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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 04/09/2008 t 4111. *1110 0234667 : N On c' N F, MINUTES �' ,_' .‘2,1 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORP TIOf LOAN REVIEW COMMITTEE $ " .' WEDNESDAY, April 9, 2008 zzrznzexG`'„ 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Ben Grande Dalia Garcia, NSD Housing Administration Supervisor Barry Lobell MEMBERS PRESENT Alice Vaughn Alynda Asher David Cantu Char Atnip Jesus Leija Raul Torres Tiffany Hull Judy Telge Sylvia Ford (arrived at 12:15p.m.) 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 9 (nine) members present. Two (2) members were absent. First order of business was to approve the minutes of the February 13, 2008 meetings. With no corrections made to the minutes, Mr. Cantu made a motion to approve the minutes. Motion seconded was made by Mr. Torres. Motion passed unanimously. SCANNED V The following loans were presented for review: Ramirez, Raul & Marcie - 506 Scott: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Raul and Marcie Ramirez, 506 Scott. Mr. Vallejo informed the Committee that Mr. & Mrs. Ramirez will be having a 1007 sq ft house, 3 bedroom, 2 bath house constructed. Mr. & Mrs. Ramirez will be receiving a 3 percent loan for $45,000, and a Deferred Forgivable loan for $15,509. The Corporation will be in a first lien position. They have a net income of$1,279. Mr. Ramirez' credit score is at 738 and and Mrs. Ramirez' credit score is at 782. Mr. Vallejo rates their credit as excellent. The title appears in Mr. Ramirez' name, a gift from his parents. They are within the total monthly housing payment to income ratio of 30% but over on the 40% total monthly debt to income ratio, they are at 57%. Total appraised value after reconstruction will be at$67,999. Recommend approval based on the Corporation being in a first lien position; they are within the 30%total monthly to income ratio. A motion was made by Ms. Cantu to approve the loan, motion seconded was made by Ms. Hull. Bailon, Pascaul & Josephine-4917 Weber: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Pascaul and Josephine Bailon, 4917 Weber. Ms. Rodriguez will be having a 840sq ft house, 2 bedroom, 1 bath house constructed. Mr. & Mrs. Ramirez will be receiving a 3 percent loan for$35,000, and a Deferred Forgivable loan for $16,084. The Corporation will be in a first lien position. They have a net income of$1,798. Mr.Vallejo informed the committee that he could not find a credit score on Mr. Bailon. Mrs. Bailon credit score is at 677. Mr. Vallejo rates Mrs. Bailon credit as good. The title appears in their name. They are within the total monthly housing payment to income ratio of 30% and a total monthly debt to income ratio, of 40%. Total appraised value after reconstruction will be at $67,999. 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 to income ratio. A motion was made by Ms. Cantu to approve the loan, motion seconded was made by Mr. Leija. Ms. Telge passed out a handout regarding universal design building to the Staff and Committee. Committee member also asked when it came to the property advisor 60 S surveying the homeowners property that within his survey form that a accessibility category be added. With no further discussion a motion by Mr. Leija was made to adjourn and seconded by Mr. Cantu OTHER BUSINESS: The Committee had asked staff in the last meeting held on February 13 to provide them with how the monies for the Rehabilition Program are allocated and expended. A handout was passed out showing the funds. With no further discussion a motion by Mr. Torres was made to adjourn and seconded by Mr. Ford.