HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 04/09/2003 4110 'J
-MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, April 9, 2003 ,
12 NOON c j
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Alynda Asher
Dalia Garcia, Loan Processor Supervisor Dipak V. Deasi
Caroline Stahl
Raul Torres
MEMBERS PRESENT
David Barganski
David Cantu
Ben Grande
Barry Lobell
Daniel Suckley
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 March 12, 2003
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:
Eduardo & Maria Coronado, 122 Cheyenne
The first case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Mr. & Mrs. Coronado. Mr. Er Mrs. Coronado 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 $14,800. Total monthly
payment (principal and insurance) will be $132.22. The Corporation will be
in a first lien position.
Appraised value after rehabilitation is $49,000. Mr. 8 Mrs. Coronado are
within the 30% Fr 40% monthly income ratio. Recommend approval based
on first lien position, clear title, credit and original mortgage being paid off.
Motion was made by Mr. David Cantu to approve the loan as presented,
motion was seconded by Mr. Daniel Suckley. Motion passed unanimously.
SCANNED
Roland & Leticia Treio, 202 Vera Cruz
The second case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Mr. & Mrs. Trejo. Mr. & Mrs. Trejo 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 $14,800. Total monthly payment
(principal and insurance) will be $132.22. The Corporation will be in a first
lien position.
Appraised value after rehabilitation is $49,000. Mr. & Mrs. Trejo are within
the 30% and 40% monthly income ratio. Recommend approval based on first
lien position and original mortgage being paid off. Due to credit history and
the fact that Mr. Trejo is unemployed and his unemployment is about to run
out, motion was made by Mr. David Cantu to disapprove the loan as
presented, motion was seconded by Mr. Daniel Suckley. Motion to deny
the loan as presented four to one. The Committee agreed that Mr. Trejo
needs to be employed at least six months before the case can be brought
to the Committee for reconsideration.
Armandina C. Vela, 4817 Phillip
The third case presented by Mr. Hector Vallejo was a Rehabilitation Loan for
Ms. Vela. Ms. Vela will be receiving a 3% Loan in the amount of $28,050.
Total monthly payment (principal, interest and insurance) will be $201 .56.
The Corporation will be in a first lien position.
Appraised value after rehabilitation is $49,000. Ms. Vela is within the 30%
& 40% monthly income ratio. Recommend approval based on first lien
position, clear title, credit and original mortgage being paid off. Motion was
made by Mr. Daniel Suckley to approve the loan as presented, motion was
seconded by Mr. David Cantu. Motion passed unanimously.
Albert & Theresa Perez, 4117 Angela
The fourth case presented by Mr. Hector Vallejo was a Rental Rehabilitation
Loan for Mr. & Mrs Perez. Mr. & Mrs. Perez will be receiving a 3% Loan in
the amount of $23,000. Total monthly payment (principal, interest,
insurance and taxes) will be $452.40. The Corporation will be in a first lien
position.
Appraised value after rehabilitation is $98,000. Recommend approval based
on first lien position, clear title, credit and original mortgage being paid off.
Motion was made by Mr. David Cantu to approve the loan as presented,
motion was seconded by Mr. Ben Grande. Motion passed unanimously.
Brief discussion regarding upcoming rental rehabilitation loans. Mr. Cantu
recommended requiring only one year of financials instead of three. He
stated the most recent is the important one. The Committee agreed.
With no further business, a motion was made by Mr. Barry Lobell and
seconded by Mr. David Cantu to adjourn. Motion passed.