HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/08/2002 a s--1/4110
-MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, May 8, 2002
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector Vallejo, Program Manager David Cantu
Dalia Garcia, Loan Processor Supervisor Dipak Desai
Yvonne Trevino, Secretary Daniel Suckley
Caroline Stahl
MEMBERS PRESENT
Alynda Asher
David Barganski
Ben Grande
Barry Lobell
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 six members present.
First order of business was to approve the minutes of the April 10, 2002
meeting. With no corrections made to the minutes, Mr. Barry Lobell
made a motion to approve the minutes. Motion was seconded by Mr.
Ben Grande. Motion passed unanimously.
The following loans were presented for review:
Eva Blanco, 1204 Bloomington
The first case presented by Mr. Vallejo was a Demolition and
Replacement Loan for Ms. Eva Blanco. Ms. Blanco 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 $8,340. Total monthly
payment (principal, taxes and insurance) will be $117.22
The Corporation will be in a first lien position and there is no credit
activity - no liabilities. Appraised value is $44,750. Mr. Vallejo informed
the committee that Ms. Blanco is within the 30% monthly income ratio
but is over the 40% monthly income ratio at 45%. Recommend approval
based on original mortgage being paid off, clear title, first lien position,
SCANNED
`►
Juanita Reyna. 607 25th Street
The second case presented by Mr. Vallejo was a Demolition and Replacement Loan for
Ms. Juanita Reyna. Ms. Reyna 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
$12,170. Total monthly payment (principal, taxes and insurance) will be $122.22.
Mr. Vallejo rated Ms. Reyna's credit as fair. Mr. Vallejo informed the committee that Ms.
Reyna is within the 30% and 40% monthly payment to income ratio. The corporation
will be in a first lien. Recommend approval based on original mortgage being paid off,
first lien position, clear title and zero liabilities. The appraised value is $46,248. Motion
was made by Mr. Ben Grande to approve the loan as presented, motion was seconded
by Mr. Raul Torres. Motion passed unanimously.
Announced the reappointment of David Cantu, Daniel Suckley and Raul Torres to serve
on the Committee. Informed Committee of the new member that will serve on the
Committee, Ms. Andrea Walters.
Mr. Vallejo reminded the Committee of the 3r° Annual Reception for City Board,
Commission and Committee Members scheduled for May 16, 2002 at the Bayview
Ballroom at the Bayfront Plaza.
With no further business a motion was made by Mr. Barry Lobell and seconded by Mr.
Ben Grande to adjourn. Motion passed.