HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/24/2005 Ilr V
MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, August 24, 2005
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Caroline Stahl
Dalia Garcia, NSD Housing Administration Supervisor David Cantu
Raul To
Judy Telge
MEMBERS PRESENT
Alice Vaughn
Ben Grande
Alynda Asher
Barry Lobell
Tiffany Hull
Sylvia Ford
Jesus Leija
Chairperson, Alice Vaughn called the meeting to order in the Sixth Floor 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 May 18, 2005 meeting. With no
corrections made to the minutes, Mr. Lobell made a motion to approve the minutes.
Motion was seconded by Mr. Grande. Motion passed unanimously.
Election of Chairperson and Vice Chairperson were conducted. Alice Vaughn will
continue as Chairperson. Ms. Asher made a motion and seconded by Ms. Ford. Jesus
SCANNED
low
Leija was elected as Vice Chairperson. Ms. Ford made a motion and seconded by Mr.
Lobell. Motion passed unanimously.
The following loans were presented for review:
Burner, Nancy — 223 Tarlton:
The first loan presented by Mr. Vallejo was a Demolition and Replacement. Ms. Burger
will be receiving a 2 bedroom ,1 bath , 840 sq ft house. Ms. Burger will be receiving a 0%
Loan for$35,000, and a Deferred Forgivable Loan for$13,400. The Corporation will be in
a first lien position. Mr.Vallejo informed the Committee that Ms. Burger has a net income
oft 3. As far as her credit,
ot enough information to name. She is okay on herhow a credit score Of
monthly payment to
credit history. The title appears to be in her
income ratio of 30% but is over the 40%total debt payment to income ratio she is at 67%.
Total appraised value after rehabilitation is $52,100.
Recommend approval based on the condition of Ms. Burger's home; the Corporation will
be in a first lien position; her liabilities are at zero; and even though Ms. Burger's income is
going to be tight since her net income is going to be at $213, she seems to manage her
money well. Also her monthly payment to income ratio is at 30%.
A motion was made by Ms. Asher to approve the loan, motion seconded by Mr. Grande.
Hinoiosa Nemo and Consuelo — 2501 Tarlton:
The second loan presented by Mr. Vallejo was a Demolition and Replacement. Mr. and
Mrs. Hinojosa will be receiving a 3 bedroom, 2 bath, 1002 sq ft house. Mr. and Mrs.
Hinojosa will be receiving a 3% Loan in the amount of$45,000, and a Deferred Forgivable
Loan for$16,160. The Corporation will be in the first lien position. The Hinojosa's have a
net income of $1532. Credit report is showing a credit score of 602, fair to good rating.
The title appears in their name. The monthly payment to income ratio of 30% and total
debt payment to income ratio of 40%are okay. Total appraised value after rehabilitation is
$63,000.
Recommend approval based on her 30% and 40% income ratios; the Corporation being
in a first lien position; credit score rated fair to good; her net income; and few liabilities.
A motion was made by Ms. Lobell to approve the loan, motion seconded by Ms. Asher.
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Lemos DelaGarza, Ninfa— 1706 Harvard:
The third loan presented by Mr. Vallejo is a Rehabilitation Loan. Work to be performed
are to install a new roof, exterior painting of wood trim only house has vinyl siding, interior
painting, constructing small porch in the rear of the house. Ms. Lemos will be receiving a
0% Loan for$9,650. The Corporation will be in the
first l
$909. Credit report score is at 6 3, credit rating is fair togood. Title nappears in her name.
Her monthly payment to income
radio after30%�rehabilitationdl debt
t payment to income ratio of
40% are okay. Total appraised
Recommend approval based on the 30% and 40% income ratios, the Corporation being
in a first lien position, credit score rated fairly good, good net income and few liabilities.
A motion was made by Ms. Grande to approve the loan, motion seconded by Ms. Asher.
Martinez, Jesus and Beatrice—2501 Tarlton:
The fourth loan presented by Mr. Vallejo is a was a Demolition and Replacement Loan.
Mr. and Mrs. Martinez will be receiving a 3 bedroom, 1 bath, 963 sq ft house. Mr. Vallejo
stated that he is presenting this case contingent upon receiving updated employment
income vertification to see if the Martinez's meet the program income guidelines, if their
income surpasses the recommended income guidelines they will be disqualified. Ms.
Garcia informed the Committee that this case was scheduled to be reviewed before the
Committee in January 2005. However, problems regarding the property required it to be
replotted. Mr. and Mrs. Martinez will be receiving a 3% Loan for$45,000 and a Deferred
Forgivable Loan for$10,260 with a homeowner's share of$2115. The Corporation will be
in the first lien position, has a net income$1114. Credit history showing few liabilities. The
title appears to be in Mr. Martinez's name due to inheritance.
Their monthly payment to income ratio of 30% is okay but their total debt payment to
income ratio of is at 52% instead of 40%. Total appraised value after rehabilitation is
$56,200.
Recommend approval based on the Corporation being in a first lien position; net income
$1114,; okay on the income ratio
the
. A moon was
made by Ms. Lobell to approve the loan, motioncondition
seconded by Mrr.. Leija. Mot onlpased
unanimously.
Perez, Estevan & Sonia—2634 Wainwright:
The fifth loan presented by Mr.Vallejo was a Demolition and Replacement. Mr. and Mrs.
Perez will be receiving a 3 bedroom,2 bath, 1002 sq ft house. Mr. and Mrs. Perez will be
receiving a 3% Loan in the amount of $45,000 and a Deferred Forgivable Loan for
$15,280. The Corporation will be in the first lien position. The Perez's have a net income
of $1191. Credit report is showing a credit score of 622. Credit is rated as fair. The title
appears in Mr. Perez name through inheritance. Their monthly payment to income ratio of
30% is okay and total debt payment to income ratio of 40%at 44%. Total appraised value
after rehabilitation is $61,300.
Recommend approval based on the Corporation being in a first lien position; their net
income $1191; okay on the income ratio of 30%; and credit. A motion was made by Mr.
Lejia to approve the loan, motion seconded by Mr. Lobell. Motion passed unanimously.
Mr. Vallejo informed the Committee the CCCDC will be meeting to solicit builders and not
sure when the 4A Board is to meet to solicit projects.
Having no further
de by Mr. Lobell and
seconded by Mr. Gras
nde. MotMotion passed unanimously and the meeting was adjourned