HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 12/11/2002 -MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CeRPN N
LOAN REVIEW COMMITTEE .', e�- _ 1i �� G'
WEDNESDAY, DECEMBER 11 , 2002 e
12 NOON
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STAFF PRESENT MEMBERS ABSENT
Mary E. Dominguez, Director Dipak Desai
Hector G. Vallejo, Program Manager Caroline Stahl
Delia Garcia, Loan Processor Supervisor
Yvonne Trevino, Secretary
MEMBERS PRESENT
Aylnda Asher
David Barganski
David Cantu
Ben Grande
Barry Lobel!
Daniel Suckley
Raul Torres
Alice Vaughn
Chairperson, Alice Vaughn called the meeting to order in the Banquet Room
of the Water Street Seafood Company Restaurant roll call was taken
reflecting eight members present.
Mr. Vallejo introduced the Director of Housing Er Community Development,
Mary E. Dominguez.
First order of business was to approve the minutes of the November 13,
2002 meeting. With no corrections made to the minutes, Mr. Daniel
Suckley made a motion to approve the minutes. Motion was seconded by
Mr. Ben Grande. Motion passed unanimously.
The following loans were presented for review:
Alvarado, Alberto Er Ofelia, 1626 Hudson
The first case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Mr. Er Mrs. Alvarado. Mr. Er Mrs. Alvarado will be
receiving a 0% Loan in the amount of $17,000, Minimum Deferred Loan of
$18,000 and a Deferred Forgivable Loan of $11 ,960. Total monthly
payment (principal and insurance) will be $132.22. The Corporation will be
in a first lien position.
Mr. Er Mrs. Alvarado's credit is rated as good. Appraised value after
rehabilitation is $50,725. Mr. Vallejo informed the committee that Mr. Er
Mrs. Alvarado are within the 30% monthly income ratio but are slightly over
SCANNED
the 40% monthly income ratio at 41%. Recommend approval based on clear
title, paid off original mortgage and first lien position. Motion was made by
Mr. Daniel Suckley to approve the loan as presented, motion was seconded
by Mr. Ben Grande. Motion passed unanimously.
Martinez, Lorenza Et Carmen - 449 Van Cleve
The second case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Ms. Lorenza Martinez Et Ms. Carmen Martinez. Ms.
Lorenza Martinez Er Ms. Carmen Martinez 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 their credit
as fair. Appraised value after rehabilitation is $48,779. Mr. Vallejo informed
the Committee that Ms. Lorenza Martinez and Ms. Carmen Martinez are
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. Aylinda Asher 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 Mr. David Cantu and
seconded by Mr. Raul Torres to adjourn. Motion passed.