HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 06/11/2003 V
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CORPUS CHRISTI COMMUNITY IMPROVEMENT COR TION'"
LOAN REVIEW COMMITTEE N�
WEDNESDAY, June 11, 2003 e m
• 12 NOON in Mr' r i fG c w
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STAFF PRESENT MEMBERS AB
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Hector G. Vallejo, Program Manager Dipak V. Deasi
Dalia Garcia, Loan Processor Supervisor Caroline Stahl -
Raul Torres
MEMBERS PRESENT
Alynda Asher
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 seven members present.
First order of business was to approve the minutes of the May 14, 2003 meeting. With no
corrections made to the minutes, Mr. David (?)made a motion to approve the minutes. Motion
was seconded by Mr. Ben Grande. Motion passed unanimously.
The following loans were presented for review:
Ancelita Sifuentes— 1410 Main Drive
The first case presented by Mr. Hector Vallejo was a Demolition and Replacement Loan for Ms.
Sifuentes. Ms. Sifuentes will be receiving a 0% Loan in the amount of $17,000, a Minimum
Deferred Loan of$18,000 and a Deferred Forgivable Loan of$13,000.Total monthly payment
(principal and insurance) will be $142.22. The Corporation will be in a first lien position.
Appraised value after rehabilitation is $53,400. Ms. Sifuentes is within the 30% and 40%
monthly income ratios. Recommend approval based on first lien position, 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.
Juan & Consuelo Teieda—4306 Yolanda
The second case presented by Mr. Hector Vallejo was a Demolition and Replacement Loan
for Mr. & Mrs. Tejeda. Mr. & Mrs. Tejeda will be receiving a 0% Loan in the amount of
$17,000, a Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan of$8,075.
Total monthly payment (principal, taxes and insurance) will be $157.22. The Corporation will
be in a first lien position.
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Appraised value after rehabilitation is $52,700. Mr. & Mrs. Tejeda are within the 30% monthly
income ratio but are over the 40% monthly income ration at 55%. Recommend approval based
on first lien position and original mortgage being paid off. Motion was made by Mr. Daniel
Suckley 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. Barry Lobell and seconded by Mr. David
Cantu to adjourn. Motion passed.