HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 09/10/2008 2Pr
MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, September 10, 2008
12 NOON �
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STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager NONE
Delia Garcia, NSD Housing Administration Supervisor
MEMBERS PRESENT
Alice Vaughn
Alynda Asher
Char Atnip * (arrived at 12:15pm)
Jesus Leija
Abel Alonzo
Cliff Atnip
Ben Grande
Sylvia Ford
Barry Lobell
Judy Telge
David Cantu
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 11
(eleven) members present. None were absent.
First order of business was to approve the minutes of the August 13, 2008 meeting.
A correction is to be made to the minutes. Ms. Ford made a motion to approve the
minutes with correction. Motion seconded was made by Mr. Grande. Motion
passed unanimously.
SCANNED
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The following loans were presented to the Committee for review:
Mr. Vallejo informed the Committee that there will be two loans being presented to
the Committee, there were originally four (4) loans.
Almaquer, Carmen — 1601 19th St.:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Carmen Almaguer, 1601 19th St. Mr. Vallejo
informed the Committee that Ms.Almaguer will be having a 796 sq ft, 2 bedroom, 1
bath house constructed. Ms. Almaguer will be receiving a zero percent loan for
$17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for
$18,716. The Corporation will be in a first lien position. Ms. Almaguer has a net
income of$516. Ms.Almaguer has no credit history. Mr.Vallejo rates her credit as
good. The title appears to be in her name. Ms. Almaguer is within the total
monthly housing payment to income ratio of 30%; she is at the 40% total monthly
debt to income ratio. Total appraised value after reconstruction will be at$57730.
Recommend approval based on her zero liabilities, and the Corporation being in a
first lien position. Ms.Almaguer is within the 30%total monthly to income ratio and
40% housing payment to income ratio. A motion was made by Mr. Leija to
approve the loan, motion seconded was made by Mr. Cantu. Motion passed
unanimously.
`Char Atnip arrived at 12:15pm.
Otero, Angelina —713 Eleanor:
The second loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Angelina Otero, 713 Eleanor. Ms. Otero will be
having a 796 sq ft house, 2 bedroom, 1 bath house constructed.
Ms. Otero will be receiving a zero percent loan for$17,000, Minimum Deferred Loan
for$18,000 and a Deferred Forgivable Loan for$15,214. The Corporation will be in
a first lien position. Ms. Otero has a net income of$561. Ms. Otero' credit score is
at 648. Mr. Vallejo rates Ms. Otero credit as good. The title appears in her name
because Ms. Otero inherited property from her deceased husband. Ms. Otero 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 45%. Total appraised value after
reconstruction will be at $54,224.
Recommend approval based on the Corporation being in a first lien position. Ms.
Otero credit is rated as good and she is okay on the 30% total monthly to income
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ratio. A motion was made by Mr. Cantu to approve the loan, motion seconded was
made by Mr. Grande. Motion passed unanimously.
OTHER BUSINESS:
Mr. Vallejo informed the Committee that staff is going to start a marketing effort to
inform the public more about our housing programs through the Neighborhood
Initiative Program (NIP) which involves twenty (20) NIP sites.
With no further discussion a motion by Mr. Lobel) was made to adjourn and
seconded by Mr. Cantu. Motion passed unanimously.