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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 10/13/2004 w gel 118t97p1s Sa MINUTES N:o Vis CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA ; N t lassE i�S`• LOAN REVIEW COMMITTEE • OttOF \6E g§1 WEDNESDAY, October 13, 2004 lesSxgt4_`sc31bti 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Barry Lobel! Delia Garcia, NSD Housing Administration Supervisor Caroline Stahl Delia Garcia(Absent— in training) Alynda Asher David Cantu Jesus Lejia MEMBERS PRESENT Ben Grande Daniel Suckley Alice Vaughn Raul Torres Judy Telge Sylvia Ford Chairperson, Alice Vaughn called the meeting to order in the First Floor Council Conference Room, 1201 Leopard St., City Hall, roll call was taken with six members present. Five members absent. First order of business was to approve the minutes of the August 11, 2004 meeting. With no corrections made to the minutes, Mr. Ben Grande made a motion to approve the minutes. Motion was seconded by Mr. Daniel Suckley. Motion passed unanimously Election of Chairperson and Vice Chair person were conducted. Alice Vaughn will continue as Chairperson and Daniel Suckley will be Vice Chair person. Unanimously the committee agreed with Mr. Grande making the motion and Mr. Torres seconded it. SCANNED The following loans were presented for review: Alcott, Robert— 1213 Stone: The first loan application presented by Mr. Vallejo a Demolition and Replacement Loan. Mr.Alcott will be receiving a 0% Loan in the amount of$17,000, a Minimum Deferred Loan of $18,000, a Deferred Forgivable Loan of$15,000 and an owner's share of $925. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Mr. Alcott has a net income of$665.00. No credit history, the title appears in his name. Mr. Alcott is within the 30% and 40% income ratio. Appraised value after rehabilitation is $52,600. Recommend approval based on the Corporation being in the first lien position; zero liabilities; and the condition of the home. Motion was made by Mr. Grande to approve the loan as presented, motion seconded by Mr. Suckley. Motion passed unanimously. Rios, Violanda— 1216 Elgin: The second application presented by Mr.Vallejo a Demolition and Replacement Loan. Ms. Rios 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$13,500. Mr. Vallejo informed the Committee that Ms. Rios has a net income of$317.00. The Corporation will be in a first lien position. Credit history is rated bad to poor, the title appears in her name. Ms. Rios is within the 30% income ratio, however, 40% is over the total debt to income ratio presently at 44%. Appraised value after rehabilitation is $49,500. Mr.Vallejo advised the Committee that he was presenting this case under as hardship due to Ms. Rios being out of her house. Neighborhood Services Code Enforcement Division was notified of severe code violations existing at 1216 Elgin. Therefore, Ms. Rios' home was demolished on safety issues, displacing the homeowner. Ms. Rios contacted the Neighborhood Services Department inquiring about our Rehabilitation Home Loan Program. Mr. Vallejo recommended approval based on income ratio at 30% , the Corporation will be in the first lien position and being a hardship case. Numerous issues on Ms. Rios' case emerged among the Committee. After discussion regarding Ms. Rios credit, it was decided that it was in the best interest of Ms. Rios to defer action on her loan application. Mr. Suckley made the motion to defer Ms. Rios'case until Ir Cont'd : Rios, Violanda — 1216 Elqin: she goes to credit counseling and attempts to resolve some of her credit problems. The Committee agreed to review her loan application again in six months. Ms. Rios will be referred to a counseling agency that would be able to help her. Motion seconded by Ms. Ford. Motion passed unanimously. Sandoval, Arselita — 912 14th St.: The third application presented by Mr. Vallejo a Demolition and Replacement Loan. Ms. Sandoval 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$14,200. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Ms. Sandoval has a net income of $264.00; rated her credit as fair; and the title appears in her name. Ms. Sandoval is within the 30% and 40% income ratio. Appraised value after rehabilitation is $52,132. Recommend approval based on the Corporation in the first lien position; credit history and income ratios. Motion was made by Mr. Suckley to approve the loan as presented, motion seconded by Ms. Ford. Motion passed unanimously. With no further business, meeting was adjourned.