HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/13/2002 V
-MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, November 13, 2002
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Alynda Asher
Delia Garcia, Loan Processor Supervisor David Cantu
Yvonne Trevino, Secretary Dipak Desai
MEMBERS PRESENT
David Barganski
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 seven members present.
First order of business was to approve the minutes of the October 9, 2002
meeting. With no corrections made to the minutes, Mr. Barry Lobell made
a motion to approve the minutes. Motion was seconded by Mr. Ben
Grande. Motion passed unanimously.
The following loans were presented for review:
Maria Ojeda, 2806 Aerito
The first case presented by Ms. Delia Garcia was a Demolition and
Replacement Loan for Ms. Maria Ojeda. Ms. Ojeda will be receiving a 0%
Loan in the amount of $17,000, Minimum Deferred Loan of $18,000 and
a Deferred Forgivable Loan of $14,159. Total monthly payment (principal
and insurance) will be $132.22. The Corporation will be in a first lien
position.
Ms. Ojeda's credit is rated as fair. Appraised value after rehabilitation is
$48,000. Ms. Garcia informed the committee that Ms. Ojeda is within the
30% monthly income ratio but is over the 40% monthly income ratio at 43%.
Recommend approval based on clear title and first lien position. Motion
was made by Ms. Caroline Stahl to approve the loan as presented, motion
was seconded by Mr. Barry Lobell. Daniel Suckley abstained. Motion
passed unanimously.
SCANNED
V
Reynaldo Reyna, 743 Villarreal
The second case was presented by Mr. Hector Vallejo. It was a Demolition
and Replacement Loan for Mr. Reynaldo Reyna. Mr. Reyna will be receiving
a 0% Loan in the amount of $17,000, Minimum Deferred Loan of $18,000
and a Deferred Forgivable Loan in the amount of $12,000. Total monthly
payment (principal and insurance) will be $132.22.
The Corporation will be in a first lien position. Mr. Vallejo rated Mr. Reyna's
credit as fair. Appraised value after rehabilitation is $47,000. Mr. Vallejo
informed the Committee that Mr. Reyna is within the 30% and 40% monthly
income ratio. Recommend approval based on first lien position, original
mortgage being paid and credit. Motion was made by Ms. Caroline Stahl
to approve the loan as presented, motion was seconded by Mr. Ben Grande.
Motion passed unanimously.
With no further business a motion was made by Ms. Caroline Stahl and
seconded by Mr. Raul Torres to adjourn. Motion passed.