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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/16/2002 • IMF 1110 �a�51617 /r=3 Kb o 'JAN 2002 MINUTES RECEIVED CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA �.s NCIIYSECRETARY'S �. LOAN REVIEW COMMITTEE s OFFICE WEDNESDAY, January 16, 2002 saP ti� 12 NOON �—tecrz”'g STAFF PRESENT MEMBERS ABSENT Hector Vallejo, Program Manager Alynda Asher Dalia Garcia, Loan Processor Supervisor Dipak Desai Yvonne Trevino, Secretary Raul Torres MEMBERS PRESENT David Barganski David Cantu Shelly Fairchild Ben Grande Barry Lobel! Caroline Stahl Daniel Suckley Alice Vaughn Chairperson, Alice Vaughn called the meeting to order in the 1st Floor City Council Conference Room, 1201 Leopard St.,City Hall, roll call was taken reflecting eight members present. First order of business was to approve the minutes of the December 12, 2001 meeting. With no corrections made to the minutes, Mr. Ben Grande made a motion to approve the minutes. Motion seconded by Mr. Daniel Suckley. Motion passed unanimously. The following loans were presented for review: Lee & Maria Alaniz, 422 Dolores The first case presented by Mr. Vallejo is a Demolition and Replacement Loan for Maria Alaniz, 422 Dolores. Ms. Alaniz will be receiving a zero percent loan in the amount of $17,000, Minimum Deffered Loan of$18,000 and a Deferred Forgivable Loan for$7,450. Total monthly payment (principal, taxes and insurance) will be $127.22. The title opinion shows the title is in the name of Maria Alaniz by virtue of a Warranty Deed. The Corporation will be in a first lien position and her credit is rated as fair. Mr. Vallejo informed the committee that Maria Alaniz is within the 30% monthly housing SCANNED Gr payment to income ratio and the 40% monthly total debt to monthly income ratio. Mr. Vallejo stated that he recommends approval based on Maria Alaniz having paid off her original mortgage,which indicated the ability to handle long term debt,the corporation will be in a first lien position, her favorable credit rating and the deteriorated condition of the house. Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion was seconded by Mr. David Cantu. Motion passed unanimously. Esmeralda Cruz. 753 Purdue The second case presented by Mr. Vallejo is a Demolition and Replacement Loan for Esmeralda Cruz, 753 Purdue. Ms. Cruz will be receiving a zero percent loan in the amount of$17,000, Minimum Deferred Loan of 18,000 and a Deferred Forgivable Loan for$8,700. Total monthly payment (principal, taxes and insurance)will be $112.22. The title opinion shows the title is in the name of Esmeralda Cruz by virtue of a Warranty Deed. The Corporation will be in a first lien position and her credit is rated as fair. Mr. Vallejo informed the committee that Esmeralda Cruz is within the 30% monthly housing payment to income ratio and a little over the 40% monthly total debt to monthly income ratio currently at 42%. Mr. Vallejo stated that he recommends approval based on Esmeralda Cruz having paid off her original mortgage,which indicates the ability to handle long term debt,the corporation will be in a first lien position, her favorable credit rating and the fact that the house has been demolished due to it's deteriorated condition. Motion was made by Mr. David Cantu to approve the loan as presented, motion was seconded by Mr. Daniel Suckley Motion passed unanimously. Mr. Vallejo provided the Committee members with a copy fo the Committee's Annual Report and the Quarterly Delinquency Report. With no further business a motion was made by Mr. David Cantu and seconded by Mr. Ben Grande to adjourn. Motion passed.