HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 04/10/2013 I�!
MINUTES of
April 10, 2013 Meeting
STAFF PRESENT
Hector G. Vallejo, NSD Program Manager
Isidoro Prado, Housing Administration Supervisor
MEMBERS PRESENT MEMBERS ABSENT
Alice Vaughn Cathy Mehne I
Barry Lobell Herbert Schueneman
Dalia Garcia Keith Parker
Monique Espinosa Robert C. Pate
Ben Molina
Maria Clarissa Lopez-Briseno
Call to Order:
Alice Vaughan, Chairperson, tailed the meeting to order at 12:00 p.m., in tie 1st Floor
Staff Conference Room, 1201 Leopard St., City Hall.
Roll Call:
Mr. Vallejo called the roil reflecting eight (8) members present and three (3) members
absent. Mr. Vallejo informed Ms, Vaughan a quorum was present.
Approval of Minutes:
Ms.Vaughan asked the Committee for approval of the Minutes of the February 13,2013
meeting. Motion was made by Mr. Lobel to approve the minutes as presented and
motion was seconded by Ms. Garcia. Motion passed unanimously.
Single Family Loan Requests:
Casas, Nelda, Pedro Garcia, Jo Ann Garcia, 2814 Guadalupe
The first loan application presented by Mr. Prado was for Nelda Casas, Pedro Garcia
and Jo Ann Garcia, 2814 Guadalupe, under the Demolition & Replacement Loan
Program. Mr. Prado informed the Committee that Jo Ann Garcia is Ms. Casas daughter
and she and her husband and three children live with Ms. Casas. Because we are
constructing the house to accommodate them they will also be on the loan documents
as Co-Signers. Mr. Prado told the Committee that they will be having a 1002 sq. ft., 3
bedroom, 1 bath house reconstructed. I
They will be receiving a 0% Loan in the amount of$45,000, and a Deferred Forgivable
Loan in the amount of$20,000. The Corporation will be in a first lien position. Mr. Prado
informed the Committee that Mr.& Ms. Garcia's net monthly income is $1,D48 and that
Ms. Casas has no income source. Ms. Casas has a credit score of 638; is slightly over
the total monthly housing payment to income ratio of 30% she is at 33%; and is
within the monthly debt to income ratio of 40%. The appraised value of the home after
rehabilitation is $76,993.00.
MINUTES of April 10,2013 Meetina Cont'd
Mr. Prado recommended approval of this application based on the Corporation being in
a first lien position; Ms. Casas having good monthly ratios; and having few liabilities.
A motion was made by Mr. Lobel to approve the loan as presented, second by Mr.
Cantu. Motion passed unanimously.
Herrera, Julia, 154116th St.
The second loan application presented by Mr. Prado was for Julia Herrera, 1541 15�h St.,
under the Demolition& Replacement Loan Program. Mr. Prado informed the Committee
that Ms. Herrera will be having an 840 sq. ft., 2 bedroom, 1 bath house reconstructed.
She will be receiving a 0% loan in the amount of$17,000; Minimum Deferred Loan for
$18,000; and a Deferred Forgivable Loan of$19,040.
Mr. Prado informed the Committee that Ms. Herrera's net monthly income is $585.00.
The Corporation will be in the first lien position. She is within the total monthly housing
payment to income ratio of 30% and the 40% total monthly debt to income ratio. Her
credit score is 631, The appraised value of the home after rehabilitation is $68,203.00.
Mr. Prado recommended approval of the loan application based on the Corporation
being in the first lien position; she is within the 30%and 40% ratios;and her credit score.
A motion was made by Mr. Cantu to approve the loan, and second by Ms. Garcia.
Motion passed unanimously.
Ramirez, Raul & Maria,, 42.1 Scott
The third loan application presented by Mr. Prado was for Raul & Maria Ramirez„ 1541
15`h St., under the Demolition & Replacement Loan Program. Mr. Prado informed the
Committee the application was being presented contingent upon Guardianship
documents being executed for Mr. Ramirez due to his health condition. Mr. Prado
advised the Committee that Mr. &Ms. Ramirez will be having an 840 sq.ft., 2 bedroom,
1 bath house reconstructed. They will be receiving a 3%loan in the amount of$35,000;
and a Deferred Forgivable Loan of$20,000.
Mr. Prado informed the Committee that Mr. & Ms. Ramirez's net month ly income is
$585.00. The Corporation will be in the first lien position. Mr. & Ms. Ramirez are within
the total monthly housing payment to income ratios of 30% and the 40% total monthly
debt to income ratios. His credit score is 690 and her credit score is 694. The appraised
value of the home after rehabilitation is $57,237.00.
Mr. Prado recommended approval of the loan application contingent upon Guardianship
documents being executed for Mr. Ramirez and based on Mr. & Ms. Ramirez being
within the 30% and 40% ratios; and their credit score.
A motion was made by Ms. Garcia to approve the loan, and second by Mr. Lobel.
Motion passed unanimously.
Adiourn
With no further business to discuss, a motion to adjourn was made by M . Cantu and
second by Mr. Lobel. Motion passed unanimously.
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