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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/11/2004 1$anlsreyow 0 At OCT 2004 s RECEIVED N „ ansEcumftrs 4t a OFFICE hi MINUTES a+iQ _��4 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA LOAN REVIEW COMMITTEE WEDNESDAY, August 11, 2004 12 NOON' STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Barry Lobel! Dalia Garcia, NSD Housing Administration Supervisor Caroline Stahl Javier Arroyo, Loan Processor MEMBERS PRESENT Alynda Asher David Cantu Ben Grande Daniel Suckley Alice Vaughn Jesus Lejia Raul Torres Chairperson, Alice Vaughn called the meeting to order in the First Floor Council Conference Room, 1201 Leopard St., City Hall, roll call was taken reflective seven members present. Two members absent. First order of business was to approve the minutes of the June 9, 2004 meeting. With no corrections made to the minutes, Mr. Cantu made a motion to approve the minutes. Motion was seconded by Mr. Grande. Motion passed unanimously. Mr. Vallejo noted to the committee that there are two vacancies that still need to be filled. The recommendations to fill the vacancies will be presented to the CCCIC Board at their next scheduled meeting. Mr. Arroyo introduced himself to the committee, as he had shown interest on how the committee reviews loan applicants. SCANNED kr The following loans were presented for review: Dominguez, Pedro —4637 Dodd The first case presented by Mr. Vallejo a Demolition and Replacement Loan, 840 sq ft house with two bedrooms. Mr. Dominguez 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 $14,425. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Mr. Dominguez has a net income of$806.00. Credit is rated fairly good and the title appears in his name. Mr. Dominguez is within the 30% and 40% income ratio. Appraised value after rehabilitation is $53,500. Recommend approval based on the income ratios, credit history fairly good,first lien position and showing zero credit liabilities. Motion was made by Mr. Suckley to approve the loan as presented, motion seconded by Ms. Asher. Motion passed unanimously. Garcia, Oralia P— 3813 Betel The second case presented by Mr. Vallejo a Demolition and Replacement Loan for Ms. Garcia. Ms. Garcia will be receiving a 0% Loan in the amount of $17,000. Minimum Deferred Loan of $18,000 and a Deferred Forgivable Loan of $15, 000. Ms. Garcia will need to present $1,500 in a homeowner share. The Corporation will be in a first lien position. Ms. Garcia has a net income of $981.00. Credit history has been rated fair. Title appears to be in her name. Ms. Garcia is within the 30% and 40% income ratios. Appraised value after rehabilitation is $54,500. Recommend approval based on first lien position, credit history being fair, income ratios and low credit liabilities. Motion was made by Mr. Cantu to approve the loan as presented, motion seconded by Mr. Suckley. Motion approved unanimously. Ledesma, Ramon T & Corpus, Linda— 2709 Johanna The third case presented by Mr. Vallejo was a Demolition and Replacement Loan for Mr. Ledesma whom will be receiving 0% Loan in the amount of$17,000, Minimum Deferred $18,000 and a Deferred Forgivable Loan of$13, 400. V ✓110 The Corporation will be in a first lien position. Mr. Ledesma and Ms. Corpus net income is $1,177.00. Credit history indicates they do not incur any credit liabilities. The title appears to be in both of their names. They are within the 30% and 40% income ratios. Appraised value after rehabilitation is $55,600. Recommend approval based on first lien position, income ratios and no credit liabilities. Motion was made by Mr. Torres to approve the loan as presented, motion seconded by Mr. Cantu. Motion approved unanimously. Mr. Vallejo mention that on the next meeting an agenda item will be added to vote for a chair and vice chairperson. With no further business, meeting was adjourned.