HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/19/2003 `Pi
—MINUTES 12004
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION S
LOAN REVIEW COMMITTEE ,:,,.. r
WEDNESDAY, November 19, 2003 q,�
6
12 NOON ci zt',-
_STAFF PRESENT MEMBERS ABSENT
Dalia Garcia, Housing Administration Supervisor Alynda Asher
Antonio Recio, Jr., Housing Operations Supervisor 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 July 16, 2003 meeting. With no
corrections made to the minutes, Mr. Barry Lobell made a motion to approve the minutes.
Motion was seconded by Mr. Daniel Suckley. Motion passed unanimously.
The following loans were presented for review:
Jose& Maria Diaz- 4114 Shaw
The first case presented by Ms. Dalia Garica was a Demolition and Replacement Loan for Mr.
and Mrs. Din. Mr. & Mrs. Diaz 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$12,900.Total monthly
payment(principal and insurance)will be$132.22.The Corporation will be in a first lien position.
Appraised value after rehabilitation is $54,000. Mr. & Mrs. Diaz are within the 30% and 40%
monthly income ratio. Recommend approval based on first lien position, credit history and
original mortgage being paid off. Motion was made by Mr. David Cantu to approve the loan as
presented, motion was seconded by Mr. Raul Torres. Motion passed unanimously.
Josefina Escochea -203 Clemmer
The second case presented by Ms. Dalia Garcia was a Demolition and Replacement Loan for
Ms. Escochea. Ms. Escochea will be receiving a 0% Loan in the amount of$17,000,
Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan in the amount of
$15,000.
Total monthly payment(principal and insurance)will be $192.22.
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Appraised value after rehabilitation is$53,000. Ms. Escochea is within the 30% monthly income
ratio. Recommend approval based on condition of the home, income ratio and the Corporation
will be in a first lien position. Motion was made by Mr. Raul Torres to approve the loan as
presented, motion was seconded by Mr. David Cantu. Motion passed unanimously.
Agapita & Ignacio Gil —3909 Santa Elena
The third case presented by Ms. Delia Garcia was a Demolition Replacement Loan for Mr. &
Mrs. Gil. Mr. & Mrs. Gil will be receiving a 0% Loan in the amount of$17,000, Minimum
Deferred Loan of $18,000 and a Deferred Forgivable $15,000.
Total monthly payment (principal and insurance) will be$132.22. The Corporation will be in a
first lien position.
Appraised value after rehabilitation is$51,000. Mr.&Mrs.Gil are within the 30%monthly income
ratio. Recommend approval based on condition of the home,first lien position, income ratio and
credit. Motion was made by Mr. Barry Lobell to approve the loan as presented, motion was
seconded by Mr. Ben Grande. Motion passed unanimously.
Bernice Thomas—2006 Caldwell
The third case presented by Ms. Dalia Garcia was a Demolition Replacement Loan for Ms.
Bernice Thomas. Ms. Thomas will be receiving a 0% Loan in the amount of$17,000,
Minimum Deferred Loan of $18,000 and a Deferred Forgivable $15,000.
Total monthly payment (principal and insurance)will be $132.22. The Corporation will be in a
first lien position.
Appraised value after rehabilitation is $51,000. Ms. Thomas is within the 30% monthly income
ratio and slightly over the 40% monthly income ratio at 41%. Recommend approval based on
condition of the home, first lien position, income ratios and credit. Motion was made by Mr.
Daniel Suckley to approve the loan as presented, motion was seconded by Mr. David Cantu.
Motion passed unanimously.
With no further business, a motion was made by Mr. David Cantu and seconded by Mr. Raul
Torres to adjourn. Motion passed.