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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/10/2006 V I E, MINUTES 8�<esz z_ CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, May 10, 2006 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Alynda Asher Dalia Garcia, NSD Housing Administration Supervisor Judy Telge MEMBERS PRESENT Alice Vaughn Ben Grande Raul Torres David Cantu Jesus Leija Barry Lobell Sylvia Ford Tiffany Hull 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 eight members present. Two members were absent. First order of business was to approve the minutes of the April 19, 2006 meeting. With no corrections made to the minutes, Ms. Ford made a motion to approve the minutes. Motion was seconded by Mr. Cantu. Motion passed unanimously. SCANNED `r v The following loans were presented for review: Beaty, Edna — 2810 Kitchens : The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Mr. Vallejo informed the Committee that Ms. Beaty's house had burned down and did collect $10,000 from her insurance company, not enough to repair her home. Due to the extensive damage, Ms. Beaty is not living in her home, but living with her daughter. Ms. Beaty will be receiving a two bedroom, one bath, 840 sq ft house. She will be receiving a 0% Loan for$17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$17,050. The Corporation will be in a first lien position. Ms. Beaty's monthly net income is at low $345. Her credit is rated good at 650. Title appears in her name. Ms. Beaty is okay on her monthly housing payment to income ratio of 30% but is over the 40% total debt payment to income ratio she is at 64%. Total appraised value after rehabilitation is at $55,000. Recommend approval based on that Ms. Beaty is without a home;the Corporation being in a first lien position; and credit score is good at 650. Monthly housing payment to income ratio is at 30%. Mr.Vallejo informed the Committee of two concerns;that Ms. Beaty's total debt payment to income ratio is over the 40% and her net income is at $345. A motion was made by Mr. Cantu to approve the loan, motion seconded by Ms. Ford. Motion passed unanimously. (Ms. Tiffany Hull arrived) Chapa, Carlos E. & Maria J. —4307 Barrera : The second loan application presented by Mr. Vallejo was under the Rehabilitation Loan Program. Mr. and Mrs. Chapa will have an existing (non-functional) Electric Central NC& Heating System and replace with a new Electric Central NC & Heating System in their existing three bedrooms, one bath, and 832 sq ft house. They will be receiving a 0% Loan for $4,900. Net income is at $624. The Corporation will be in a first lien position. Credit score high at 803. Title appears in their name. Mr. and Mrs. Chapa's are okay on their monthly housing payment to income ratio of 30% and their total monthly debt payment to income ratio is within the 40%. Total appraised value after rehabilitation is $49,100. Recommend approval based on the Corporation being in a first lien position, high credit score; and income ratios are good. A motion was made by Mr. Cantu to approve the loan, motion seconded by Mr. Grande. Motion passed unanimously. Ing IMI Other Business: Concerns and questions from several Committee members arose regarding the program; i.e. monies status, set allocation in dollars for each program, how the monies is collected, how the programs are marketed to the public, percentage ratios on delinquent accounts, and the number of applications applying for assistance . Mr.Vallejo informed the Committee that the monies are taken from three different sources (CDBG - $240,000, Home- $250,000 and Program Income—estimated at $800,000). Delinquent accounts are collected by making home visits and recycled back into the Program Income Program fund. Marketing of the various programs are made by participating in homebuyer fairs, town hall meetings to improve targeted neighborhoods and visiting senior citizen centers. Other sources used for marketing are the city's website, public service announcements; and at homebuyer/homeownership classes for those interested in participating in the City of Corpus Christi Homebuyer Program that meet the required criteria. Percentage ratios on delinquent accounts vary from month to month as well as interested parties applying for assistance. Indications are that delinquency accounts are on the decline. Having no further business, motion to adjourn meeting was made by Mr. Torres and Mr. Grande. Motion passed unanimously and the meeting was adjourned.