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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 05/13/2009 INF d' MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE WEDNESDAY, May 13, 2009 12 NOON STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Cliff Atnip Dora Gomez, Loan Processor Char Atnip Rosie Ramirez, Loan Processor Abel Alonzo Antonio Recio, Housing Operation Supervisor Sylvia Ford RECEIVED NOV 0 3 2009 CITY SECRETARY'S OFFICE MEMBERS PRESENT Alice Vaughn Alynda Asher David Cantu Barry Lobell Jesus Leija Ben Grande Judy Telge 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 7 (seven) members present. Four (4) members were absent. Second order of business to approve the minutes of the February 11,2009 meeting. Motion was made by Mr. Cantu to approve the minutes and second was by Mr. Lobel!. Motion passed unanimously. The following loans were presented to the Committee for review: SCANNED V *10 The following loans were presented to the Committee for review: Mr. Vallejo informed the Committee that there were two new loan cases being presented to the Committee and one case that was presented to the Committee last month an explanation as to why it's being brought forth, will follow. Escobar, Clara V — 2514 Sarita: The first loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Clara Escobar at 2514 Sarita. Mr.Vallejo informed the Committee that Ms. Escobar will be having a 840 sq ft, 2 bedroom, 1 bath house constructed. Ms. Escobar will be receiving a zero (0%) percent loan for $17,000, Minimum Deferred Loan for$18,000 and a Deferred Forgivable Loan for $18,239. The Corporation will be in a first lien position. Ms. Escobar has a net income of$532. Ms. Escobar's credit score is at 784. Mr. Vallejo rates her credit as excellent. The title appears to be in her name. Ms. Escobar'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 44%. Total appraised value after reconstruction is $54,393. Recommend approval based on the Corporation being in a first lien position. Ms. Escobar 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 Ms. Asher. Motion passed unanimously. Gomez, Maria — 2021 Trevway: The second loan application presented by Mr. Vallejo was under the Rehabilitation Loan Program for Maria Gomez at 2021 Treyway. Ms. Gomez will be receiving a zero (0) percent loan for$21,900 and a Minimum Deferred Loan for$18,000. The Corporation will be in a first lien position. Ms. Gomez has a net income of $291. Ms. Gomez credit score is at 761. Mr. Vallejo rates her credit good to excellent. Ms. Gomez 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 58%. Mr. Vallejo informed the Committee with the improvements, he appraises the house at $84,769. Recommend approval based on the Corporation being in a first lien position; Ms. Gomez credit score and total monthly housing payment to income ratio is within the 30% ratio. A motion was made by Mr. Leija to approve the loan, second by Mr. Grande. Motion passed unanimously. V Bernal, Eloise — 1446 18th St.: The third loan application presented by Mr. Vallejo has already been presented to the Committee at the January 14, 2009 meeting. The reason for bringing this back is that it was presented to Committee with the understanding the Corporation was to be in the first lien position. Mr. Vallejo notified the Committee that a corrected title opinion from Ms. Cuellar office was sent showing a paving lien on Ms. Bernal's property. This would put the Corporation in a second lien position. After a brief discussion the Committee instructed staff to try and negotiate a lowering of Ms. Bernal's past due account. Either have it forgiven or reduce to its original amount. OTHER BUSINESS: A power point presentation on the Demolition/Replacement program was presented to the Committee by Mr. Vallejo. With no further discussion a motion by Mr. Lobel) was made to adjourn and seconded by Mr. Grande. Motion passed unanimously.