HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 06/19/2002 V 2 — ,,31 15161JIg .
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CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATIO1S ' ; J
LOAN REVIEW COMMITTEE , `r
WEDNESDAY, June 19, 2002 \i
12 NOON
STAFF PRESENT MEMBERS ABSENT
Delia Garcia, Loan Processor Supervisor Dipak Desai
Tony Recio, Housing Operations Supr. Raul Torres
Yvonne Trevino, Secretary
MEMBERS PRESENT
Alynda Asher
David Barganski
David Cantu
Ben Grande
Barry Lobell
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 May 8,
2002 meeting. With no corrections made to the minutes, Mr. Ben
Grande made a motion to approve the minutes. Motion was
seconded by Mr. Barry Lobell. Motion passed unanimously.
The following loans were presented for review:
Gregoria Martinez, 2237 Andrews Drive
The first case presented by Ms. Garcia was a Rehabilitation Loan for
Ms. Gregoria Martinez. Ms. Martinez will be receiving a zero percent
loan in the amount of $3,350, Minimum Deferred Loan of $18,000
and a Grant for $6,500. Total monthly payment (principal, taxes and
insurance) will be $81 .91 .
The Corporation will be in a first lien position and her credit is rated
as fair. Appraised value is $40,000. Ms. Garcia informed the
committee that Ms. Martinez is within the 30% monthly income ratio
but is over the 40% monthly income ratio at 70%. Recommend
SCANNED
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al proval based on original mortgage being paid off, clear title, first
lien position, credit and based on the 30% monthly income ratio.
Motion was made by Mr. David Cantu to approve the loan as
presented, motion was seconded by Mr. Daniel Suckley. Motion
passed unanimously.
Silvano Martinez £t Blanca Avila, 610 Duncan Street
The second case presented by Ms. Garcia was a Demolition and
Replacement Loan for Mr. Silvano Martinez and Blanca Avila. Mr.
Martinez and Ms. Avila will be receiving a 3% loan in the amount of
$35,000 and a Deferred Forgivable Loan of $12,400. Total monthly
payment (principal, taxes and insurance) will be $334.11 .
Ms. Garcia rated Mr. Martinez's and Ms. Avila's credit as good. Ms.
Garcia informed the committee that Mr. Martinez and Ms. Avila are
within the 30% monthly income ratio but are over the 40% monthly
income ratio at 67%. Recommend approval based on original
mortgage being paid off, first lien position and clear title. The
appraised value is $46,260. Motion was made by Ms. Caroline Stahl
to approve the loan as presented, motion was seconded by Mr. David
Cantu and Alynda Asher. Motion passed unanimously.
The following members who serve on the Loan Review Committee
attended the reception of May 16, 2002 and received a mug in
appreciation for their volunteer efforts: Ben Grande, Barry Lobell and
Alice Vaughn. Alynda Asher, David Barganski, David Cantu, Caroline
Stahl and Daniel Suckley were presented with their mugs at our
June 19, 2002 Loan Review Committee Meeting.
With no further business a motion was made by Mr. David Cantu
and seconded by Mr. Barry Lobell to adjourn. Motion passed.