HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 03/12/2003 ry
^910111273i4is,s
-MINUTES w R
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA N FR'��1
LOAN REVIEW COMMITTEE a CGEVNEc o
WEDNESDAY, MARCH 12, 2003 R c
12 NOON I, •
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager David Cantu
Delia Garcia, Loan Processor Supervisor Dipak V. Deasi
Daniel Suckley
Raul Torres
MEMBERS PRESENT
Alynda Asher
David Barganski
Ben Grande
Barry Lobell
Caroline Stahl
Alice Vaughn
Chairperson, Alice Vaughn called the meeting to order in the
First Floor City Council Conference Room, 1201 Leopard St., City Hall, roll
call was taken reflecting six members present.
First order of business was to approve the minutes of the February 12,
2003 meeting. With no corrections made to the minutes, Ms. Caroline
Stahl made a motion to approve the minutes. Motion was seconded by Mr.
Ben Grande. Motion passed unanimously.
The following loans were presented for review:
DeLos Santos, Diamantina
The first case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Ms. DeLos Santos. Ms. DeLos Santos will be
receiving a 0% Loan in the amount of $17,000, a Minimum Deferred Loan
for $18,000 and a Deferred Forgivable Loan of $8,120. Total monthly
payment (principal, interest and insurance) will be $132.22. The
Corporation will be in a first lien position.
Appraised value after rehabilitation is $47,350. Ms. DeLos Santos is within
the 30% monthly income ratio but is slightly over the 40% monthly income
ratio at 42%. Recommend approval based on first lien position, clear title,
credit and original mortgage being paid off. Motion was made by Mr. Barry
Lobell to approve the loan as presented, motion was seconded by Mr. Ben
Grande. Motion passed unanimously.
SCANNED
trio
Enriquez. Yldifonza
The second case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Ms. Enriquez. Ms. Enriquez will be receiving a 0%
Loan in the amount of $17,000, a Minimum Deferred Loan for $18,000 and
a Deferred Forgivable Loan of $8,900. Total monthly payment (principal,
interest and insurance) will be $137.22. The Corporation will be in a first
lien position.
Appraised value after rehabilitation is $48,000. Ms. Enriquez is within the
30% monthly income ratio but is over the 40% monthly income ratio at 44%.
Recommend approval based on first lien position, zero liabilities and original
mortgage being paid off. Motion was made by Ms. Alynda Asher to
approve the loan as presented, motion was seconded by Mr. Barry Lobel!.
Motion passed unanimously.
Mr. Hector Vallejo informed the Committee regarding the New Rental Rehab
Program. Advised the Committee that next month there will be some Rental
Rehab cases to be reviewed. Went over some of the requirements to
participate in the program.
With no further business, a motion was made by Ms. Alynda Asher and
seconded by Mr. Ben Grande to adjourn. Motion passed.