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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 09/22/2014 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE September 22, 2094 MINUTES STAFF PRESENT Felicia Lopez, Housing Administration Supervisor Norma Ramirez, Loan Processor Dora Gomez, Loan Processor Patricia Flores, Loan Processor Caleb Brambila, Management Aide MEMBERS PRESENT MEMBERS ABSENT Alice Vaughn (Chairwoman) Keith Parker Barry Lobell Maria Clarissa Lopez-Briseno Cathy Mehne Ben Molina Dalia Garcia David Cantu Monique Espinosa Call to Order: Alice Vaughn, Chairwoman, called the meeting to order at 12:00p.m., 1st Floor Staff Conference Room, 1201 Leopard St., of City Hall. Roll Cali: Ms. Dora Gomez called roll reflecting six (6) members present and three (3) members absent. Approval of Minutes: A motion was made to approve the minutes for May 14, 2014 by board member Mr. Barry Lobell and seconded by board member Mr. David Cantu. Chairwoman Alice Vaughn moved to accept the minutes as written. Motion carried. Single Family Loan Requests: Ruth Medina - 1505 Dalia Dr. Mrs. Felicia Lopez presented the loan application for Ms. Ruth Medina, 1505 Dahlia, under the Demolition & Replacement Loan Program. Ms. Medina will have an 840 sq. ft., 2 bedroom, 1 bath home reconstructed. She will be receiving a total of 3 loans, a 0% loan in the amount of$22,135; a Minimum Deferred loan for$18,000; and a Deferred Forgivable loan for$20,000. Ms. Medina's total loan amount is $60,135. Also, included is a $7,000 Relocation Grant and a Demolition Grant in the amount of$8,760. Mrs. Lopez recommending this loan for approval, and states that the City of Corpus Christi will have the first lien position on the property which has clear title. Ms. Ruth Medina has a gross monthly income of$760 and a credit score of 637 with an explanation of credit as to why Ms. Medina's credit has depreciated. The low score is the result of several medical expenses and being out of work prematurely, which caused Ms. Medina to fall behind on her bills. However, Ms. Medina's score is steadily improving; her housing ratio is at 21% and she has a debt ratio of 20%. Ms. Lopez again recommended the approval. As far as the debt ratio, Ms. Medina has clear title and the City of Corpus Christi will be in the first lien position. The City also increased the loan limit, that was previously $55,000, to help cover the cost of the owner's share. Ms. Medina needed to come in with $2,300, but due to the loan increase it has eliminated the need for Owner's Share. Board member Ms. Dalia Garcia then asked Mrs. Lopez if Ms. Medina receives Food Stamps, with Mrs. Lopez replying "no". Ms. Medina was originally concerned about her payments and other expenses; however, after careful evaluation she believes she will be okay. Ms. Medina's children have offered to pick up any expenses she may incur and offered their assistance should she need it. They are willing to help due to Ms. Medina's bad current living conditions. Board member— Ms. Dalia Garcia brings up a point that the houses are no longer being appraised and because of that the board doesn't know how much to value the home at. Board member, Mr. David Cantu questioned what happened to the appraisals. With Ms. Lopez replying that the new program manager, Ms. Kelly Fry, did not feel comfortable with providing an appraisal being that the city does not have certified appraisers. Ms. Lopez suggests that the City of Corpus Christi could use the documentation they used prior, but not call it an appraisal. Board member Mr. David Cantu then suggests to title it Opinion of Value, not necessarily call it an appraisal. The board agrees. Board member Ms. Dalia Garcia asks if Ms. Medina has 2 open credit card accounts, Ms. Lopez replies, yes, but it is actually 3 accounts total that are open; however, the cards are mainly used for her grandchildren or for little emergencies that come up. A motion was made by board member Mr. David Cantu to approve the loan as presented, and seconded by board member Ms. Cathy Mehne. Chairwoman Alice Vaughn moved and asked if there was any further discussion regarding this loan application. There being no further discussion Ms. Vaughn called for a vote. Motion passed unanimously. Board member Mr. David Cantu requested for the Board may receive an update on the Delinquencies and Past Due accounts at the next meeting. Mrs. Lopez replied that she will bring it to the attention of the Program Manager and will have a report updated for the next meeting. ADJOURN; A motion to adjourn was made by Mr. David Cantu and seconded. Motion passed unanimously.