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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 12/12/2007 /111104 2.0212;:: .i3 e st ite JAN 2008 m • to MINUTES apse CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA LOAN REVIEW COMMITTEE WEDNESDAY, December 12, 2007 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Sylvia Ford Dora Gomez, Loan Processor Judy Telge Norma Ramirez, Loan Processor MEMBERS PRESENT Alice Vaughn Ben Grande Alynda Asher David Cantu Barry Lobel! Tiffany Hull Char Atnip Raul Torres (arrived at 1216 p.m.) Jesus Leija 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 8 (eight) members present. Two (2) members were absent. One member arrived after roll call was taken. First order of business was to approve the minutes of the November 14, 2007 meetings. With no corrections made to the minutes, Mr. Cantu made a motion to approve the minutes. Motion seconded was made by Mr. Grande. Motion passed unanimously. SCANNED A The following loans were presented for review: Curry, Jesse Mae — 2742 Guadalupe: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Jesse Mae Curry, 2742 Guadalupe. She will be having a 840 sq ft house, 2 bedroom, 1 bath house constructed. Ms. Curry will be receiving a zero percent loan for $17,000, a Minimum Deferred loan for$18,000 and a Deferred Forgivable loan for$16,840. The Corporation will be in a first lien position. She has a net income of$460. Mr.Vallejo informed the Committee that In viewing her credit. Her credit score is 581 and he rates her credit as fair. On the 30% total monthly housing payment to income ratio she is okay. However, she is over on the 40% total monthly debt payment to income ratio, which is at 53%. Appraised value after reconstruction will be at $57,000. Recommend approval based on the Corporation being in a first lien position, few liabilities; okay on the 30% total monthly housing payment to income ratio. The condition of the house, there is major repairs that need to made. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Mr. Grande. Martinez, Ramiro E. — 1006 Francesca: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Ramiro E. Martinez, 1006 Francesca. He will be having a 840 sq ft house, 2 bedroom, 1 bath house constructed. Mr. Martinez will be receiving a 3% percent loan for$35,000 and a Deferred Forgivable loan for $17,665. Mr. Vallejo stated that the title opinion is still pending. He instructed the Committee that he was presenting this case contingent upon getting the title opinion and everything being in order. The Corporation will be in a first position unless the title opinion indicates otherwise. Mr. Martinez' net income is $877. His credit score is 777 and rated as excellent. The 30%total monthly housing payment to income ratio is okay. However, the 40% total monthly debt payment to income ratio is at 60%. Appraised value after reconstruction is $53,040. Recommend approval based on the Corporation being in first lien position. Net income of$877 is good; 30% total monthly housing payment to income ratio is okay; credit score is excellent. A Committee member stated since the applicant is a city employee was there a need to process separate paperwork. Mr. Vallejo stated no, since Mr. Martinez wasn't employed directly under our department and he is not involved in the line of the decision making. A motion was made by Mr. Cantu to approve the loan, motion seconded was made by Mr. Grande. �r yt Other Business: Mr. Vallejo informed the Committee that he has been making presentations at the various senior community centers which he does during this time of the year to make seniors aware of the Rehabilitation and Grant programs. Also there is going to be a Community Development Corporation meeting later on today regarding the New Construction Homebuyer Program. With no further discussion meeting was adjourned.