HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 02/11/2009 MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, February 11, 2009
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Ben Grande
Dora Gomez, Loan Processor Sylvia Ford
Judy Telge
Alynda Asher
Abel Alonzo
Char Atnip
MEMBERS PRESENT RECEIVED
Alice Vaughn
David Cantu NOV 0 3 2009
Barry Lobell
Cliff Atnip
Jesus Leija CRY SECRETARY'S OFFICE
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 5(five)
members present. Six (6) members were absent.
Second order of business to approve the minutes of the January 14, 2009 meeting.
Motion was made by Mr. Cantu to approve the minutes and second was made 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
V
Bernal, Eloisa— 1445 18th St.:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Eloisa Bernal at 1445 181h St. Mr.Vallejo informed
the Committee that Ms. Bernal will be having a 796 sq ft, 2 bedroom, 1 bath house
constructed. Ms. Bernal will be receiving a zero (0%) percent loan for $17,000,
Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for$18,809.
The Corporation will be in a first lien position. Ms. Bernal has a net income of
$456. There is no credit history. The title appears to be in her name. Ms.
Bernal's total monthly housing payment to income ratio is within the 30% ratio; but
she is over on the 40% total monthly debt to income ratio, she is at 45%. Total
appraised value after reconstruction is $58,138.
Recommend approval based on the Corporation being in a first lien position. No
liabilities. Ms. Bernal is within the 30% total monthly housing to income ratio and
due to the condition of the house. A motion was made by Mr. Leija to approve the
loan, second by Mr. Cantu. Motion passed unanimously.
Bryant, Doris — 926 Acacia:
The second loan application presented by Mr. Vallejo was under the Demolition
and Replacement Loan Program for Doris Bryant, at 926 Acacia. Mr. Vallejo
informed the Committee that Ms. Bryant will be having a 840 sq ft, 2 bedroom, 1
bath house constructed.
Ms. Bryant will be receiving a zero (0) percent loan for$17,100, Minimum Deferred
Loan for $18,000 and a Deferred Forgivable Loan for $18,239. The Corporation
will be in a first lien position. Ms. Bryant has a net income of $548. Mr. Vallejo
rates her credit as fair and her credit score is at 543. Ms. Bryant has the title to the
house through a divorce decree. Ms. Bryant is within the total monthly housing
payment to income ratio of 30%. Her monthly debt to income ratio, she is at 38%.
Total appraised value after reconstruction is $58,450.
Recommend approval based on her having few liabilities, the Corporation being in
a first lien position; Ms. Bryant is within the total monthly housing payment and
total monthly debt to income ratio.
A motion was made by Mr. Cantu to approve the loan, second by Mr. Lobel!.
Motion passed unanimously.
OTHER BUSINESS:
4 r+
With no further discussion a motion by Mr. Lobel! was made to adjourn and
seconded by Mr. Cantu. Motion passed unanimously.