HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/21/2004 MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, JANUARY 21, 2004
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector Vallejo, NSD Program Manager None
Delia Garcia, NSD Housing Administration Supervisor
MEMBERS PRESENT
Alynda Asher
David Barganski
David Cantu
Ben Grande
Barry Lobell
Daniel Suckley
Caroline Stahl
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 nine
members present.
First order of business was to approve the minutes of the November 19, 2003 meeting.
With no corrections made to the minutes, Mr. David Cantu made a motion to approve
the minutes. Motion was seconded by Mr. Raul Torres. Motion passed unanimously.
The following loans were presented for review:
Estefana G. Peralez— 342 Mohawk
The first case presented by Mr.Hector Vallejo was a Demolition and Replacement loan
for Ms. Estefana G. Peralez. Ms. Peralez 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
$12,300. Total monthly payment (principal and insurance) will be $132.22. The
Corporation will be in a first lien position.
It was noted by Mr. Vallejo that Ms. Peralez credit rating is poor, however, there has
been some counseling obtained through Consumer Credit Counseling. Ms. Peralez is
within the 30% monthly income ratio. At 40% monthly income ratio at 65%. Appraised
value after rehabilitation is $48,000. Recommended approval based on the living
condition of the home and first lien position.
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Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion
seconded by Mr. David Cantu. Motion passed unanimously.
Maria de Jesus Reyna - 8903 McNorton
The second case presented by Mr. Hector Vallejo was a Demolition and Replacement
Loan for Ms. Reyna. Ms. Reyna will be receiving a 3% Loan in the amount of$35,000,
and a Deferred Forgivable Loan of$12,400. The Corporation will be in a first lien
position. Ms. Reyna is within the 30% monthly income ratio. At 40% monthly income
ratio at 56%. Total monthly payment (principal, interest and insurance) will be
$194.11.
Appraised value after rehabilitation is $52, 262. Recommended approval based on the
living condition of the home, first lien position and income ratios. Motion was made by
Mr. Daniel Cantu to approve the loan as presented, motion seconded by Mr. Barry
Lobel. Motion approved unanimously.
Juanita S. Sirio — 1709 Sherman
The third case presented by Mr. Hector Vallejo was a Demolition and Replacement
Loan for Ms.Sirio. Ms. Sirio will be receiving 0% Loan in the amount of$17,000, a
Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan of$12,100. The
Corporation will be in a first lien position. Total monthly payment (principal and
insurance) will be $132.22. Ms. Sirio is within the 30% and 40% monthly income ratio.
Appraised value after rehabilitation is $53,000. Recommend approval based on first
lien position, credit and income ratios. Motion was made by Mr. David Cantu to
approve the loan as presented, motion seconded by Ms. Alynda Asher. Motion
approved unanimously.
Rosita 0. Southall — 1534 19th St.
The fourth case presented by Mr. Hector Vallejo was Demolition and Replacement
Loan for Ms. Southall. Ms. Southall will be receiving 3% Loan in the amount of
$35,000, a Deferred Forgivable Loan of $15,000, and a homeowner's share of $5,600.
The Corporation will be in a first lien position. Ms. Southall is within the 30% monthly
income ratio. At 40% monthly income ration at 44%. Total monthly payment (principal,
interest, insurance and taxes) will be $194.11.
Appraised value after rehabilitation is $58,000. Recommended approval based on net
Mr. Danielincome, first lien approve the loan ascredit
and income ratios presented, motion secotion was nded by Mr.de Ben Ben by
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Motion approved unanimously.
With no further business, a motion was made by Mr. David Cantu and seconded by Mr.
Raul Torres to adjourn. Motion passed.