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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 12/13/2006 v ''1111II /yy7 .rICE! MINUTES Gin EP�nc[i1iiY'S CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATNtil LOAN REVIEW COMMITTEE WEDNESDAY, DECEMBER 13, 2006 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager NONE Dania Garcia, NSD Housing Administration Supervisor Yvonne M. Haag, NSD Director MEMBERS PRESENT Alice Vaughn Ben Grande Alynda Asher David Cantu Barry Lobell Tiffany Hull Raul Torres Sylvia Ford Jesus Leija Judy Telge Char Atnip 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 11 members present. No members were absent. First order of business was to approve the minutes of the September 27, 2006 meeting. With no corrections made to the minutes, Ms. Ford made a motion to approve the minutes. Motion seconded was made by Mr. Torres. Motion passed unanimously. SCANNED 1lr V The following loans were presented for review: Alonzo, Jesse & Tomasa —451 Hiawatha: The first loan application presented by Mr.Vallejo was under the Demolition and Replacement Loan Program. Mr. and Mrs.Alonzo will be receiving a two bedroom, 2 bath, 922 sq ft house. They will be receiving a 0% Loan for $17,000, Minimum Deferred Loan for $18,000 and a Deferred Forgivable Loan for $20,000. The Alonzo's are having to come in with homeowner's share of$1,100. The Corporation will be in a first lien position. They have a net income of$951 and their credit scores are rated fair. Mr.Alonzo's credit score is at 623 and Mrs. Alonzo's is at 657 . Title appears in their name. Mr. and Mrs. Alonzo are okay on their total monthly housing payment to income ratio of 30%, and their total debt payment to income ratio at 40%. Total appraised value after reconstruction is at$62,658. Recommend approval based on the Corporation being in a first lien position, net income at 951, credit scores and income ratios. There were concerns from several Committee members regarding a bankruptcy that was filed. Mr. Vallejo informed the Committee that approval was obtained from the court allowing them to incur the debt. Also another comment was to take into consideration of allowing enough room such as in width at entrances into and within the home due to a back injury to Mr. Alonzo and the possibility that he may require a wheelchair in the future. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Ms. Telge. Motion passed unanimously. Armadillo, Alicia D. —4722 Cobblestone: The second loan application presented by Mr. Vallejo was under the Rehabilitation Loan Program. Some of the work to be performed includes: remove and replace HVAC, major plumbing, new floor covering, insulating the ceilings, replace patio doors, replacing window units. Ms. Armadillo will be receiving a 0% Loan for $14,800 and a Minimum Deferred Loan for $18,000. The Corporation will be in the first lien position. Ms. Armadillo has a net income of$433. Credit score is at 810 rated excellent. Title appears in her name. Total appraised value after rehabilitation is at $111,018. Recommend approval based on the Corporation being in the first lien position, net income rated excellent, okay on the 30%total monthly housing payment to income ratio. Mr. Vallejo informed the Committee that her total debt payment to income ratio was high at 63% instead of the 40% ratio it r+ used. A motion was made by Mr. Leija to approve the loan, motion seconded was made by Mr. Grande. Motion passed unanimously. Lopez. Victor and Ana—4429 Townsend: The third loan application presented by Mr. Vallejo was under the Rehabilitation Loan Program. Some of the work to be performed includes: plumbing, new floor covering in bathroom, paint bath and kitchen, install new kitchen countertop. Mr. and Mrs. Lopez will be receiving a 3% Loan for $6,500. The Corporation will be in the first lien position. They have a net income of $1662. Their credit score was rated as excellent. Mr. Lopez's credit score is at 804 and Mrs. Lopez's is at 795. Title appears in their name. Mr. and Mrs. Lopez are okay on their total monthly housing payment to income ratio of 30%, and at 40% total debt payment to income ratio. Total appraised value after reconstruction is at $74,600. Recommend approval based on their excellent credit; being okay on the monthly housing payment to income ratio; okay on their monthly total debt payment; and the Corporation will be in the first lien position. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Mr. Torres. Motion passed unanimously. Sanchez, Juvenal and Frances—617 Osage: The fourth loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Mr. and Mrs. Sanchez will be receiving a three bedroom, 1 bath, 979 sq ft house. They will be receiving a 3% Loan for $45,000 and a Deferred Forgivable Loan for $14,935. The Corporation will be in the first lien position. They have a net income of $1,713. No liabilities. Title appears in their name. Mr. and Mrs. Sanchez are okay on their total monthly housing payment to income ratio of 30%, and at 40% total debt payment to income ratio. Total appraised value after reconstruction is at $64,775. Recommend approval based on the Corporation being in the first lien position. No liabilities; high net income; okay on their total monthly housing payment to income ratio of 30%; and at 40% total debt payment to income ratio.A motion was made by Ms. Ford to approve the loan, motion seconded was made by Mr. Cantu. Motion passed unanimously. Having no further business, motion to adjourn meeting was made by Mr. Cantu and seconded was made by Mr. Torres. Motion passed unanimously and the meeting was adjourned.