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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 07/17/2002 V X15 - � ^o1:�y1314)5 7@ j'" MINUTES m No CORPUS CHRISTI COMMUNITY IMPROVEMENT CO ORAX113:2102r LOAN REVIEW COMMITTEE N rilECEIVED N WEDNESDAY, July 17, 2002 a EMETa2Y:c 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Acting Director Dipak Desai Dalia Garcia, Loan Processor Supervisor Yvonne Trevino, Secretary MEMBERS PRESENT Alynda Asher David Barganski David Cantu Ben Grande Barry Lobell Caroline Stahl 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 nine members present. First order of business was to approve the minutes of the June 19, 2002 meeting. With no corrections made to the minutes, Mr. Barry Lobell made a motion to approve the minutes. Motion was seconded by Mr. Daniel Suckley. Motion passed unanimously. The following loans were presented for review: Mary G. Sanchez. 3432 Olsen The first case presented by Mr. Vallejo was a Rehabilitation Loan for Ms. Mary Sanchez. Ms. Sanchez will be receiving a zero percent loan in the amount of $9,800, Minimum Deferred Loan of $18,000 and a Grant for $3,200. Total monthly payment (principal, taxes and insurance) will be $142.22. The Corporation will be in a first lien position after refinancing and her credit is rated as poor - fair. Appraised value after rehabilitation is $56,000. Mr. Vallejo informed the committee that Ms. Sanchez is SCANNED ftif tot within the 30% monthly income ratio but is over the 40% monthly income ratio at 54%. Recommend approval based on clear title, first lien position after refinancing, credit and based on the 30% monthly income ratio. Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion was seconded by Mr. David Cantu. Motion passed unanimously. Ben and Minerva Torres, 1713 Sherman The second case presented by Mr. Vallejo was a Demolition and Replacement Loan for Mr. and Mrs. Torres. Mr. and Mrs. Torres will be receiving a 3% loan in the amount of $35,000 and a Deferred Forgivable Loan of $6,900. Total monthly payment (principal, taxes and insurance) will be $269.11 . Mr. Vallejo rated Mr. and Mrs. Torres' credit as good. Mr. Vallejo informed the Committee that Mr. and Mrs. Torres are within the 30% monthly income ratio but are over the 40% monthly income ratio at 58%. Recommend approval based on original mortgage being paid off, first lien position and clear title. Motion was made by Mr. Barry LobelI to approve the loan as presented, motion was seconded by Mr. Raul Torres. Motion passed unanimously. Mr. Vallejo presented the Committee with a Delinquency Report. Advised the Committee of nine foreclosure cases. With no further business a motion was made by Mr. Raul Torres and seconded by Mr. Ben Grande to adjourn. Motion passed.