HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 07/11/2012 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, September 12, 2012
12 NOON
MINUTES of
July 11, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Keith Parker
Isidoro Prado, Housing Administration Supervisor
MEMBERS PRESENT
Alice Vaughn
David Cantu
Jodi R. Steen
Barry Lobel[
Maria Clarissa Lopez-Briseno
Call to Order:
The first item on the agenda was to call the eting to order. Alice g
Chairperson, called the meeting to order at 12:00 p.m., in the 1 st Floor Staff Conference
Room, 1201 Leopard St., City Hall.
Roll Call:
The second item on the agenda was the roll call. Roll call was taken refle ting five (5)
members present, representing a quorum.
Aporoval of Minutes:
Item number three on the agenda was to approve the minutes of the July 11. 2012
meeting. Motion was made by Mr. Cantu to approve the minutes as presented and
motion was seconded by Ms. Steen. Motion passed unanimously.
Single Family Loan Request:
Leonard and Aurora Valles —2717 Elgin
This loan application presented by Mr. Prado was for Leonard and Aurora Valles, 2717
Elgin, under the Demolition & Replacement Loan Program. Mr. Prado informed the
Committee that Mr. & Mrs. Valles will be having an 840 sq. ft., two bedrooms, 1 bath
house reconstructed. Mr. & Mrs. Valles will be receiving a 3% Loan in the amount of
$35,000, and a Deferred Forgivable Loan in the amount of$18,364. The Corporation
MINUTES of July 11, 2012 Meeting Cont'd
will be in a first lien position. Mr. Prado informed the Committee that Mr. & Mrs. Valles
net monthly income is $1,961.00. Mr. & Mrs. Valles' credit was rated asifair, with a
score of 684. Mr. &Mrs. Valles are within the total monthly housing payment to income
ratio of 11% and within the monthly debt to income ratio of 8%. Appraised alue of the
home after rehabilitation is $60,200.
Mr. Prado recommended approval of this application based on the Corporation being in
a first lien position; Mr. & Mrs. Valles having good monthly income ratios; fair credit
score; and needing new living conditions.
A motion was made by Mr. Cantu to approve the loan as presented, second by Mr.
Lobell. Motion passed unanimously.
Adjourn
With no further business to discuss, a motion to adjourn was made by Mr' Cantu and
second by Mr. Lobell. Motion passed unanimously.
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