HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/14/2012CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, February 13, 2013
12 NOON
MINUTES of
November 14, 2012 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Herbert Schueneman
Keith Parker
Robert C. Pate
MEMBERS PRESENT
Alice Vaughn
David Cantu
Barry Lobeil
Ben Molina
Cathy Mehne
Dalia Garcia
Maria Clarissa Lopez- Briseno
Monique Espinosa
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 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 reflecting eight (8)
members present, representing a quorum, and three (3) members absent.
Approval of Minutes:
Item number three on the agenda was to approve the minutes of the November 14,
2012 meeting. Motion was made by Mr. Cantu to approve the minutes as presented and
motion was seconded by Mr. Lobeil. Motion passed unanimously.
Single Family Loan Re nest:
Lara, Maria D. — 3544 South Naylor Circle
The loan application presented by Mr. Vallejo was for Maria D. Lara, 3544 South Naylor
Circle, under the Demolition & Replacement Loan Program. Mr. Vallejo informed the
Committee that Ms. Lara will be having an 840 sq. ft., two bedrooms, 1 bath house
reconstructed.
MINUTES of November 14, 2012 Meeting Cont'd
Ms. Lara 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. Vallejo informed the
Committee that Ms. Lara's net monthly income is $1,155.00. Ms. Lara has a credit
score of 634. Ms. Lara 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 $67,725.00.
Mr. Vallejo recommended approval of this application based on the Corporation being in
a first lien position; Ms. Lara having good monthly ratios; few liabilities; and having paid
off original mortgage.
A motion was made by Mr. Lobell to approve the loan as presented, second by Mr.
Cantu. Motion passed unanimously.
Adjourn
With no further business to discuss, a motion to adjourn was made by Mr. Lobell and
second by Mr. Cantu. Motion passed unanimously.