HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/09/2012 1
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, June 20, 2012
12 NOON
MINUTES of
May 09, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager
Isidoro Prado, Housing Administration Supervisor
MEMBERS PRESENT
Alice Vaughn
David Cantu
Jodi R. Steen
Barry Lobell
Maria Clarissa Lopez-Briseno
Keith Parker
Alice Vaughn, Chairperson, called the meeting to order at 12:00 p.m., in t le 1st Floor
Staff Conference Room, 1201 Leopard St., City Hall.,
The second item on the agenda was the roll call. Roll call was taken reflecting all six(6)
members present.
Item number three on the agenda was to approve the minutes of the May 09, 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 three (3) loan applications.
The following three loans were presented for review:
Dora B. Aldana — 2721 Milo
The first application presented by Mr. Prado was for Dora B. Aldana, 2721 Milo, under
the Rehabilitation Loan Program. Mr, Prado informed the Committee hat the title
appears in Ms. Aldana's name. Ms. Aldana will be having a new roof installed; new
exterior door installed; new screens on windows installed; new interior wiring installed;
new insulation installed; replace HVAC duct; Ms. Aldana will be receiving a 0% Loan in
the amount of$3,400 and a Deferred Forgivable Loan for$18,000. The Corporation will
be in a first lien position. Mr. Prado informed the Committee that Ms. Aldana's net
monthly income is $924.00. Ms. Aldana is within the total monthly housing payment to
income ratios of 30% and the 40% total monthly debt to income ratio and she has a
good credit score.
a
MINUTES of May 09, 2012 Meeting Cont'd
Appraised value of the home after rehabilitation is $88,685.
Mr. Recio recommended approval of the loan application based on the Corpora#ion
being in a first lien position; Ms.Aldana being within the 30%and 40% ratiost; her credit
being rated as good;
A motion was made by Mr. Cantu to approve the loan, second by Ms. Steen. Motion
passed unanimously,.
Novel Lee Goode - 2917 Lawton
The second loan application presented by Mr. Prado was for Novel Lee Goode, 2917
Lawton, under the Demolition & Replacement Loan Program. Mr. Prado informed the
Committee that Ms. Goode will be having an 840 sq. ft., two bedrooms, 1 bath house
reconstructed. Ms. Goode will be receiving a 3% Loan in the amount of$35,000, and a
Deferred Forgivable Loan in the amount of$19,164. The Corporation will be in a first
lien position. Mr. Prado informed the Committee that Ms. Goode's net monthly income
is $1328.00. Ms. Goode"s credit was rated as: no score, no recent activity. Ms. Goode
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
$56,300:
Mr, Prado recommended approval of this application based on the Corporation being in
a first lien position; Ms; Goode being within the 30%and 40% ratios; clear title and good
income ratios; zero liabilities; and her net income.
A motion was made by Mr. Lobell to approve the loan as presented, second by Mr.
Cantu. Motion passed unanimously.
Natalia Petri —2212 Mary St.
The third loan application presented by Mr. Prado was for Natalia Petri, 2212 Mary St.
under the Demolition&Replacement Loan Program. Mr. Prado informed the Committee
that Ms, Petri will be having a 1042 sq.ft., three bedrooms, 2 bath house reconstructed.
Ms. Petri will be receiving a 3% Loan in the amount of $45,000, andl a Deferred
Forgivable Loan in the amount of $19,064. The Corporation will be in the first lien
position. Mr. Prado informed the Committee that Ms. Petri's net month y income is
$9790.00. Ms. Petri's credit was rated as good with a score of 612. Ms. Petri 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 $67,550,
Mr. Prado recommended approval of this application based on the Corporation being in
the first lien position; Ms, Petri being within the 30% and 40% ratios; and her credit
being rated as good.
A motion was made by Ms. Steen to approve the loan as presented, second by Mr.
Cantu. Motion passed unanimously.