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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/18/2015 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE November 18, 2015 RM�ED MINUTES JAN 2 6 2016 JE��ARI uSOIR�11 STAFF PRESENT Kelly Fry, Housing Program Manager Melissa DeLeon, pant Aide MEMBERS PRESENT MEMBERS ABSENT Alice Vaughn (Chairwoman) Barry Lobell Maria Clarissa Lopez-Briseno David Cantu Monique Espinosa Cathy Mehne Call to Order: Alice Vaughn, Chairwoman, called the meeting to order at 12:20p.m., 1st Floor Staff Conference Room, 1201 Leopard St., of City Hall. Roll Call: Mrs. Melissa DeLeon called roll reflecting all six (6) members present. Approval of Minutes: A motion was made to approve the minutes for by board member Mr. David Cantu and seconded by board member Mr. Barry Lobel]. Chairwoman Alice Vaughn moved to accept the minutes as written. Motion carried. Single Family Loan Requests: Dicidora Hernandez- Ms. Kelly Fry presented the loan application for Dicidora Hernandez, 1033 Horne Rd., under the Demo Replacement Loan Program for$82,285.00. She will have an 840 sq. ft., 2 bedrooms, 1 bath home constructed. Ms. Hernandez will be receiving a 0% loan in the amount of$24,785.00, with an $18,000 minimum Deferred loan and a $25,000 Deferred Forgivable loan. Also, included is a $7,000 Relocation Grant and a Demolition Grant in the amount of$7,500. Leaving the total loan amount to be $82,285.00. Ms. Fry recommending this loan for approval and is contingent on a title opinion from the City of Corpus Christi Attorney due next week. Ms. Fry states that Ms. Hernandez has no recent debt inquiries on her credit report. There is an identity theft inquire from AT&T Services on November 2014. Her purposed housing ratio is 20% and debt to income is 17%. She have excellent credit with a credit score of 805+. Ms. Fry stated Ms. Hernandez's new home payment with principal and interest will be $192.62. Mr. David Cantu asked what the other $225.00 income is, Cathy Mehne replied from her son Danny Gonzalez which is from a letter he signed. Ms. Monique Espinosa asked if the 840 square feet was standard across the board. Kelly replied, it is a standard floor plan for a two bedroom one bath, however the new Housing Operation's Manager is redoing the floor plans, so the square footage may change in the future. After a lengthy discussion, a motion was made by board member Mr. David Cantu to approve the loan as presented, and seconded by board member Mrs. Cathy Mehne. 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. Mr. David Cantu commented how good Ms. Hernandez's credit is. Julia Smith- Ms. Kelly Fry presented the loan application for Julia Smith, 9017 Stock Dr., under the Demo Replacement Loan Program for$82,285.00. She will have an 840 sq. ft., 2 bedrooms, 1 bath home constructed. Ms. Smith will be receiving a 0% loan in the amount of$24,785.00, with an $18,000 minimum Deferred loan and a $25,000 Deferred Forgivable loan. Also, included is a $7,000 Relocation Grant and a Demolition Grant in the amount of$7,500. Leaving the total loan amount to be $82,285.00. Ms. Fry recommending this loan for approval. Ms. Fry states that Ms. Smith has an outstanding car loan and has been paying successfully. She also has three collection accounts with very small amounts and with supporting documentation in her file. Her purposed housing ratio is 16% and debt to income is 42%. She has credit with a credit score of 626+. Ms. Fry stated Ms. Hernandez's new home payment with principal and interest will be $192.62. Ms. Monique Espinosa asked if the home will be on a slab and Kelly replied yes. A motion was made by board member Mr. David Cantu to approve the loan as presented, and seconded by board member Mr. Barry Lobell. 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. ADJOURN: A motion to adjourn was made by Kelly Fry and seconded by Alice Vaughn. Motion passed unanimously.