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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 04/10/2002 a \ s -a 410 A je -MINUTES / N' CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, April 10, 2002 12 NOON STAFF PRESENT MEMBERS ABSENT Hector Vallejo, Program Manager Dipak Desai Delia Garcia, Loan Processor Supervisor Caroline Stahl Yvonne Trevino, Secretary MEMBERS PRESENT Alynda Asher David Barganski David Cantu 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 March 13, 2002 meeting. With no corrections made to the minutes, Mr. Barry Lobell made a motion to approve the minutes. Motion seconded by Mr. Raul Torres. Motion passed unanimously. The following loans were presented for review: Mainero, Annie D. - 4634 Nesbitt The first case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Annie D. Mainero. Ms. Mainero 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 $10,750. Total monthly payment (principal, taxes and insurance) will be $132.22 The title opinion shows the title is in the name of Ms. Mainero by virtue of a Warranty Deed. The Corporation will be in a first lien position and her credit is rated as good. Appraised value is $46,867. Mr. Vallejo informed the committee that Ms. Mainero is within the 30% and 40% monthly income ratio. Recommend approval based on original mortgage being paid off, first lien position, credit and based on 30% and 40% ratios. Motion was made by Mr. Daniel Suckley to approve SCANNED t � V the loan as presented, motion was seconded by Mr. David Cantu. Motion passed unanimously. Sanchez, Petra - 618 Virginia Avenue The second case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Petra Sanchez. Ms. Sanchez 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 $20,000 and refinancing $8,968. Owners share will be $208. Total monthly payment (principal, taxes and insurance) will be $122.22. Mr. Vallejo rated Ms. Sanchez's credit as good. Mr. Vallejo informed the committee that Ms. Sanchez is within the 30% monthly housing payment to income ratio but was over the 40% total debt to monthly income ratio, Ms. Sanchez is at a 52% ratio. The corporation will be in a first lien position once the contract for deed is paid off. Recommend approval based on first lien position, credit and 30% ratio. The appraised value is $46,600. Motion was made by Mr. Ben Grande to approve the loan as presented, motion was seconded by Ms. Alynda Asher. Motion passed unanimously. Segovia, Lucia C. - 8922 McGloin The third case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Lucia C. Segovia. Ms. Segovia 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 $12,480. Total monthly payment (principal, taxes and insurance) will be $117.22. The title opinion shows the title is in the name of Ms. Segovia 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 Ms. Segovia is within the 30% and 40% monthly income ratio. Recommend approval based on original mortgage being paid off, first lien position, credit and 30% and 40% ratios. The appraised value is $52,850. 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 reminded the Committee of the 3"Annual Reception for City Board, Commission and Committee Members scheduled for May 16, 2002, 5:30 - 7:00 at the Bayview Ballroom at the Bayfront Plaza. With no further business a motion was made by Mr. David Cantu and seconded by Mr. Ben Grande to adjourn. Motion passed.