Loading...
HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 02/11/2004 .s1920zr\ NAR :W �N RESER�pR)� ,` � l'An OFFICE ti', MINUTES �8�ss ��a°�6 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORP LOAN REVIEW COMMITTEE WEDNESDAY, February 11, 2004 12 NOON STAFF PRESENT MEMBERS ABSENT Hector Vallejo, NSD Program Manager Daniel Suckley Dalia Garcia, NSD Housing Administration Supervisor MEMBERS PRESENT Alynda Asher David Barganski David Cantu Ben Grande Barry Lobel! 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 eight members present. One member absent. First order of business was to approve the minutes of the January 21, 2004 meeting. With no corrections made to the minutes, Ms. Caroline Stahl made a motion to approve the minutes. Motion was seconded by Mr. David Cantu. Motion passed unanimously. The following loans were presented for review: Henry Alaniz—9149 Scapular The first case presented by Mr.Hector Vallejo was a Demolition and Replacement Loan for Mr. Henry Alaniz. Mr. Alaniz 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$15,000 and homeowner's share of$880.00. Mr. Alaniz appears to have a clear title under his name. The Corporation will be in a first lien position. Credit is poor due to medical problems. Net income is at $851.00. Mr. Alaniz is within the 30% and 40% monthly income ratio. Appraised value after rehabilitation is $54,000. A 3 bedroom with 963 sq ft of living area. Recommended approval based on original mortgage being paid off, first lien position and income ratios. SCANNED 410 111110 Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion seconded by Mr. Barry Lobel. Motion passed unanimously. Reyes Longoria —717 Post The second case presented by Mr. Hector Vallejo was a Demolition and Replacement Loan for Mr. Longoria. Mr. Longoria will be receiving a 3% Loan in the amount of $35,000, and a Deferred Forgivable Loan of$14, 300. The title appears in the name of Reyes Longoria. The Corporation will be in a first lien position. Mr. Longoria 's credit history is good and has a net income of$1,261. Mr. Longoria is within the 30% and 40% monthly income ratio. Appraised value after rehabilitation $50,000. Recommend approval based on first lien position, credit history, net income and 30% and 40% income ratios. Motion was made by Mr. Daniel Cantu to approve the loan as presented, motion seconded by Mr. Raul Torres. Motion approved unanimously. Prado, Diana —609 14th St The third case presented by Mr. Hector Vallejo was a Demolition and Replacement Loan for Ms. Prado. Ms. Prado will be receiving 0% Loan in the amount of$17,000, a Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan of$15,000. The title appears in the name of Diana Prado. The Corporation will be in a first lien position. Credit is good. Net income of$706. Ms. Prado is within the 30% and 40% monthly income ratio. Appraised value after rehabilitation is $52,000. Recommend approval based on first lien position, credit history, income ratios and original mortgage being paid off. Motion was made by Ms. Caroline Stahl to approve the loan as presented, motion seconded by Ms. Alynda Asher. Motion approved unanimously. Clarice Randle— 1623 Lexington The fourth case presented by Mr. Hector Vallejo was Demolition and Replacement Loan for Ms. Randle. Ms. Randle will be receiving 0% Loan in the amount of$17,000, Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan of$13,400. The title appears in the name of Clarice Randle . The Corporation will be in a first lien position. Credit is rated fairly good. Net income is $273. Ms. Randle is within the 30% monthly income ratio. At 40% monthly income ratio at 41%. Appraised value after rehabilitation is $51,000. Recommended approval based on net income, first lien position, credit history and income ratios. Motion was made by Mr. Barry Lobel to approve the loan as presented, motion seconded by Mr. Ben Grande. Motion approved unanimously. v � Mr. Vallejo briefed the Loan Review Committee on a concern that had been brought up at a previous committee meeting. The concern with homeowners net income on or below $350.00 a month and having difficultly in paying back on their loan. Study shows that this was not the case. It was determined that homeowners with net income exceeding over$350 a month were showing a delinquent status compared to homeowners under $350 a month net income. An update report on these statistics will be presented to the Loan Review Committee periodically. Mr. Vallejo also mentioned that the CCCIC Board Members met on Wednesday, February 10, 2004 and accepted reappointment of current Loan Review Committee members Caroline Stahl, Alynda Asher and Ben Grande to extend their participation on the committee to another term. A newly appointed member Jesus Leija, with Leija Architects was also appointed by CCCIC to replace a former LRC member, Dipak V. Desai. A formal acceptance by Mr. Leija is still forthcoming. With no further business, a motion was made by Mr. David Cantu and seconded by Mr. Ben Grande to adjourn. Motion passed.