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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 06/09/2004 fr+ V tZ\ LC IYED MINUTES ,)m r / CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA1 QN LOAN REVIEW COMMITTEE �? WEDNESDAY, June 9, 2004 % teevZ 12 NOON' STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Jesus Lejia Delia Garcia, NSD Housing Administration Supervisor Daniel Suckley Raul Torres David Barganski MEMBERS PRESENT Alynda Asher David Cantu Ben Grande Barry Lobell Caroline Stahl Alice Vaughn Chairperson, Alice Vaughn called the meeting to order in the First Floor Council Conference Room, 1201 Leopard St., City Hall, roll call was taken reflecting six members present. Four members absent. There are 11 members that make up the LRC . However, when asked Mr. Barganski declined to accept reappointment for another term as Financial Advisor as he and his family were moving out of city. Mr. Vallejo asked Mr. David Cantu an At-Large LRC member if he would like to consider in filling the Financial Advisor vacancy for the committee. Mr. Cantu agreed. Leaving two vacancies still left to fill of which is Human Services and the At-Large position. Mr. Vallejo announced to the Committee members if they knew of anyone that would be interested in applying to contact him or Ms. Dalia Garcia. First order of business was to approve the minutes of the March 17, 2004 meeting. With no corrections made to the minutes, Ms. Stahl made a motion to approve the minutes. Motion was seconded by Mr. Lobell. Motion passed unanimously. SCANNED fir Page 2 The following loans were presented for review: Rosina Cruz— 915 Dolores The first case presented by Mr.Vallejo a Demolition and Replacement Loan. Ms. Cruz 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$13,200. The Corporation will be in a first lien position. Mr.Vallejo informed the Committee that Ms. Cruz's net income is low at$417.00. Credit is rated good and the title is OK. Ms. Cruz is within the 30%total monthly housing payment to income ratio, but is over the 40%total monthly debt payment to income ratio, currently at 55%. Appraised value after rehabilitation is $48,500. Recommend approval based on the condition of the home, first lien position, credit history and income ratios. Motion was made by Mr. Cantu to approve the loan as presented, motion seconded by Mr Grande. Motion passed unanimously. Oralia Longoria —4350 Yolanda The second case presented by Mr. Vallejo a Demolition and Replacement Loan for Ms. Longoria. Ms. Longoria will be receiving a 0% Loan in the amount of$17,000. Minimum Deferred Loan of$18,000 and a Deferred Forgivable Loan of$13,200. The Corporation will be in a first lien position. Ms.Longoria has a net income of$302.00. Credit history has been rated fair. Title appears OK. Ms. Longoria is within the 30% total monthly housing payment to income ratio but is over the 40% monthly income debt payment to income ratio, currently at 58%. Appraised value after rehabilitation is $60,000. Recommend approval based on first lien position, credit history, income ratios and the condition of the home. Motion was made by Mr. Cantu to approve the loan as presented, motion seconded by Mr. Lobel!. Motion approved unanimously. Jose Teran — 1206 Elgin The third case presented by Mr. Vallejo was a Demolition and Replacement Loan for Mr. Teran whom will be receiving 0% Loan in the amount of $17,000, Minimum Deferred $18,000 and a Deferred Forgivable Loan of$14,050. The Corporation will be in a first lien position. Mr. Teran's net income is below$300.00 at $273.00. Credit history indicates he does not incur any credit liabilities. It was 16110 ‘10 Page 3—Jose Teren recommended that when no credit history is listed to check the applicants utility payment history. The title appears to be OK. Mr. Teran is within the 30% total monthly housing payment to income ratio; monthly income debt payment to income ratio, is currently at 52%. Motion was made by Ms. Stahl to approve the loan as presented, motion seconded by Mr. Cantu. Motion approved unanimously. Mr.Vallejo passed out to the Committee members that were present, an executive journal along with a City of Corpus Christi pen, a gift the Mayor Lloyd Neal and the City Council as a token of appreciation for all the work that they have done in the past year. Mr. Vallejo also briefed the Committee on items that will be discussed at the upcoming CCCIC Board and the CDC meeting that will meet on June 10, 2004, at 4:00 pm. With no further business, meeting was adjourned.