HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/14/2007 his Ns.
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LOAN REVIEW COMMITTEE
WEDNESDAY, November 14, 2007
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Sylvia Ford
Dalia Garcia, NSD Housing Administration Supervisor Tiffany Hull
Yvonne M. Haag, NSD Director Raul Torres
Char Atnip
Judy Telge
MEMBERS PRESENT
Alice Vaughn
Ben Grande
Alynda Asher
David Cantu
Jesus Leija
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 6 (six)
members present. Five (5) members were absent.
First order of business was to approve the minutes of the September 12, 2007 and
October 3, 2007 meetings. With no corrections made to the minutes, Mr. Lobell
made a motion to approve the minutes. Motion seconded was made by Mr. Cantu.
Motion passed unanimously.
SCANNED
•
The following loan was presented for review:
Acuna. Diana - 4613 Ramona:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program a 796 sq ft house, 2 bedroom, 1 bath. Ms. Acuna will
be receiving a zero percent loan for $35,000 and a Deferred Forgivable Loan for
$20,000 and a request to refinance for$5,411 to be put in the first lien position. Ms.
Acuna will provide with homeowner's share of$555. The Corporation will be in the
first lien position. She has a net income of $288. Her credit score at 617. After
reviewing Ms. Acuna's credit , I rate it as good. The title appears in her name. On
the 30%total monthly housing payment to income ratio is okay. However, the 40%
total monthly debt payment to income, Ms.Acuna is at 66%. Total appraised value
after reconstruction will be at $53,271.
Recommend approval based on the Corporation being in a first lien position; no
liabilities; okay on the 30% ratio; and credit score rating at 617. Committee member
question two items on the applicant (1) letters to the Committee (2) homeowner
share. A motion was made by Mr. Cantu to approve the loan, motion seconded
was made by Ms. Asher. Motion pass unanimously.
Mr. Vallejo passed out to Committee members the October 2007 delinquency
report.
With no further discussion meeting was adjourned.