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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/16/2005 Ilr V • 4• 1ry01415161J789t'0 a Ch S ti MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, November 16, 2005 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Ben Grande Delia Garcia, NSD Housing Administration Supervisor Barry Lobel! Yvonne Haag, NSD Director Caroline Stahl Tiffany Hull Jesus Leija MEMBERS PRESENT Alice Vaughn David Cantu Alynda Asher Sylvia Ford Raul Torres Judy Telge Chairperson, Alice Vaughn called the meeting to order in the 1st Floor, Staff Conference Room, 1201 Leopard St., City Hall, roll call was taken with six members present. Five members absent. SCANNED 1✓ V First order of business was to approve the minutes of the October 12,2005 meeting. With no corrections made to the minutes, Mr. Cantu made a motion to approve the minutes. Motion was seconded by Ms. Ford. Motion passed unanimously. The following loans were presented for review: Jimenez, Jose Luis —2728 Sabinas: The first loan application presented by Mr.Vallejo was a Demolition and Replacement. Mr. Jimenez will be receiving a 3% Loan for $35,000, and a Deferred Forgivable Loan for $19,260. The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Mr. Jimenez has a net income of$904. His credit is rated fair to good, with a credit score of 583 and the title appears in his name. He is okay on his monthly payment to income ratio of 30% and total debt payment to income ratio is at 57% instead of the 40%. Total appraised value after rehabilitation is $50,738. A concern was brought up by a committee member, if the size of the lot would violate any code restrictions. Mr. Vallejo said that a replatt of Mr. Jimenez's lot is scheduled and doesn't foresee having a problem op building a home on his property. Recommend approval based on the Corporation being in a first lien position; his credit is fair to good; and okay on the 30% ratio. A motion was made by Mr. Cantu to approve the loan, motion seconded by Ms. Ford. Motion passed unanimously. Large, Mark & Linda —4406 Cedar: The second loan application presented by Mr.Vallejo was a Demolition and Replacement. Mr. and Mrs. Large will receive a four bedroom, two bath ,1226 sq ft. house. Mr. and Mrs. Large will be receiving a 0% Loan for $50,000 and a Deferred Forgivable Loan for $20,000 with a homeowner's share of$4,550. Title opinion is pending and Mr. Vallejo is presenting this case contingent on the title opinion indicates no problems. The Corporation will be in a first lien position if the title opinion from the attorney indicating no problems. They have a net income of$417. Mr. Large's credit score is at 621,whereas Mrs. Large's credit score is at 584 rating combined credit history good. Their monthly payment to income ratio is okay. However, there is a concern on their total debt payment to income ratio being at 79% instead of the 40%. Credit liabilities showing two vehicle payments are Id *1110 coned: Lame, Mark 8 Linda-4406 Cedar: being made and a suggestion to the Large's in possibly combining the two vehicle payments into one. Another concern, to Mr. Vallejo, was when were the Large's going to be able to pay the vehicle payments off. After reviewing their credit report no other liabilities were showing other than the vehicle payments. Total appraised value after rehabilitation is $72,125. Motion was made by Mr. Torres to approve the loan as presented contingent upon receipt of a clear title commitment from the attorney and to let the Neighborhood Services Department staff to determine that the title is secure without bringing this case back to the Loan Review Committee. Motion seconded by Mr. Cantu. Motion passed unanimously. Sosa, Josephine— 2649 Johanna: The third loan application presented by Mr. Vallejo was a Demolition and Replacement. Ms. Sosa will receive a 3 bedroom, 2 bath, 1126 sq ft. house. Ms. Sosa will be receiving a 3% Loan for $35,000 and a Deferred Forgivable Loan for $17,050 with a homeowner's share of$17,600. The Corporation will be in a first lien position:--Her net income$1;271. Credit report shows no score, however indication show that Ms. Sosa had filed for Chapter 13 (bankruptcy) and has satisfied for it. Title appears in Ms. Sosa's name. Her monthly payment to income ratio and the total debt payment to income ratio is okay. Total appraised value after rehabilitation is $72,125. Recommend approval based on the Corporation being in a first lien position, her net income; and okay on the 30% and 40% ratios. Motion was made by Mr. Cantu to approve the loan and seconded by Ms. Ford. Motion passed unanimously. Williams, Ethel— 1402 Madrid: The fourth loan application presented by Mr.Vallejo was a Rehabilitation Loan. Work tabe performed are to install.new_window screens; install insulation in attic; install a new range hood; relocate water and gas lines for relocation of range; replacing water and gas main, installing new floor covering;and replacing all kitchen cabinets and countertops. Ms.Williams will be receiving a 3% Loan for$14,000. The Corporation will be in a first lien position. Ms. Williams has a net income of$1,474. Has a credit score of 526. The title tir cont'd: Williams. Ethel—1402 Madrid: appears in Ms. Williams name. Her monthly payment to income ratio and the total debt payment to income ratio is okay. Total appraised value after rehabilitation is $53,750. Recommend approval based on the Corporation being in a first lien position, her net income; and income ratios are okay. Motion was made by Mr. Cantu to approve the loan and seconded by Ms. Ford. Motion passed unanimously. Having no further business, motion to adjourn meeting was made by Ms. Ford and seconded by Mr. Cantu. Motion passed unanimously and the meeting was adjourned.