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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/14/2002 is 'i 915 - 2 -MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, August 14, 2002 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Acting Director Alynda Asher Sandee Galvan, Loan Processor Dipak Desai Yvonne Trevino, Secretary Ben Grande MEMBERS PRESENT n 4 s David Barganski \ David Cantu w Barry Lobel! v ^;l Caroline Stahl IN Cr Daniel Suckley Raul Torresnn Alice Vaughn Ze 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 seven members present. First order of business was to approve the minutes of the July 17, 2002 meeting. With no corrections made to the minutes, Mr. David Cantu made a motion to approve the minutes. Motion was seconded by Mr. Raul Torres. Motion passed unanimously. The following loans were presented for review: Juana Garcia, 3105 Eisenhower The first case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Juana Garcia. Ms. Garcia will be receiving a zero percent loan in the amount of $17,000, Minimum Deferred Loan of $18,000 and a Deferred Forgivable Loan of $8,500. Total monthly payment (principal and insurance) will be $132.22. Ms. Garcia had a previous deferred loan balance of $6,250 from January 1979, therefore, the Corporation will have a first and second lien position. SCANNED G Ms. Garcia's credit is rated as fair. Appraised value after rehabilitation is $48,000. Mr. Vallejo informed the committee that Ms. Garcia is within the 30% monthly income ratio but is over the 40% monthly income ratio at 66%. Recommend approval based on clear title, first and second lien position and credit. Motion was made by Mr. David Cantu to approve the loan as presented, motion was seconded by Mr. Raul Torres. Motion passed unanimously. Elizabeth Gonzales, 4833 Dodd The second case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Gonzales. Ms. Gonzales will be receiving a 0% loan in the amount of $35,000 and a Deferred Forgivable Loan of $12,825. Total monthly payment (principal, taxes and insurance) will be $262.22. The Corporation will be in a first lien position. Mr. Vallejo rated Ms. Gonzales' credit as good. Mr. Vallejo informed the Committee that Ms. Gonzales is within the 30% monthly income ratio but is over the 40% monthly income ratio at 59%. Recommend approval based on first lien position, original mortgage being paid and clear title. Motion was made by Mr. Daniel Buckley to approve the loan as presented, motion was seconded by Mr. David Cantu. Motion passed unanimously. Mr. Vallejo advised the Committee that election of the Chair person and the Vice Chair person is going to take place during the next Loan Review Committee meeting. Also forthcoming the celebration of the City's 150 Birthday scheduled for Saturday, September 7, 2002 at 6:00 p.m. at the Museum of Science and History. With no further business a motion was made by Ms. Caroline Stahl and seconded by Mr. Raul Torres to adjourn. Motion passed.