HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/14/2013 MINUTES of
August 14, 2013 Meeting
STAFF PRESENT
Hector G. Vallejo, NSD Program Manager
Isidoro Prado, Housing Administration Supervisor
MEMBERS PRESENT MEMBERS ABSENT
Alice Vaughn Herbert Schuenemdn
David Cantu Robert C. Pate
Barry Lobell Cathy Mehne
Keith Parker
Ben Molina
Maria Clarissa Lopez-Briseno
Monique Espinosa
Dalia Garcia
Call 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,.
Roil Call:
Mr. Vallejo called the roll reflecting eight (8) members present and three (3) members
absent. Mr. Vallejo informed Ms. Vaughan a quorum was present.
Elections
Mr. Vallejo informed the Committee that election of a new Committee Chair and Vice
Chair occurs at the beginning of the City's fiscal year. August being the beginning of the
fiscal year it was time to elect a new Committee Chair and Vice-Chair. Ms. Vaughn
asked for nominations for Committee Chair. Mr. Cantu nominated Ms. Vaughan to
continue as Committee Chair and the motion was second by Mr. Parker. Ms. Vaughan
was elected by acclamation. Ms. Vaughn asked for nominations for Committee Vice-
Chair. Mr. Lobell nominated Mr. Cantu and the motion was second by Ms. Garcia. With
no further nominations, Mr. Cantu was elected by acclamation.
Approval of Minutes:
Ms. Vaughan asked the Committee for approval of the Minutes of the May 8, 2013
meeting. Motion was made by Mr. Cantu to approve the minutes as presented and
motion was second by Mr. Parker. Motion passed unanimously.
Single Family Loan Requests:
Maldonado Odelia 4022 Santa Elena
The first loan application presented by Mr. Prado was for Ms. Odelia Maldonado, 4022
Santa Elena, under the Demolition & Replacement Loan Program. Mr. Prado informed
the Committee that this loan application was being presented contingent upon Staff
receiving a title opinion clear of any encumbrances. Ms. Maldonado will be having an
840 sq. ft., 2 bedroom, 1 bath house reconstructed. She will be receiving is 0% loan in
the amount of$17,000; Minimum Deferred Loan for$18,000; and a Deferred Forgivable
Loan of$20,000. She will be providing owner's share of$1,165.
Mr. Prado informed the Committee that the Corporation will be in the first lien position.
She is within the total monthly housing payment to income ratio of 30% but is over the
40% back-end ratio currently at 47%. Mr. Prado explained to the Committee that Ms.
Maldonado is going through GreenPath debt solutions because she encountered credit
problems when her sister failed to pay on accounts using Ms. Maldonado'sIcredit card.
Ms. Maldonado's net monthly income is$198.00 but Staff anticipates she will satisfy the
payment plan set up through GreenPath prior to her loan payment commencing
therefore her net income will increase to $500.00. Her credit score is 598. The
appraised value of the home after rehabilitation is $56,907.00.
Mr. Prado recommended approval of the loan application based on the Corporation
being in the first lien position; she has good front-end ratio and fair credit score.
A motion was made by Mr. Cantu to approve the loan contingent on there being no
encumbrances shown on the title opinion, the motion was second by Mr. Lobell. Ms.
Vaughan asked if there was any further discussion regarding this loan application.
There was a brief discussion regarding a second structure that is on the property and
whether or not it was a rental. Staff was unable to provide any information regarding the
second structure. With no further questions, Ms. Vaughan called for a vote. Motion
passed unanimously.
Saldana~ Macrina, 325 Osage
The second loan application presented by Mr. Prado was for Ms. Macrina Saldana, 325
Osage, under the Demolition & Replacement Loan Program. Mr. Prado 1 formed the
Committee that Ms. Saldana 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 $20,000. She will be
providing owner's share of$1,865.
Mr. Prado informed the Committee that the Corporation will be in the first Iien position.
She is within the total monthly housing payment to income ratio of 30% and 40% back-
end ratio. Mr. Prado explained to the Committee that Ms.Saldana's net monthly income
is $406.00. Her credit score is 726. The appraised value of the home after rehabilitation
is $59,900.00.
Mr. Prado recommended approval of the loan application based on the Corporation
being in the first lien position; she has good front and back end ratio; and excellent credit
score.
A motion was made by Mr. Cantu to approve the loan and was second by Ms. Garcia.
Ms. Vaughan stated it was moved and second that the loan be approved and asked if
there was any further discussion regarding this loan application. There being no further
discussion, Ms. Vaughan called for a vote. Motion passed unanimously.
Adiourn
Ms. Vaughan asked if there was any other business, with none indicated, she asked for
a motion to adjourn. A motion to adjourn was made by Mr. Lobell and second by Mr.
Cantu. Motion passed unanimously.
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