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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 04/13/2005 X32425-. c% i,o5 ct4,,' i✓ED 6,-i444811 MINUTES N w CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPO 41"os�9�p LOAN REVIEW COMMITTEE WEDNESDAY, April 13, 2005 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Ben Grande Delia Garcia, NSD Housing Administration Supervisor Alynda Asher Barry Lobell Daniel Suckley Judy Telge MEMBERS PRESENT •Alice Vaughn David Cantu Caroline Stahl Raul Torres Sylvia Ford Jesus Leija Chairperson, Alice Vaughn called the meeting to order in the First Floor Staff 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 March 16, 2005 meeting. Ms. Ford made a comment to Chairperson, Ms.Vaughn that the committee had some detailed discussion in the last meeting about, the process in determining demolition versus rehab of which she did not see any in the meeting minutes. Mr. Vallejo stated that the minutes summarized the main points of the loans presented that has to do with amount of loan, SCANNED �d V interest rate, credit and lien positions. Ms. Ford made a motion to include detail discussion only if all committee members are in agreement. Ms. Ford made a motion that this discussion be added to the minutes. Motion was seconded by Mr. Cantu. Motion passed unanimously. The following loans were presented for review: Martinez, Frank & Petra— 1130 Manchester: The first loan presented by Mr. Vallejo was a Demolition and Replacement. Mr. and Mrs. Martinez will be receiving a 3 % Loan for $35,000, and Deferred Forgivable Loan for $14,400. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that the Mr. and Mrs. Martinez have an net income of$1,301.00. Credit history is fair to poor with a credit score of 564. The title appears in their name. Their okay on their monthly payment to income ratio of 30% and their okay on their 40% monthly total debt payment to income ratio. Total appraised value after rehabilitation is $56,000. Recommend approval based on the Corporation being in a first lien position, net income is good and okay on their income ratios. A question was asked by Mr. Cantu regarding how the determination is made on who receives assistance and who doesn't. He was reviewing this case and it appears the homeowner might qualify at any lender. Mr. Vallejo explained that basically if a homeowner meets the program requirements then they are assisted. Service is based on a first come first serve. Ms. Stahl added that if money was a concern there are enough funds to assist everyone. Mr. Cantu responded that he believed that if a person could receive assistance through a lender, then that would give another homeowner the opportunity to be assisted through the program. Mr. Vallejo stated that if a homeowner qualifies by income; has title to the property, and has fair credit they basically qualify for assistance. A motion was made by Ms, Stahl to approve the loan, motion seconded by Mr. Cantu. Motion passed unanimously. the Martiz, Miltan — 1237 Florida: The second loan presented by Mr. Vallejo was a Rehabilitation. Ms. Martiz will be receiving a 3% Loan in the amount of $37,610. Major work items to be performed are replacing new windows, plumbing (gas and sewer lines), floor covering, interior paint, kitchen cabinets, and countertop; and replacing a new complete HVAC system. Ms. Martiz will be receiving a 3% Loan for$37,610. The Corporation will be in a first lien position. Ms. Martiz has a net income of$1,141. Rated her credit as excellent since her credit score is high at 795. Title appears in her name. Monthly payment to income ratio is at 30% and the monthly total debt payment to income ratio is at 40%. Appraised value after rehabilitation is $77,000. Mr. Vallejo recommended approval based on credit, the Corporation being at a first lien position, her income ratios and she has no liabilities. After discussion, motion was made by Mr. Leija to approve the loan as presented, motion seconded by Ms. Stahl. Motion passed unanimously. McGuffin, William — 1401 Cambridge: The third loan presented by Mr. Vallejo was a Demolition and Replacement and he informed the committee that this is a loan that had been presented to the Committee at the March 16th meeting. Mr. Vallejo informed the committee that the committee had requested for Mr. Vallejo to speak with Mr. McGuffin regarding his decision; that Mr. Vallejo view the house and that he review the cost estimates. Mr. Vallejo advised the committee that he had met with Mr. McGuffin and viewed the home. The house had additions and the breezeway had been converted to the kitchen. The two car garage was converted into living space and a second story added above, which had a bedroom and bath. Because of the amount of square footage the cost to repair will be high. Therefore, in reviewing the cost estimate the repair figures appear to be reasonable. A motion was made by Mr. Cantu and motion seconded by Mr. Torres. The motion passed unanimously. Rios, Violanda — 1216 Elgin: The fourth loan presented by Mr. Vallejo is a Demolition and Replacement. Mr. Vallejo informed the committee that action had been deferred by the committee which had been presented to the Committee at the October 13th meeting in 2004. Action on this case was deferred until Ms. Rios received credit counseling and attempted to resolve some of her credit problems. Mr. Vallejo noted to the Committee that he had called the State to determine if a tax lien on her credit report was hers. It turned out that the sales V tax lien was her daughter's not hers. Also staff assisted Ms. Rios in sending letters to several credit agencies regarding accounts listed on her credit report that she disputed and (2) two were removed. A motion was made by Mr. Cantu and a motion seconded by Ms. Ford. The motion passed unanimously. Chairman, Ms. Vaugh mentioned that three committee members are eligible for re- appoint for another term. Raul Torres, Sylvia Ford and Daniel Suckley. Mr. Vallejo informed the committee he had called each member and they all agreed to be re- appointed. Having no further business, motion to adjourn meeting was made by Mr. Grande and seconded by Ms. Ford. Motion passed unanimously and the meeting was adjourned.