HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/18/2006 MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, January 18, 2006
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, NSD Program Manager Sylvia Ford
Delia Garcia, NSD Housing Administration Supervisor David
Cantu
CarolineStahl
Judy Telge
Jesus Leija
MEMBERS PRESENT
Alice Vaughn
Alynda Asher
Ben Grande
Tiffany Hull
Raul Torres
Barry Lobell
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.
First order of business was to approve the minutes of the December 14, 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.
SCANNED
The following loans were presented for review:
Davila, Zoila — 2521 Terrace:
A loan application for Ms. Zoila Davila was presented by Mr. Vallejo. Ms. Davila will be
having a two bedroom, 840 sq ft house constructed. She will be receiving a 0% Loan for
$17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$17,950.
The Corporation will be in a first lien position. Mr. Vallejo informed the Committee that Ms.
Davila has a monthly net income at $578. No credit history, however there are some
collection comments appearing on her credit report. Title is contingent upon title opinion
coming back from the attorney without problems. Ms. Davila did get a quit claim deed. Ms.
Davila's monthly housing payment to income ratio of 30% is okay, however her total
monthly debt to income ratio of is at 53% instead of 40%. Total appraised value after
rehabilitation is $58,800.
Recommend approval based on the Corporation being in a first lien position; and 30%
monthly housing payment. After reviewing Ms. Davila's liabilities her only debt is a car
payment that she is currently paying on.
A motion was made by Ms. Asher to approve the loan, motion seconded by Mr. Lobel!.
Motion passed unanimously.
Other Business:
A copy of the Loan Review Committees Annual Report was handed out to each member
present at the meeting. Mr. Vallejo updated the Committee regarding the 4A Board bid
proposals for the in-field Lot Program have been officially announced to any interested
party. The CCCDC proposals have been submitted and reviewed by Mr. Vallejo and will
now present them to the Board who will in turn select the builders who will participate in
the New Construction Homebuyer Program.
Having no further business, motion to adjourn meeting was made by Mr. Grande and
seconded by Mr. Torres. Motion passed unanimously and the meeting was adjourned.