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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 07/16/2003 4,40—MINUTES 2.3 _L;,, CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORAT LOAN REVIEW COMMITTEE �° WEDNESDAY, July 16, 2003 1.r�7j,Q, o. 12 NOON /4EC <. > Cfn'SF01-1 ED STAFF PRESENT MEMBERS ABSEOPpic,E^Ni S ,C4 .: Hector G. Vallejo, Program Manager David Cantu e�r�r[ctas�gy� Dalia Garcia, Loan Processor Supervisor Dipak V. Deasi Ben Grande Caroline Stahl Daniel Suckley MEMBERS PRESENT Alynda Asher David Barganski Barry Lobell 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 five members present. First order of business was to approve the minutes of the June 11, 2003 meeting. With no corrections made to the minutes, Mr. Barry Lobell made a motion to approve the minutes. Motion was seconded by Mr. David Barganski. Motion passed unanimously. The following loans were presented for review: Clara G. Dix, 665 Rosewood The first case presented by Mr. Hector Vallejo was a Demolition and Replacement Loan for Ms. Dix. Ms. Dix 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 $9,800. Total monthly payment (principal and insurance) will be $132.22. The Corporation will be in a first lien position. Appraised value after rehabilitation is $48,435. Ms. Dix is within the 30% monthly income ratio but over the 40% income ration at 47%. Recommend approval based on first lien position and credit history. Motion was made by Mr. Barry Lobell to approve the loan as presented, motion was seconded by Ms. Alynda Asher. Motion passed unanimously. Guadalupe A. Garcia, 3629 S. Saxet The second case presented by Mr. Hector Vallejo was a Rehabilitation Loan for Mr. Garcia. Mr. Garcia will be receiving a 3% Loan in the amount of$30,000 and a gap Non-Forgivable Loan in the amount of$6,350. Total monthly payment(principal, interest and insurance) will be $289.38. The Corporation will be in a first lien position. SCANNED 0 V Appraised value after rehabilitation is$64,800. Mr.Garcia is within the 30%monthly income ratio but is over the 40% monthly income ration at 65%. Recommend approval based on first lien position, credit 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. Manuel &Virginia Olachia, 3601 Braniff The third case presented by Mr. Hector Vallejo was a Demolition Replacement Loan for Mr. & Mrs. Olachia. Mr. & Mrs. Olachia will be receiving a 3% Loan in the amount of$35,000 and a Deferred Forgivable $15,000. Total monthly payment (principal, interest and insurance)will be $374.11. The Corporation will be in a first lien position. Appraised value after rehabilitation is$53,000. Mr. &Mrs. Olachia are within the 30% monthly income ratio but are over the 40% monthly income ration at 66%. Recommend approval based on first lien position, credit and original mortgage being paid off. Motion was made by Mr. Barry Lobel! to approve the loan as presented, motion was seconded by Ms. Alynda Asher. Motion passed unanimously. With no further business, a motion was made by Mr. Barry Lobel!and seconded by Ms.Alynda Asher to adjourn. Motion passed.