Loading...
HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 12/15/2004 223 •4110 4111, y `N RE�n X105 114 caysFc�VFD OFFICE ARN3 No lS nS bf;Zc' • MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, December 15, 2004 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Caroline Stahl Dalia Garcia, NSD Housing Administration Supervisor Judy Telge Jesus Leija MEMBERS PRESENT Alynda Asher Daniel Suckley •Alice Vaughn Raul Torres David Cantu Barry Lobel! Ben Grande 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 eight members present. Three members absent. First order of business was to approve the minutes of the November 10, 2004 meeting. With no corrections made to the minutes, Mr. Lobel! made a motion to approve the minutes. Motion was seconded by Mr. Cantu. Motion passed unanimously SCANNED 41110 • rrl The following loans were presented for review: Casas, Arturo & Viviano —2325 Comanche: The first loan application presented by Mr. Vallejo a Demolition and Replacement Loan. Mr. and Mrs. Casas will be receiving a 2 bedroom with 796 sq ft house, some handicap features will be implemented. The Casas'will be receiving a$17,000, 0% Loan, a Minimun Deferred Loan of$18,000 and a Deferred Forgivable Loan of$14,900. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that the Casas have an net income of$989.00. Credit history is good with a FICO score of 708. The title appears to be in their name. The Casas' monthly payment to income ratio is within the 30% and 40% ratios. Total appraised value after rehabilitation is $50,000. Recommend approval based on the their net income, credit rated as good, within the 30% and their total monthly income to debt ratio is within the 40% ratio and Corporation being in the first lien position. Motion was made by Mr. Cantu to approve the loan as presented, motion seconded by Ms. Ford. Motion passed unanimously. Munoz, Diana — 5130 Margaret: The second application presented by Mr.Vallejo a Rehablitation Loan. Ms. Munoz will be receiving a 3% Loan in the amount of$22,750. Rehabilitation work to be performed was presented. Ms. Munoz will be receiving a 3% Loan for$22,750. The Corporation will be in a first lien position. Ms. Munoz has a net income of$1,091. Credit history is rated poor to bad and FICO score is at 434. Title opinion appears in her name and is within the 30% income ratio, however, the monthly total debt payment to income ratio is at 47% instead of the 40%. Appraised value after rehabilitation is $23,000. Mr.Vallejo recommended approval based on her net income , within the 30% ratio and the Corporation will be in the first lien position. Motion was made by Ms. Torres to approve the loan as presented, motion seconded by Mr. Cantu. Motion passed unanimously. Mr.Vallejo updated the committee on other housing programs that our department to keep the committee informed. The first issue the CDC (Community Development Corporation) where the corporation receives home fund monies to do homebuyer assistance. A 4110 IWO request for proposal was advertised on (November 1, 2004) to builders to come in to participate;the submit date was December 3, 2004 and the proposals will be presented to the Board tomorrow (December 16, 2004). The Board will determine which builders will participate and the number of slots assigned to each builder. The second issue presented by Mr. Vallejo, was the 4A Board; where the citizens voted back in the year of 2002 to increase the sales tax and part of the sales tax increase was going towards Affordable Single- Family Housing. The 4A Board also went out for a request for proposal. The proposals were due on December 3rd as well, however, numerous interested parties felt they needed an extension. Therefore, February 4, 2005 was granted. After the proposals are submitted, the Board will then review them on what the interesting parties are proposing to do for projects as far as Affordable Single-Family Housing. Ms. Violanda Rios of 1216 Elgin, a homeowner that applied for assistance through our Demolition and Replacement Loan Program was presented to the LRC at the October 13th' 2004 meeting. A motion was made to defer Ms. Rios' case until she goes to seek credit counseling and attempts to resolve some of her credit problems. The Committee agreed to review her case in six (6) months. Mr. Vallejo informed the Committee that he had met with Ms. Rios and is still not in agreement to go to counseling as the Committee requested, due to her health as she is undergoing dialysis treatment. Mr.Vallejo asked the Committee with this in mind was the Committee willing to review her case even though she did not comply with the Committee's requirements. The Committee agreed to review her case and the decision by the Committee will be made at that time. It was announced that the Loan Review Committee will not meet on January 12, 2005 but on February 9, 2005. With no further business, meeting was adjourned.