HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/11/2012 Y
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, March 14, 2012
12 NOON
MINUTES of
Januaryl1, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Keith Parke
Isidoro Prado, Housing Administration Supervisor Maria Clarissa Lopez-Briseno
MEMBERS PRESENT
Alice Vaughn
David Cantu
Barry Lobell
Chris Hamilton
Jodi R. Steen
Alice Vaughn,; Chairperson„ called the meeting to order at 12:00 p.m.,, in tiie First floor
Staff Conference Room, 1201 Leopard St., City Hall.
The second item on the agenda was the roll call. Roll call was taken reflecting five (5)
members present and two (2) members absent.
Item number three on the agenda was to approve the minutes of the November 16,
2011 meeting. Motion was made by Mr. Lobell to approve the minutes as presented and
motion was seconded by Mr. Cantu. Motion passed unanimously.
The fourth agenda item was review of two (2) loan applications.
Mr. Vallejo unformed the Committee that Mr, Isidoro Prado would be making the
presentation as part of our cross-training efforts.
The following two loans were presented for review:
Gloria De La Cruz Alvarez - 705 Osage
The first application presented by Mr. Prado was for Gloria De La Cruz Alvarez, 705
Osage Street„ under the Demolition and Replacement Loan Program.I Mr. Prado
informed the Committee that Ms. Gloria De La Cruz Alvarez will behaving n 840 SF, 2
bedrooms and 1 bath house reconstructed. Ms. Gloria De La Cruz Al arez will be
receiving a 0% Loan in the amount of$17,000, Minimum Deferred Loan of 18,000 and
a Deferred Forgivable Loan for$19,964. The Corporation will be in a first I-en position,.
Mr. Prado informed the Committee that Ms. Gloria De La Cruz Alvarez' net monthly
income is $428.00,. Ms. Gloria De La Cruz Alvarez is within the total monk#hly housing
payment to income ratios of 30% and the 40% total monthly debt to income ratio.
f
i
MINUTES of January 11, 2012 Meeting Cont'd
Appraised value after rehabilitation is $61,020.
Mr, Prado recommended approval of the loan application based on the Corporation
being in a first lien position; Ms. Gloria De La Cruz Alvarez being within tale 30% and
40% ratios;, she paid off the original mortgage and has zero liabilities.
A motion was made by Mr. Cantu to approve the loan, second by Mr. Lobell passed
unanimously.
David S. Solis 449 -Vera Cruz
The second loan application presented by Mr. Prado was for David S Solis, 449 Vera
Cruz, under the Demolition Loan Program. Mr. Prado informed the Commi,tee that Mr.
David Solis will be having an 840 sq. ft., two bedrooms 1 bath house reconstructed.
Mr. Solis will be receiving a 0% Loan in the amount of $14,292 and a Rehabilitation
grant of$6,500. The Corporation will be in a first lien position. Mr. Prado iI formed the
Committee that Mr. Solis' net monthly income is$549.00. Mr. Solis' credit was rated as
fair with a score of 549. Mr. Solis is within the total monthly housing payme I t to income
ratio of 30%. He is also within the monthly debt to income ratio of 40%. Appraised
value after rehabilitation is $54.899,
Mr. Prado recommended approval of his application based on the Corporation being in a
first lien position; Mr. Solis being within the 30% and 40% ratios; he has zero liabilities',
and his credit is rated at fair.
A motion was made by Mr. Lobell to approve the loan as presented, second by Mr„
Cantu. Motion passed unanimously.
Adiourn
With no further business a motion to adjourn was made by Mr. Lobell and second by Mr.
Cantu. Motion passed unanimously.
i