HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 06/11/2008 'V
MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORP&1R,4,TION
LOAN REVIEW COMMITTEE
WEDNESDAY, June 11, 2008
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager David Cantu
Delia Garcia, NSD Housing Administration Supervisor
MEMBERS PRESENT
Alice Vaughn
Alynda Asher
Char Atnip
Jesus Leija
Abel Alonzo
Cliff Atnip
Ben Grande
Sylvia Ford
Barry Lobell
Judy Telge (arrived at 12:04p.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 10 (ten)
members present. One (1) member was absent.
First order of business was to approve the minutes of the April 9, 2008 meeting.
Several corrections were to be made to the minutes. Ms. Ford made a motion to
approve the minutes with corrections. Motion seconded was made by Ms. Telge.
Motion passed unanimously.
Mr.Vallejo informed the Committee of member changes to the Committee. Tiffany
Hull chose not to be reappointed and Raul Torres did not get reappointed to the
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Committee. The new members are Abel Alonzo (Community at Large) and Cliff
Atnip (Community at Large). Ms. Ford was changed from (Community at Large)to
Financial in order to fill the position that was left by Ms. Hull.
Mr.Vallejo informed the Committee there will be one (1)case that will be presented
and three other cases were being prepared for presentation to the Committee.
However, several issues occurred with each case and staff was unable to present
the cases.
Mr. Leija asked staff what ever happened about the LULAC West Park Housing
L.P. loan? Mr. Vallejo stated that he has not heard from anyone regarding this
case. As soon as he does he will inform the Committee.
The following loan was presented for review:
Perez, Socorro C. — 146 E. Vanderbilt:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Socorro Perez, 146 E. Vanderbilt. Mr. Vallejo
informed the Committee that Ms. Perez will be having a 796 sq ft, 2 bedroom, 1
bath house constructed. Ms. Perez will be receiving a zero percent loan for
$17,000, Minimum Deferred loan for$18,000 and a Deferred Forgivable loan for
$14,615. The Corporation will be in a first lien position. Ms. Perez has a net
income of$380. Ms. Perez' credit score is at 751. Mr. Vallejo rates her credit as
excellent. The title appears to be in her name. Ms. Perez is within the total monthly
housing payment to income ratio of 30% but over on the 40%total monthly debt to
income ratio, she is at 42%. Total appraised value after reconstruction will be at
$57,150.
Recommend approval based on the Corporation being in a first lien position. Ms.
Perez is within the 30% total monthly to income ratio. A motion was made by Mr.
Leija to approve the loan, motion seconded was made by Ms. Ford. Motion passed
unanimously.
Committee members were concerned when Mr. Vallejo brought to their attention
that Development Services Department are stating that a ramp is considered as a
platform and certain specifications for building a platform are required to pass
inspection. Several Committee members questioned why after all this time and
building numerous ramps under the Demolition and Replacement Loan Program
this has suddenly come about. Mr.Vallejo informed the Committee staff was looking
into this matter further. The Committee believe that a ramp is considered as an
accessibility to for the disable and are built to code specifications.
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OTHER BUSINESS:
None.
With no further discussion a motion by Mr. Lobel! was made to adjourn and
seconded by Ms. Ford. Motion passed unanimously.