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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 02/13/2008 !) 160 We nilaniale* d � LEu1h ) MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, February 13, 2008 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Judy Telge Delia Garcia, NSD Housing Administration Supervisor Elvia Hernandez, Loan Processor MEMBERS PRESENT Alice Vaughn Alynda Asher David Cantu Barry Lobell Char Atnip Jesus Leija Raul Torres Sylvia Ford Ben Grande Tiffany Hull (arrived at 12:25p) 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 (ten) members present. One (1) member was absent. One member arrived after roll call was taken. First order of business was to approve the minutes of the January 16, 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 1610 The following loans were presented for review: Ramirez, Gilberto & Eva — 3909 Tampico: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Gilberto & Eva Ramirez, 3909 Tampico. Mr. Vallejo informed the Committee that Mr. & Mrs. Ramirez will be having a 840 sq ft house, 2 bedroom, 1 bath house constructed. Mr. & Mrs. Ramirez will be receiving a zero percent loan for $17,000, a Minimum Deferred loan for $18,000 and a Deferred Forgivable loan for $15,364. The Corporation will be in a first lien position. They have a net income of$690. Mr. Ramirez' credit score is at 716 and and Mrs. Ramirez' credit score is at 752. Mr. Vallejo rates their credit as excellent. The title appears in their 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 $52,000. 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 Ms. Ford to approve the loan, motion seconded was made by Mr. Cantu. Rodriquez, Enriqueta — 2922 Lois: - Preliminary The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Enriqueta Rodriguez, 2922 Lois with a co- signer, Juanita Villarreal. Ms. Rodriguez will be having a 1224 sq ft house, 4 bedroom, 2 bath house constructed. Mr. Vallejo informed the Committee that this case is being presented as a preliminary case, because of staff concerns. Previous home improvements was performed at Ms. Rodrigues s house, and whomever did the modifications or provided the loan to Ms. Rodriguez to do the construction put a lien on her house. When Ms. Garcia, Housing Administration Supervisor was reviewing the case with the assigned loan processor, they discovered the loan amount was for$100,000 and that Ms. Rodriguez had received a partial release for $39,000. The attorney that does the title opinions for our department did pick up on it also. Mr. Vallejo asked the Committee for their experience and knowledge what they felt needed to be done to proceed with this case. Several Committee members had concerns regarding several issues. Ms. Garcia informed the Committee she discovered that all the companies that were involved in Ms. Rodriguez' case, were no longer in operation. The Committee instructed staff to continue working the case and present it, once more information is received regarding the existing lien. No motion will be made at this time; this case will be presented at a later date. bid ri With no further discussion a motion by Mr. Leija was made to adjourn and seconded by Mr. Lobel!.