HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 02/13/2013 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, April 10, 2013
12 NOON
MINUTES of
February 13, 2013 Meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Cathy Mehne
Isidoro Prado, Housing Administration Supervisor David Cantu
Keith Parker
MEMBERS PRESENT
Alice Vaughn
Barry Lobell
Dalia Garcia
Herbert Schueneman
Monique Espinosa
Robert C. Pate
Ben Molina
Maria Clarissa Lopez-Briseno
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 1 2:00 p.m., in the 1st 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 absentt
Approval of Minutes:
Item number three on the agenda was to approve the minutes of the February 13, 2013
meeting. Motion was made by Mr. Schueneman to approve the minutes as presented
and motion was seconded by Ms. Espinosa. Motion passed unanimously.
MINUTES of February 13, 2013 Meeting Cont'd
Single Family Loan Requests:
Cabrera, Andrea — 1302 Tyler
The first loan application presented by Mr. Prado was for Andrea Cabrera, 1302 Tyler,
under the Demolition &Replacement Loan Program. Mr. Prado informed the Committee
that Ms. Cabrera will be having an 840 sq. ft., two bedrooms, 1 bath house
reconstructed.
Ms. Cabrera will be receiving a 0% Loan in the amount of $35,000, and a Deferred
Forgivable Loan in the amount of$20,000.The Corporation will be in a first Ilen position.
Mr. Prado informed the Committee that Ms. Cabrera's net monthly income is$796. Ms.
Cabrera does not have any recent credit activity. Ms. Cabrera is within the total monthly
housing payment to income ratio of 30% and within the monthly debt to income ratio of
40%. The appraised value of the home after rehabilitation is $71,225.00.
Mr. Prado recommended approval of this application based on the Corporation being in
a first lien position; Ms. Cabrera having good monthly ratios; and having zee o liabilities.
A motion was made by Mr. Lobell to approve the loan as presented, second by Mr.
Molina. Motion passed unanimously.
Hernandez, Engracia —4738 Prescott
The second loan application presented by Mr. Prado was for Engracia Hernandez,
4738 Prescott, under the Rehabilitation Loan Program, Mr. Prado informed the
Committee that he was presenting this application contingent on the title opinion
showing no other encumbrances. Ms. Hernandez will be having a new roof installed;
new exterior doors and windows installed; new interior wiring installed; and the
interior walls will be repaired. Ms. Hernandez will be receiving a 3% loan in the
amount of$32,400. The Corporation will be in the first lien position. Mr. Prado
informed the Committee that Ms. Hernandez's net monthly income is $1,g30.00. Ms.
Hernandez is within the total monthly housing payment to income ratios of 30% and
the 40% total monthly debt to income ratios. The appraised value of the home after
rehabilitation is $92,850.00.
Mr. Prado recommended approval of the loan application contingent on tl'e
Corporation being in the first lien position; Ms. Hernandez being within the 30% and
40% ratios; having few liabilities; and having paid off the original mortgage.
A motion was made by Ms. Garcia to approve the loan, and second by Mr. Lobell.
Motion passed unanimously.
Adiourn
With no further business to discuss, a motion to adjourn was made by Mr. Lobell and
second by Mr. Garcia. Motion passed unanimously.