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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/12/2014 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE November 12, 2014 MINUTES STAFF PRESENT Kelly Fry, Rehab Services Program Manager Dora Gomez, Loan Processor Caleb Brambila, Management Aide MEMBERS PRESENT MEMBERS ABSENT Alice Vaughn (Chairwoman) Keith Parker Barry Lobell Maria Clarissa Lopez-Briseno Cathy Mehne David Cantu Ben Molina Dalia Garcia 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 Call: Mr. Caleb Brambila called roll reflecting five (5) members present and four (4) members absent. Approval of Minutes: A motion was made to approve the minutes for September 22, 2014 by board member Mr. Ben Molina and seconded by board member Cathy Mehne. Chairwoman Alice Vaughn moved to accept the minutes as written. Motion carried. Single Family Loan Requests: Maria Gloria Aguirre - Ms. Kelly Fry presented the loan application for Ms. Maria Gloria Aguirre, 918 Linda Vista, under the Demolition & Replacement Loan Program. Ms. Aguirre will have an 840 sq. ft., 2 bedroom, 1 bath home constructed. She will be receiving a total of 2 loans, a 3% loan in the amount of$35,000 and a Deferred Forgivable loan for$20,000. Ms. Aguirre's total loan amount is $55,000. Also, included is a $7,000 Relocation Grant and a Demolition Grant in the amount of$7,600. Ms. Aguirre's owner share responsibility was $3,315, with her son providing $1,000 she was able to come up with the full amount. Ms. Fry recommending this loan for approval, states that the City of Corpus Christi will have the first lien position on the property which has clear title. Ms. Maria Aguirre has a gross monthly income of$1,750 and does not receive food stamps. She has a credit score of 691 with one liability with a monthly payment of$177, with the remaining balance on that liability totaling to about $683. Maria Aguirre has low rates on her credit history. Her purposed housing ratio is 19% and debt to income is 11%. Kelly Fry states that there was a change to the appraisal form and was renamed to opinion of value as suggested. The opinion of value will factor in the development costs along with the lot value, creating a proposed value of$64,045. Ms. Fry, at this time, recommends the homebuyer be approved for the demo replacement program. A motion was made by board member Mr. Bary Lobell to approve the loan as presented, and seconded by board member Ms. Monique Espinosa. Chairwoman Alice Vaughn states it's been moved and seconded that this loan has been approved as written. She then 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. It was asked of the board member to look over the opinion of value form and if there are any questions or feedback the board would like to provide, it would be helpful. Ms. Fry also states that for future loans, she would like to obtain a final appraisal after the construction is completed on the home. Board member Barry Lobell asked Kelly if she was aware of the values on things and asked if Ms. Fry thought this would be a low value. Chairman Alice Vaughn quickly does the calculations to find out the value per square foot, which totals out to $76.74. Board member Barry Lobell then restates that this is a low estimate which is fine. Kelly Fry states the house was currently appraised at $36,000, but considering the condition of the home, which is what brought the price down. Board member Ben Molina asks if there is an update on delinquencies and past due accounts. Kelly replies there is no update and asks the board to explain to her how all that's done including the procedures so that she can have all the appropriate information. Board member Barry Lobell replies that there was a person that showed the board how many loans were current, how many were 30 days, or even 60 to 90 days past due. He goes on to state there were some that weren't being serviced at all, which raised a question as to why there weren't forecloses going on for the ones that had no payments being made. Ms. Fry reply's she has visited the attorney and they are currently working on a foreclosure procedure in hopes of having something in place within the next few months. Board member Monique Espinosa asks if these buyers have to take the homebuyer class. Patsy Flores answers they are not homebuyers, they are homeowners; and because they are homeowners, they are not required to take a homebuyer class. However, they do council them on an individual bases. ADJOURN: A motion to adjourn was made by Mr. Barry Lobell and seconded. Motion passed unanimously.