HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/16/2008 (1100 *SP
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MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORA •
LOAN REVIEW COMMITTEE
WEDNESDAY, January 16, 2008
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Ben Grande
Delia Garcia, NSD Housing Administration Supervisor Judy Telge
Elvia Hernandez, Loan Processor Sylvia Ford
MEMBERS PRESENT
Alice Vaughn
Alynda Asher
David Cantu
Barry Lobell
Tiffany Hull
Char Atnip
Jesus Leija
Raul Torres (arrived at 12:14pm)
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. Three (3) members were absent. One member arrived after
roll call was taken.
First order of business was to approve the minutes of the December 12, 2007
meetings. With no corrections made to the minutes, Ms. Asher made a motion to
approve the minutes. Motion seconded was made by Mr. Lobell. Motion passed
unanimously.
SCANNED
The following loans were presented for review:
De la Garza, David & Sofia— 1106 Sabinas:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for David & Sofia DelaGarza, 1106 Sabinas. Mr.
Vallejo informed the Committee that Mr. & Mrs.De la Garza will be having a 1081
sq ft house, 3 bedroom, 2 bath house constructed. Mr. & Mrs. DelaGarza will be
receiving a zero percent loan for$27,000, a Minimum Deferred loan for$18,000
and a Deferred Forgivable loan for$20,000. The Corporation will be in a first lien
position. They have a net income of $1,495. Their credit score is 687 and Mr.
Vallejo rates their credit as good. The title appears in Ms. DelaGarza's name.
They are within the total monthly housing payment to income ratio of 30%; and total
monthly debt payment to income ratio, of 40%. Total appraised value after
reconstruction will be at$62,244.
Recommend approval based on the Corporation being in a first lien position; they
are within the 30%total monthly housing payment to income ratio and the 40%total
monthly debt payment to income ratio; and they have zero liabilities. A motion was
made by Mr. Leija to approve the loan, motion seconded was made by Mr. Cantu.
Garcia. Julia —2740 Rogers:
The second loan application presented by Mr. Vallejo was under the Demolition
and Replacement Loan Program for Julia Garcia, 2740. Mr. Vallejo informed the
Committee that Ms. Garcia will be having a 840 sq ft house, 2 bedroom, 1 bath
house constructed. Ms. Garcia will be receiving a 0% percent loan for $17,000,
Minimum Deferred loan for $18,000 and a Deferred Forgivable loan for $16,264.
The title appears in her name. The Corporation will be in a first position. Ms.
Garcia's net income is $306. Her credit score is 587 and rated as fair. The total
monthly housing payment to income ratio is within the 30% ratio. However,the total
monthly debt payment to income ratio is over the 40% ratio, its at 53%. Appraised
value after reconstruction is $56,222.
Recommend approval based on the Corporation being in first lien position. Net
income of$306; 30%total monthly housing payment to income ratio is within the
range; credit score is fair. A motion was made by Mr. Cantu to approve the loan,
motion seconded was made by Mr. Lobell.
With no further discussion a motion by Mr. Lobell was made to adjourn and
seconded by Mr. Cantu.