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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 01/14/2009 RECEIVED MINUTES JAN 2 8 2009 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPO- •TION LOAN REVIEW COMMITTEE CITY SECRETARY'S OFFICE WEDNESDAY, January 14, 2009 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Ben Grande Dora Gomez, Loan Processor Sylvia Ford Judy Telge MEMBERS PRESENT Alice Vaughn Alynda Asher David Cantu Barry Lobell Cliff Atnip Char Atnip Abel Alonzo Jesus Leija 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. Second order of business to approve the minutes of the December 10, 2008 meeting. Motion was made by Mr. Cantu to approve the minutes and second was by Mr. Lobell. Motion passed unanimously. The following loans were presented to the Committee for review: Mr. Vallejo informed the Committee that there were two loans being presented to the Committee today. SCANNED Carrillo, Silveria — 1117 Verbena: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Silveria Carrillo at 1117 Verbena. Mr. Vallejo informed the Committee that Ms. Carrillo will be having a 796 sq ft, 2 bedroom, 1 bath house constructed. Ms. Carrillo will be receiving a zero (0%) percent loan for $17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for $18,877. The Corporation will be in a first lien position. Ms. Carrillo has a net income of$345. Ms. Carrillo's credit score is at 588. Mr. Vallejo rates her credit as fair. The title appears to be in her name through a will. Her husband passed away and left the property to her. Ms. Carrillo's total monthly housing payment to income ratio is within the 30% ratio; but over on the 40%total monthly debt to income ratio, she is at 51%. Total appraised value after reconstruction is $57,000. Recommend approval based on that the Corporation being in a first lien position. Ms. Carrillo is okay on the 30%total monthly housing to income ratio and because of the condition of the house. A motion was made by Mr. Cantu to approve the loan, second by Mr. Leija. Motion passed unanimously. Morales, Oralia E. —5218 Carriage Lane: The second loan application presented by Mr. Vallejo was under the Rehabilitation Loan Program for Oralia E. Morales, 5218 Carriage Lane. Ms. Morales has a daughter living with her diagnosed with Down's Syndrome. Both are receiving social security. Ms. Morales will be receiving a zero (0) percent loan for $24,100 and a Minimum Deferred Loan for $18,000. The Corporation will be in a first lien position. Ms. Morales has a net income of$853. Ms. Morales credit score is at 749. Mr. Vallejo rates are credit good to excellent. Ms. Morales has the title to the house through a divorce decree. Ms. Morales 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 43%. Mr.Vallejo informed the Committee with the improvements, he appraises the house at $154,480. Recommend approval based on the Corporation being in a first lien position; Ms. Morales' credit score and Ms. Morales total monthly housing payment to income ratio is within the 30% ratio. Mr. Vallejo asked the Committee if their were any questions. Committee member asked what type of rehabilitation will be done to Ms. Morales house. Mr. Vallejo informed the Committee that her house will be rewired and replace light fixtures; install a new gas line; repair any cracks on the walls and ceiling and repaint inside, new kitchen and bath cabinets with counter tops will be constructed. Replace tub faucet and lavatory faucet, repair ceramic shower and exterior and overhead garage door. A motion was made by Mr. LobelI to approve the loan, second by Mr. Cantu. Motion passed unanimously. OTHER BUSINESS: Mr. Vallejo passed out a handout of the mortgage servicing report. After a lengthy discussion between staff and Committee members, the Committee requested that staff obtain information on the occupancy of 18 units in which no payment is being made at all. The Committee was interested in knowing whether the units were owner occupied or rented out. With no further discussion a motion by Mr. Leija was made to adjourn and seconded by Mr. Cantu. Motion passed unanimously.