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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/17/2007 IS. '::;-4. 1518 7j]& � 2001 v' MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, JANUARY 17, 2007 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, NSD Program Manager Barry Lobell Dalia Garcia, NSD Housing Administration Supervisor Tiffany Hull Yvonne M. Haag, NSD Director MEMBERS PRESENT Alice Vaughn Ben Grande Alynda Asher David Cantu 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 9 members present. Two members were absent. First order of business was to approve the minutes of the December 13, 2006 meeting. With no corrections made to the minutes, Mr. Cantu made a motion to approve the minutes. Motion seconded was made by Ms. Ford. Motion passed unanimously. SCANNED oir The following loans were presented for review: Cruz, Jesus & Maria— 1433 El Paso: The first loan application presented by Mr.Vallejo was under the Demolition and Replacement Loan Program. Mr. and Mrs. Cruz will be receiving a two bedroom, 1 bath, 840 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$16,310. The Corporation will be in a first lien position. They have a net income of $954. Their credit scores are rated fair. Mr. Cruz's credit score is at 535 and Mrs. Cruz's credit score is at 616. Title appears in their name. Mr. and Mrs. Cruz's 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 $53,483. Recommend approval based on the Corporation being in a first lien position, okay on their 30% ratio and 40% ratio; and having a net income at $954. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Ms. Telge. Motion passed unanimously. Zapata, Ricky/Treio, Cynthia - 9127 Simon: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Mr. Zapata and Ms. Trejo will be receiving a three bedroom, 2 bath, 1018 sq ft house. They will be receiving a 3% Loan for $45,000 and a Deferred Forgivable Loan for $17,149. The Corporation will be in the first lien position. They have a net income of $1,937. Their credit scores are rated excellent. Mr. Zapata's credit score is at 737 and Ms. Trejo's credit score is at 735. Title appears in Mr. Zapata's name. Mr. Zapata's and Ms. Trejo's 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 $63,600. Recommend approval based on the Corporation being in the first lien position; credit scores are excellent; okay on the 30%total monthly housing payment to income ratio; and total debt payment to income ratio at 40%. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Mr. Grande.l'Motion passed unanimously. • it 41110 Mr. Vallejo passed out to the Committee a summary of the delinquent accounts starting from the current fiscal year. Ms. Telge informed the Committee that she is making available to them a handout regarding basic visitability features for homes. 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.