HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 03/14/2012 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, May 09, 2012
12 NOON
MINUTES of
March 14, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Keith Parker
Isidoro Prado, Housing Administration Supervisor Jodi R. Ste 4 n
MEMBERS PRESENT
Alice Vaughn
David Cantu
Barry Lobell
Chris Hamilton
Maria Clarissa Lopez-Briseno
Alice Vaughn, Chairperson, called the meeting to order at 12:00 p.m., in tie 1st Floor
Staff Conference Room, 1201 Leopard St., City Hall.
The second item on the agenda was the roll call. Roll call was taken refle ting five (5)
members present and two (2) members absent.
Item number three on the agenda was to approve the minutes of the March 14, 2012
meeting. Motion was made by Mr. Cantu to approve the minutes as presented and
motion was seconded by Mr. Lobell. Motion passed unanimously.
The fourth agenda item was review of five (5) loan applications.
Mr. Vallejo informed the Committee that Mr. Antonio Recio, Jr. would be making the
presentation as part of our cross-training efforts.
The following five loans were presented for review:
Anselmo & Maria Teresa Bernal —4630 Hakel
The first application presented by Mr. Recio was for Anselmo & Maria Te esa Bernal,
4630 Hakel, under the Demolition and Replacement Loan Program. Mr. Recio informed
the Committee that Mr. & Mrs. Bernal will be having an 840 SF, 2 bedrooms, 1 bath
house reconstructed. Mr. & Mrs. Bemal will be receiving a 3% Loan in the amount of
$35,000 and a Deferred Forgivable Loan for$19,864. The Corporation will a in the first
lien position. Mr. Recio informed the Committee that Mr. & Mrs. Bernal's net monthly
income is $1,780.00. Mr. &Mrs. Bernal are within the total monthly housing payment to
income ratios of 30% and the 40% total month debt to income ratio.
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MINUTES of March 14, 2012 Meeting Cont'd
Appraised value of the home after rehabilitation is $66,613.
Mr. Recio recommended approval of the loan application based on the Corporation
being in a first lien position; Mr. &Mrs. Bernal being within the 30%and 40 0/d ratios;their
credit being rated as fair.
A motion was made by Ms. Vaughn to approve the loan, second by Mr. Cantu,
contingent upon receiving Title Opinion with no encumbrances. Mot on passed
unanimously.
Jose E. Sr. & Mary Helen Curiel 2829 Lamar
The second loan application presented by Mr. Recio was for Jose E. Sr. & Mary Helen
Curiel, 2829 Lamar, under the Demolition & Replacement Loan Program Mr. Recio
informed the Committee that Mr. & Mrs. Curiel will be having an 842 1 sq. ft., two
bedrooms, 1 bath house reconstructed. Mr. &Mrs. Curiel will be receiving a 0% Loan in
the amount of $17,000, a Minimum Deferred Loan in the amount of $181,000, and a
Deferred Forgivable Loan in the amount of$20,000. The Corporation wil�be in a first
lien position. Mr. Recio informed the Committee that Mr. & Mrs. Curiel's pet monthly
income is$749.00. Mr. &Mrs. Curiel's credit was rated as good with a score of 640. Mr,
& Mrs. Curiel are within the total monthly housing payment to income ratio of 30% and
within the monthly debt to income ratio of 40%. Appraised value of the home after
rehabilitation is $57,200,
Mr. Recio recommended approval of this application based on the Corporation being in
a first lien position; Mr. &Mrs. Curiel being within the 30%and 40% ratios; clear title and
good income ratios; and their credit is rated at good.
A motion was made by Mr. Cantu to approve the loan as presented, second by Mrs.
Briseno. Motion passed unanimously.
Gabriel Esquivel _-160914 ' Street
The third loan application presented by Mr. Recio was for Gabriel Esquiv I, 1609 14th
St., under the Demolition & Replacement Loan Program. Mr. Recio informed the
Committee that Mr. Esquivel will be having an 840 sq. ft., two bedrooms, 1I bath house
reconstructed. Mr. Esquivel will be receiving a 0% Loan in the amount of $17,000, a
Minimum Deferred Loan in the amount of$18,000, and a Deferred Forgivable Loan in
the amount of $19,564. The Corporation will be in the first lien position, Mr. Recio
informed the Committee that Mr. Esquivel's net monthly income is $7++81.00. Mr.
Esquivel's credit was rated as good with a score of 667. Mr. Esquivel is within the total
monthly housing payment to income ratio of 30%and within the monthly debt to income
ratio of 40%. Appraised value of the home after rehabilitation is $57,713.
Mr. Recio recommended approval of this application based on the Corporation being in
the first lien position; Mr. Esquivel being within the 30% and 40% ratios; an d his credit
being rated as good.
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A motion was made by Mr. Lobeli to approve the loan as presented, second by Mr.
Cantu. Motion passed unanimously.
MINUTES of March 14. 2012 Meebno Confd
Cresencia R. Martinez—4510 Vestal
The fourth application presented by Mr. Recio, was for Cresencia R. Marti ez, 4510
Vestal, under the Demolition & Replacement Loan Program. Mr. Recio informed the
Committee that Ms. Martinez will be having an 840 sq. ft., two bedrooms, 1 bath house
reconstructed. Ms. Martinez will be receiving a 3% Loan in the amount of$ 5,000,and
a Deferred Forgivable Loan in the amount of $19,164. The Corporation v rill be in the
first lien position. Mr. Recio informed the Committee that Ms. Martinez's jet monthly
income is $1,242.00. Ms. Martinez's credit was rated as good with a score Hof 635. Ms.
Martinez is within the total monthly housing payment to income ratio of 300)6 and within
the monthly debt to income° ratio of 40%. Appraised value of the home after
rehabilitation is $63,334.
Mr. Recio recommended approval of this application based on the Corporal ion being in
the first lien position; Ms. Martinez being within the 30% and 40% ratios; ar d her credit
being rated as good.
A motion was made by Mr. Lobell to approve the loan as presented, second by Mr.
Hamilton. Motion passed unanimously.
Maria G. Rodriguez-- 810 Meuly
The fifth application presented by Mr. Recio was for Maria G. Rodriguez, 810 Meuly,
under the Demolition and Replacement Loan Program. Mr. Recio informed the
Committee that Ms. Rodriguez will be having a 1,013 sq. ft., three bedrooms, 2 bath
house reconstructed. Ms. Rodriguez will be receiving a 0% Loan in th7 amount of
$27,000, a Minimum Deferred Loan of $18,000, and a Deferred Forgivable Loan of
$18,164. The Corporation will be in the lien position, if the release was executed. Mr.
Recio informed the Committee that Ms. Rodriguez net monthly income is $1,129.00.
Ms. Rodriguez's credit was rated as fair with a score of 567. Ms. Rodriguez,is within the
total monthly housing payment to income ratio of 30% and within the moi ithly debt to
income ratio of 40%. Appraised value of the home after rehabilitation is $65,598.
Mr. Recio recommended approval of this application based on the Corpora being in
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the first lien position; Ms. Rodriguez being within the 30%and 40% ratios;a id her credit
being rated as fair.
A motion was made by Mr. Hamilton to approve the loan as presented, contingent if the
release was executed, second by Mr. Cantu. Motion passed unanimously.
Adjourn
With no further business a motion to adjourn was made by Mr. Lobell and second by Mr.
Hamilton. Motion passed unanimously.
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