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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/09/2007 411110 MINUTES SEP 2007 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION It LC) LOAN REVIEW COMMITTEE i'oCCHELIRY4 WEDNESDAY, May 9, 2007 Of A G 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Judy Telge Dalia Garcia, NSD Housing Administration Supervisor Yvonne M. Haag, NSD Director MEMBERS PRESENT Alice Vaughn Ben Grande Alynda Asher David Cantu Raul Torres Jesus Leija Char Atnip Barry Lobel! 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 10 members present. One member was absent. First order of business was to approve the minutes of the March 14, 2007 meeting. With no corrections made to the minutes, Mr. Leija made a motion to approve the minutes. Motion seconded was made by Mr. Grande. Motion passed unanimously. SCANNED 0111110 V The following loans were presented for review: DelaCruz, Adelina —2937 Gollihar: The first loan application presented by Mr. Vallejo was under Rehabilitation Loan Program where repairs will be done to the existing house. A new roof, thirteen windows, rewire for electrical. Major plumbing will include installing a new gas line, relocating the water heater, remove the old central air and replace with a new central air system, and insulate the ceilings Ms. DelaCruz will be receiving a zero percent loan for $17,950 and a Minimum Deferred Loan for $18,000. The Corporation will be in a first lien position. She has a net income of$573. No credit history. Title appears in her name. Ms. DelaCruz is okay on the total monthly housing payment to income ratio of 30%, and okay on the total monthly debt payment to income ratio of 40%. Total appraised value after rehabilitation will be at $69,436. Recommend approval based on the Corporation being in a first lien position, okay on the 30% ratio and 40% ratio; and having zero liabilities. A motion was made by Ms. Ford to approve the loan, motion seconded was made by Mr. Cantu. Motion passed unanimously. jTifanv Hull arrived at 12:10em1 Garcia, Olga aka Olga Mendez— 11613 Haven: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Ms. Garcia will be receiving a three bedroom, 2 bath, 1018 sq ft house. Ms. Garcia will be receiving zero percent loan for$45,000 and a Deferred Forgivable Loan for$18,525. The Corporation will be in a first lien position. She has a net income of$1657. Ms. Garcia credit score is at 776. Title appears in her name. Ms. Garcia's is okay on the total monthly housing payment to income ratio of 30%. Her total monthlydebt payment to income ratio is at 49%. Total appraised value after reconstruction will be at $82,552. Recommend approval based on the Corporation being in a first lien position. Net income very good, credit score at 776. Ms. Garcia's is okay on the 30% ratio. Considering Ms. Garcia being a little over the total debt of 49% everything else looks good. A motion was made by Ms. Ford to approve the loan, motion seconded was made by Mr. Cantu. Motion passed unanimously. it d Gonzalez, Severs — 3610 Wright: The third loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Ms. Gonzalez will be receiving a two bedroom ,1 bath, 796 sq ft house. She will be receiving a zero percent loan for $17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$17,100. The Corporation will be in a first lien position. She has a net income of$351. No credit history. Title appears in her name. Ms. Gonzalez is okay on the total monthly housing payment ratio of 30%. Her total monthly debt payment to income ratio is a 45%. Total appraisal value after reconstruction will be at $53,551. Recommend approval based on the Corporation being in a first lien position. Okay of the 30% ratio. Zero liabilities. Mr. Vallejo expressed that he believes Ms. Gonzales can manage her money even though since she has no liabilities. Ms. Gonzalez has a net income of$351. A motion was made by Ms. Asher to approve the loan, motion seconded by Mr. Lobell. Motion passed unanimously. Gonzalez, Jorge & Maria— 3610 Wright: The fourth loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program. Mr. and Mrs. Gonzalez will be receiving a three bedroom, 2 bath, 1,018 sq ft house. They will be receiving a 3% loan at $35,000 and a Deferred Forgivable Loan at $16,850. The Corporation will be in a first lien position. The Gonzalez' have a net income of$2,382. Mr. Gonzalez credit score is at 666 and Ms. Gonzalez credit score is at 639. Title appears in their name. Total monthly housing payment ratio is okay. Their total monthly debt payment to income ratio is okay. Total appraisal value after reconstruction will be at $65,726. Recommend approval based on the Corporation being in a first lien position. Their net income is very good. Both of their credit scores are good. Okay on their 30% and 40% income ratios. A motion was made by Mr. Cantu, motion seconded by Mr. Grande. Motion passed unanimously. Iry V Other Business: Mr. Vallejo informed the Committee that Mr. Cantu, Mr. Lobel! and Ms. Telge are up for reappointment Mr. Vallejo provided the Committee an update on the LULAC Village West Park Apartments project. Having no further business, motion to adjourn meeting was made by Mr.Torres and seconded was made by Mr. Grande. Motion passed unanimously and the meeting was adjourned.