HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 09/12/2012 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, November 14, 2012
12 NOON
MINUTES of
September 12, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Maria Clarissa Lopez-Briseno
Isdoro Prado, Housing Administration Supervisor
MEMBERS PRESENT
Alice Vaughn
David Cantu
Jodi R„ Steen
Barry Lobell
Keith Parker
Call to Order:
The first item on the agenda was to call the meeting to order. Alice Vaughan,„
Chairperson, called the meeting to order at 12.00 p,m,, in the 1st Floor Sta ff Conference
Room, 1201 Leopard St., City Hall.
Roll Call:
The second item on the agenda was the roll call. Roll call was taken reflecting five (5)
members present, representing a quorum, and one (1) member absent.
Approval of Minutes:
Item number three on the agenda was to approve the minutes of the September 12,
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 Requests:
Bazan, Rebecca —808 Elesa
The first application presented by Mr. Prado was for Rebecca Bazan, 808 Elesa, under
the Demolition & Replacement Loan Program. Mr.. Prado informed the Committee that
Ms. Bazan will be having an 840 sq. ft,, two bedrooms, 1 bath house reconstructed.
V'
MINUTES-of September 12, 2012 Meetin_ Cq onN
Ms. Bazan 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
$19,164. The Corporation will be in a first lien position. Mr. Prado informed the
Committee that Ms. Bazan's net monthly income is$427.00. Ms. Bazan doles not have
any recent credit activity. Ms. Bazan is within the total monthly housing payment to
income ratio of 30% and within the monthly debt to income ratio of 40%.1 Appraised
value of the home after rehabilitation is $52,625.00.
Mr. Prado recommended approval of this application based on the Corporal ion being in
a first lien position; Ms. Bazan having good monthly ratios; zero liabilities; and having
paid off original CCCIC Loan.
A motion was made by Mr. Cantu to approve the loan as presented, second by Ms.
Steen. Motion passed unanimously.
Flores, Esmeralda —718 Osage
The second application presented by Mr. Prado was for Esmeralda Flores, 718
Osage, under the Demolition & Replacement Loan Program. Mr. Prado informed the
Committee that Ms. Flores will be having an 840 sq. ft., two bedrooms, 1 bath house
reconstructed.
Ms. Flores 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
$20,000. The Corporation will be in a first lien position. Mr. Prado i Iformed the
Committee that Ms. Flores' net monthly income is $558.00. Ms. Flores Tas a credit
score of 591. Ms. Flores is within the total monthly housing payment to income ratio of
30% and within the monthly debt to income ratio of 40%. Appraised value iof the home
after rehabilitation is $58,800.00.
Mr. Prado recommended approval of this application based on the Corporation being in
a first lien position; Ms. Flores having good monthly ratios; zero liabilities; a fair credit
score and having paid off original CCCIC Loan.
A motion was made by Mr. Cantu to approve the loan as presented, seco d by Mr.
Parker. Motion passed unanimously.
Ad ourn
With no further business to discuss, a motion to adjourn was made by Mr. Cantu and
second by Ms. Steen. Motion passed unanimously.