HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/14/2003 V
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-MINUTES N2.\
CORPUS CHRISTI COMMUNITY IMPROVEMENT COR RA0 ::�
LOAN REVIEW COMMITTEE JAM'
WEDNESDAY, May 14, 2003 tn4 firECF
12 NOON t"r
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STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Alynda Asher
Dalia Garcia, Loan Processor Supervisor Dipak V. Deasi
Caroline Stahl
MEMBERS PRESENT
David Barganski
David Cantu
Ben Grande
Barry Lobell
Daniel Suckley
Raul Torres
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 seven members present.
First order of business was to approve the minutes of the April 9, 2003
meeting. With no corrections made to the minutes, Mr. David Cantu made
a motion to approve the minutes. Motion was seconded by Mr. Ben
Grande. Motion passed unanimously.
The following loans were presented for review:
Hernandez, Mauel Er Sofia - 609 25th Street
The first case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Mr. Er Mrs. Hernandez. Mr. Er Mrs. Hernandez 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 $6,700. Total monthly
payment (principal and insurance) will be $132.22. The Corporation will be
in a first lien position.
Appraised value after rehabilitation is $40,850. Mr. Er Mrs. Hernandez are
within the 30% monthly income ratio. Recommend approval based on first
lien position, credit, zero liabilities 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.
SCANNED
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Jimenez, Henry - 1212 Eloin
The second case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Mr. Jimenez. Mr. Jimenez 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 $10,100. Total monthly payment (principal
and insurance) will be $132.22. The Corporation will be in a first lien
position.
Appraised value after rehabilitation is $48,000. Mr. Jimenez is within the
30% and 40% monthly income ratio. Recommend approval based on first
lien position, zero liabilities and original mortgage being paid off. Motion
was made by Mr. Barry Lobell to approve the loan as presented, motion
was seconded by Mr. David Cantu. Motion passed unanimously.
Trevino, Julia - 2718 Blake
The third case presented by Mr. Hector Vallejo was a Demolition and
Replacement Loan for Ms. Trevino. Ms. Trevino 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 $8,720. Total monthly payment (principal and
insurance) will be $132.22. The Corporation will be in a first lien position.
Appraised value after rehabilitation is $48,000. Ms. Trevino is within the
30% monthly income ratio. Recommend approval based on first lien
position, credit, zero liabilities 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.
Garza, Richard Er Adria - 4301 Starlite Lane
The fourth case presented by Mr. Hector Vallejo was a Rental Rehabilitation
Loan for Mr. and Mrs. Garza. Mr. Er Mrs. Garza will be receiving a 3% Loan
in the amount of $7,609. Total monthly payment (principal, interest,
insurance and taxes) will be $232.43. The Corporation will be in a first lien
position.
Appraised value after rehabilitation is $42,000. 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. Daniel Suckley. Motion passed unanimously.
With no further business, a motion was made by Mr. Barry Lobell and
seconded by Mr. David Cantu to adjourn. Motion passed.
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