HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 09/11/2002 -MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, SEPTEMBER 11, 2002
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Acting Director Dipak Desai
Dalia Garcia, Loan Processor Supervisor 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 August 14,
2002 meeting. With no corrections made to the minutes, Mr. Barry
Lobell made a motion to approve the minutes. Motion was seconded
by Ms. Caroline Stahl. Motion passed unanimously.
The following loans were presented for review:
Angerstein, Grace, 410 Texas
The first case presented by Mr. Vallejo was a Demolition and
Replacement Loan for Ms. Grace Angerstein. Ms. Angerstein 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 $11,700.
Total monthly payment (principal and insurance) will be $132.22. The
Corporation will be in a first lien position.
Ms. Angerstein's credit is rated as fair. Appraised value after
rehabilitation is $52,000. Mr. Vallejo informed the committee that Ms.
Angerstein is within the 30% monthly income ratio but is over the 40%
monthly income ratio at 49%. Recommend approval based on clear
SCANNED
kid
title, first lien position and credit. Motion was made by Mr. David
Cantu to approve the loan as presented, motion was seconded by Mr.
Ben Grande. Motion passed unanimously.
Antonio Er Elia Palos, 1441 Clodah
The second case presented by Mr. Vallejo was a Rehabilitation Loan for
Mr. Er Mrs. Palos. Mr. Er Mrs. Palos will be receiving a 3% loan in the
amount of $20,000. Total monthly payment (principal, interest and
insurance) will be $185.92.
The Corporation will be in a first lien position. Mr. Vallejo rated Mr. Er
Mrs. Palos' credit as good. Appraised value after rehabilitation is
$45,800. Mr. Vallejo informed the Committee that Mr. Er Mrs. Palos
are within the 30% monthly income ratio but are over the 40% monthly
income ratio at 58%. Recommend approval based on first lien position,
original mortgage being paid and credit. Motion was made by Mr.
Daniel Suckley to approve the loan as presented, motion was
seconded by Mr. David Cantu. Motion passed unanimously.
Sanchez, Sacarias Er Maria Irma, 2618 Nimitz
The last case presented by Mr. Vallejo was a Demolition and
Replacement Loan for Mr. Er Mrs. Sanchez. Mr. Er Mrs. 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 of $9,250.
Total monthly payment (principal and insurance) will be $132.22. The
Corporation will be in a first lien position.
Mr. Er Mrs. Sanchez' credit is rated as good. Appraised value after
rehabilitation is $44,154. Mr. Vallejo informed the committee that Mr.
Er Mrs. Sanchez are within the 30% monthly income ratio but are over
the 40% monthly income ratio at 58%. Recommend approval based on
clear title, first lien position and credit. Motion was made by Mr. David
Cantu to approve the loan as presented, motion was seconded by Ms.
Caroline Stahl. Motion passed unanimously.
Mr. Vallejo advised committee that we needed to elect a Chairperson
for this year. Ms. Caroline Stahl nominated Ms. Alice Vaughn and the
motion was seconded by Mr. Daniel Suckley. Motion passed
unanimously. Mr. David Cantu nominated Mr. Ben Grande to be Vice
Chairperson and motion was seconded by Ms. Caroline Stahl. Motion
passed unanimously.
With no further business a motion was made by Mr. David Cantu and
seconded by Mr. Ben Grande to adjourn. Motion passed.