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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 02/09/2005 v MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, February 9, 2005 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Alynda Asher Dalia Garcia, NSD Housing Administration Supervisor David Cantu Daniel Suckley Raul Torres MEMBERS PRESENT Alice Vaughn Barry Lobell • Ben Grande Sylvia Ford Caroline Stahl Judy Telge Jesus Leija 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 seven members present. Four members absent. First order of business was to approve the minutes of the December 15, 2004 meeting. With no corrections made to the minutes, Ms. Ford made a motion to approve the minutes. Motion was seconded by Mr. Lobell. Motion passed unanimously The following loans were presented for review: SCANNED 11101 %1110 Gonzales, Ramona— 611 Vakv: The first loan application presented by Mr. Vallejo is a Rehabilitation Loan. Major work items to be performed are to construct a gabled roof over a flat roof area, shim and level foundation; install a new water heater; and reconstruct a rear porch. Ms. Gonzales will be receiving a 0% Loan for $11,300, and a Minimum Deferred Loan of $18,000 . The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Ms. Gonzales has an net income of$772.00. Credit history is fair to good. The title appears in her name. Ms. Gonzales monthly payment to income ratio is within the 30% and the monthly total debt payment to income ratio is at 40%. Total appraised value after rehabilitation is $85,795. • Recommend approval based on the her credit, income ratios within the 30%and total debt to income ratios below 40%, the Corporation being at a first lien position and net income. Motion was made by Mr. Lobel)to approve the loan as presented, motion seconded by Mr. Grande. Motion passed unanimously. Moreno, Epifania —545 Shawnee: The second application presented by Mr. Vallejo is a Demolition and Replacement. Ms. Moreno will be receiving a 0% Loan in the amount of$17,000, a Minimum Deferred of $18,000 and a Deferred Forgivable Loan for$14,200. The Corporation will be in a first lien position. Ms. Moreno has a net income of $388. Credit score is at 657. Title was received through a divorce decree and appears in her name. Monthly payment to income ratio is at 30% and the monthly total debt payment to income ratio is at 62% instead of 40%. Appraised value after rehabilitation is $52,000. Mr.Vallejo recommended approval based on her credit as being fair,the Corporation being at a first lien position and the condition of her home. Motion was made by Ms. Stahl to approve the loan as presented, motion seconded by Mr. Lobell. Motion passed unanimously. %SO Pompa, Frank— 2117 David: The third application present by Mr. Vallejo is a Demolition and Replacement. Mr. Pompa will be receiving a 3% Loan in the amount of$35,000 and a Deferred Forgivable Loan of $13,200. The Corporation will be in a first lien position. Mr. Pompa has a net income of $953. Credit score is at 660. Title opinion is pending and presenting this case contingent on the title opinion indicating no problems. Mr. Pompa's monthly payment to income ratio is within the 30% and 40% ratios. Total appraised value after rehabilitation is at$54,500. Mr. Vallejo recommended approval based on net income, the Corporation being at a first lien position and within the 30% and 40% income ratios. Motion was made by Ms. Stahl to approve the loan as presented contingent upon receipt of a clear title commitment from the attorney and let the Housing Community Staff to determine that the title is secure without bringing this case back to the Loan Review Committee . Motion seconded by Ms. Telge. Motion passed unanimously. Mr. Vallejo updated the Committee on other matters; stated that the 4a Board received eight proposals from five different organizations regarding the sales tax increase to go towards Single Family Affordable Housing. Next step is for the staff to review the proposals and at some point they will present them to the 4a Board to see which ones or any of them they would want to fund. On the CDC (Community Development Committee) will meet this month, they have yet to select the builders that are going to be participating; so at this point, Mr. Vallejo did not know if the CDC Board was going to go out for proposals again or what actions they were going to take. However,further discussion is on the agenda regarding this issue and will meet again on the 17th of February 2005. Mr. Vallejo also informed the Committee on the CDBG (Community Development Block Grant) process. Various organizations are applying for CDBG and ESG(Emergency Shelter Grant) grants. Proposals are due on Friday, February 11`h With no further business, Motion was made by Mr. Lobel) and motion seconded by Mr. Grande.