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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 03/13/2002 ry�dye'18 91077 -MINUTES / 4QI 'vim CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION 04P- lc..97 LOAN REVIEW COMMITTEEoe0/1)�� WEDNESDAY, March 13, 2002 " '%14> v 4:0 12 NOON c oAro 7'LZ ti STAFF PRESENT MEMBERS ABSENT Hector Vallejo, Program Manager David Cantu Dalia Garcia, Loan Processor Supervisor Dipak Desai Yvonne Trevino, Secretary Caroline Stahl MEMBERS PRESENT Alynda Asher David Barganski Shelly Fairchild Ben Grande Barry Lobell Daniel Suckley Raul Torres 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 January 16,2002 meeting. With no corrections made to the minutes, Mr. Daniel Suckley made a motion to approve the minutes. Motion seconded by Mr. Ben Grande. Motion passed unanimously. The following loans were presented for review: Avila, Mauro & Monica - 608 Duncan The first case presented by Mr. Vallejo is a Demolition and Replacement Loan for Mauro and Monica Avila. Mr. & Mrs. Avila 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$9,400. Total monthly payment (principal, taxes and insurance)will be $273.00. The title opinion shows the title is in the name of Mauro & Monica Avila by virtue of a Warranty Deed. The Corporation will be in a first lien position and their credit is rated as good. Mr.Vallejo informed the committee that Mr. &Mrs.Avila are within the 30% monthly SCANNED housing payment to income ratio and a little over the 40% monthly total debt to monthly income ratio currently at 48%. Mr. Vallejo stated that he recommends approval based on Mr.&Mrs.Avila having paid off their original mortgage,which indicated the ability to handle long term debt,the corporation will be in a first lien position,their favorable credit rating and the deteriorated condition of the house. Motion was made by Ms.Alynda Asher to approve the loan as presented, motion was seconded by Mr. Ben Grande. Motion passed unanimously. Kirby. Neta Lou -2913 Brawner Parkway The second case presented by Mr. Vallejo is a Rehabilitation Loan for Ms. Neta Kirby, 2913 Brawner Parkway. Ms. Kirby will be receiving a zero percent loan in the amount of $14,700, Rehabilitation Grant of $6,500. Total monthly payment (principal, taxes and insurance) will be $255.00. The title opinion shows the title is in the name of Neta Lou Kirby by virtue of a Warranty Deed. The Corporation will be in a first lien position and there is no credit history for Ms. Kirby. Mr. Vallejo informed the committee that Neta Lou Kirby is within the 30% monthly housing payment to income ratio and within the 40% monthly total debt to monthly income ratio. Mr. Vallejo stated that he recommends approval based on Neta Lou Kirby having paid off her original mortgage, which indicates the ability to handle long term debt, the corporation will be in a first lien position. Motion was made by Mr. Daniel Suckley to approve the loan as presented, motion was seconded by Ms. Alynda Asher. Motion passed unanimously. Mr. Raul Torres arrived at (12:15 p.m.). Mr. Vallejo presented the Committee with a memo regarding the 3'tl Annual Reception for City Board, Commission and Committee Members. The Committee was also informed about the Consolidated Action Plan process currently in progress. Shelly Fairchild announced this will be the last Loan Review Committee Meeting that she will attend because she is moving to Denver. With no further business a motion was made by Mr. Ben Grande and seconded by and Mr. Raul Torres to adjourn. Motion passed.