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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 10/09/2002 J 3 -MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, October 9, 2002 12 NOON STAFF PRESENT _ MEMBERS ABSENT Hector G. Vallejo, Program Manager Dipak Desai Dalia Garcia, Loan Processor Supervisor Daniel Suckley Yvonne Trevino, Secretary Raul Torres MEMBERS PRESENT Alynda Asher David Barganski David Cantu Ben Grande Barry Lobell Caroline Stahl 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 seven members present. First order of business was to approve the minutes of the September 11 , 2002 meeting. With no corrections made to the minutes, Mr. Barry Lobell made a motion to approve the minutes. Motion was seconded by Mr. David Cantu. Motion passed unanimously. The following loans were presented for review: Rafaela Castro - 2712 Mary The first case presented by Mr. Vallejo was a Demolition and Replacement Loan for Ms. Rafaela Castro. Ms. Castro 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 $10,950. Total monthly payment (principal and insurance) will be $137.22. The Corporation will be in a first lien position. Ms. Castro's credit is rated as good. Appraised value after rehabilitation is $46,795. Mr. Vallejo informed the committee that Ms. Castro is within the 30% monthly income ratio but is over the 40% monthly income ratio at 61%. Recommend approval based on clear title, first lien position and credit. Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion was seconded by Ms. Alynda Asher. Motion passed unanimously. SCANNED V j Gonzales, Pablo Et Lydia - 630 Military The second case presented by Mr. Vallejo was a Demolition and Replacement Loan for Mr. Er Mrs. Gonzales. Mr. Er Mrs. Gonzales will be receiving a 3% loan in the amount of $35,000 and a deferred forgivable loan in the amount of $14,500. Total monthly payment (principal, interest and insurance) will be $274.11 . The Corporation will be in a first lien position. Mr. Vallejo rated Mr. Er Mrs. Gonzales' credit as good. Appraised value after rehabilitation is $50,700. Mr. Vallejo informed the Committee that Mr. Er Mrs. Gonzales are within the 30% monthly income ratio but are over the 40% monthly income ratio at 41%. Recommend approval based on first lien position, original mortgage being paid 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. Alice Vaughn read a "Thank You" note from Liz Gonzales recognizing the Committee and the Department for their hard work. Mr. Vallejo advised the Committee that Housing and Committee Development has a new director, Ms. Mary Dominguez. With no further business a motion was made by Mr. David Cantu and seconded by Mr. Barry Lobell to adjourn. Motion passed.