be in her name. Ms. Pangilinan is within the total monthly housing payment to income ratio of 30%, but over on the 40% total monthly debt to income ratio, at 63%. Total appraised value after reconstruction is $63,234. Recommend approval based on her credit score and that Ms. Pangilinan is within the 30% monthly housing payment to income ratio and the condition of her house. Although she is over on 40% ratio. Mr. Vallejo recommend approve of the loan. A motion was made by Mr. Lobell to approve the loan, second by Mr. Alonzo. Motion passed unanimously. Prieto, Sylvia— 3650 Curtiss: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Ms. Sylvia Prieto, at 3650 Curtiss. Mr. Vallejo informed the Committee that Ms. Prieto will be having a 796 sq ft, 2 bedroom, 1 bath house reconstructed. Ms. Prieto will be receiving a zero (0)percent loan for$17,000,a Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$20,000. An owner's share will be provided at $414. The Corporation will be in a first lien position. Ms. Prieto has a net income of$696. Credit score is at 587. Mr. Vallejo rates her credit as good. The title appears in her name. Ms. Prieto is within the total monthly housing payment to income ratio of 30% . Her total monthly debt payment to income ratio is under the 40% ratio at 36%. Total appraised value after reconstruction is $60,888. Recommend approval based on the Corporation being in a first lien position. She is okay on the 30% and 40% ratios; and has zero (0) liabilities. A motion was made by Mr. Alonzo to approve the loan, second by Mr. Lobell. Motion passed unanimously. Reyes, Lauriano and Lydia-229 Torreon: The third loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Lauriano and Lydia Reyes, at 229 Torreon. Mr. Vallejo informed the Committee that Mr. and Mrs. Reyes will be having 796 sq ft, 2 bedroom , 1 bath house constructed. Mr. and Mrs. Reyes will be receiving a zero (0) percent loan for $17,000, a Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$20,000. An owner's share will be provided of $714. The Corporation will be in a first lien position. The Reyes have a net income of$580. Mr. Reyes has a credit score of 802, while Ms. Reyes has a credit score of 788. Mr. Vallejo rates their credit as excellent. The title appears in their name. The Reyes' are under the total monthly housing payment to income ratio of 30% . Their total monthly debt payment to income ratio is slightly over the 40% ratio at 41%. Total appraised value after reconstruction is $54,949. A motion was made by Mr. Hamilton to approve the loan, second by Mr. Steen. Motion passed unanimously. Sanchez, Maria —4437 Elvira: The fourth loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Ms. Sanchez, at 4437 Elvira. Mr. Vallejo informed the Committee that Ms. Sanchez will be having 840 sq ft, 2 bedroom , 1 bath house constructed. Ms. Sanchez will be receiving a zero (0) percent loan for $17,000, a Minimum Deferred Loan for $18,000 and a Deferred Forgivable Loan for $20,000. An owners share will be provided of $1,014. The Corporation will be in a first lien position. Ms. Sanchez has a net income of$1072. She has a credit score of 593. Ms. Sanchez is within the total monthly housing payment to income ratio of 30%, and her monthly debt to income ratio is the 40& ratio under at 38%. The title appears in her name. Total appraised value after reconstruction is $58,619. Recommend approval based on the Corporation being in a first lien position. She is within on both ratios; and has zero (0) liabilities. A motion was made by Mr. Hamilton to approve the loan, second by Mr. Steen. Motion passed unanimously. With no further discussion a motion by Mr. LobelI was made to adjourn and seconded by Ms. Graham. Motion passed unanimously.