HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 03/11/2015 CORPUS CHRISTI COMMUNITY IMPROVEMENT
CORPORATION
LOAN REVIEW COMMITTEE
March 11, 2015
MINUTES PIVED
APIA 0121'.116
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STAFF PRESENT
Felicia Lopez, Housing Administration Supervisor
Norma Ramirez, 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
David Cantu
Monique Espinosa
Dalia Garcia
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:
Mrs. Felicia Lopez called roll reflecting six (6) members present and three (3) members
absent.
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Approval of Minutes:
A motion was made to approve the minutes for November 12, 2014 by board member
Mr. Barry Lobell and seconded by board member Monique Espinosa. Chairwoman Alice
Vaughn moved to accept the minutes as written. Motion carried.
Single Family Loan Requests:
Ernesto & Rosa Martinez -
Mrs. Felicia Lopez presented the loan application for Ernesto and Rosa Martinez, 3730
Bertram, under the Demolition & Replacement Loan Program. Mr. Ernesto and Rosa
Marinez will have an 840 sq. ft., 2 bedroom, 1 bath home constructed. They will be
receiving a 0% loan in the amount of$17,000, a minimum deferred loan of$18,000, and
a Deferred Forgivable loan for$29,565. Also, included is a $7,000 Relocation Grant and
a Demolition Grant in the amount of$5,875. Leaving the total amount of the
rehabilitation to be $77,440.
Mrs. Felicia 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. Mrs. Felicia Lopez
states that they had to perform a non-traditional credit report due to Mr. Martinez not
having established credit and no credit score, Felicia goes on to state that they
reviewed the City of Corpus Christi utilities, CPL, Retail Energy, AT&T, and Time
Warner Cable and upon reviewing the non-traditional report, it was concluded that Mr.
Martinez pays everything on time without problem. Mrs. Lopez also states that Mrs.
Martinez has 2 liabilities on the 6230, however one of the loans is on its' last payment,
leaving one liability left from first national bank which also have a small balance.
Ernesto and Rosa receive $37 in food stamps. Their purposed housing ratio is 8% and
debt to income is 13%.
A motion was made by board member Mr. David Cantu to approve the loan as
presented, and seconded by board member Ms. Dalia Garcia. Chairwoman Alice
Vaughn states it's been moved and seconded that this loan has been approved as
presented. She then asked if there was any further discussion regarding this loan
application. David Cantu asked about the new credit bureau report and stated that the
new format is slightly difficult to read. He also stated that the original format was
reinstated by his bank and was interested in seeing if the City of Corpus Christi could do
the same. Monique replied that the new format was better, but Norma and Felicia both
stated that they could do either and will attempt to provide both formats.
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Monique added that peer and beams would be less expensive than slabs. Felicia then
replies back that she will look into the matter further. Felicia goes on to say that one of
the reasons the price may seem high is mainly because of the cost of material steadily
increasing.
Monique and Dalia both state that they are interested to see what they guidelines are
that each home has to meet. Felicia replies back that she will look into getting that
information for everyone for the next meeting.
ADJOURN:
A motion to adjourn was made by Mr. David Cantu and seconded by Barry Lobell.
Motion passed unanimously.