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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 07/08/2009 iāœ“ V RECEIVED NOV 0 3 2009 CORPUS CHRISTI COMMUNITY IMPROVEMENT C CIT!SECR9RP9RATION OFFICE LOAN REVIEW COMMITTEE WEDNESDAY, July 8, 2009 12 NOON MINUTES of the May 13, 2009 meeting STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Judy Telge Dora Gomez, Loan Processor Char Atnip Jesus Leija MEMBERS PRESENT Alice Vaughn Ben Grande David Cantu Barry Lobell Cliff Atnip Abel Alonzo Sylvia Ford 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. One (1) member was absent. Two (2) members resigned. Second order of business to approve the minutes of the February 11, 2009 meeting. Motion was made by Ms. Ford to approve the minutes and second was made by Mr. Cantu. Motion passed unanimously. SCANNED il0 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. Bernal, Eloisa ā€” 1445 18th St.: The first loan application presented by Mr.Vallejo had already been brought forth to the Loan Review Committee on January 14, 2009 informing the Corporation would be in a 1st lien position. But when a corrected title opinion revealed a paving lien from the City of Corpus Christi. Mr. Vallejo had to present the case again with the correct lien position being a second. The balance owed at that time $15,113. Ms. Bernal's case was presented again on February 11, 2009 and the Committee instructed staff to try and negotiate a reduction in the($15,000) amount owed. Staff negotiated a reduction to the original amount owed of $817.00 Ms. Bernal has since paid the balance down to $512.00. She anticipates on paying the rest in a few months. By the time construction is completed she should have this balance paid off and therefore have only one payment. Ms. Bernal's case was under the Demolition and Replacement Loan Program at 1445 18th 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 2nd lien position until Ms. Bernal pays off the pavement lien. Ms. Bernal now has a net income of$206 versus a $456 prior to the first lien being discovered. 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 second lien position. Other than paying back the paving lien Ms. Bernal has 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. A suggestion was made from a Committee member for all future applications being resubmitted to provide a full packet to include i.e. survey and credit report to refresh the Committee's memory on the case. ā€¢ v V Garcia, Pedro G. aka Pete Garcia ā€” 2626 Sonora: The second loan application presented by Mr. Vallejo was under the Demolition and Replacement Loan Program for Pedro Garcia, at 2626 Sonora. Mr. Vallejo informed the Committee that Mr. Garcia will be having a 1018 sq ft, 3 bedroom, 2 bath house constructed. Mr. Garcia will be receiving a three (3) percent loan for $45,000, and a Deferred Forgivable Loan for $20,000. The Corporation will be in a first lien position. Mr. Garcia has a net income of $1,468. Mr. Vallejo rates his credit as good and his credit score is at 646. The title appears to be in Mr. Garcia's name. Mr. Garcia is within the total monthly housing payment to income ratio of 30%, but over on the 40% total monthly debt to income ratio, he is at 43%. Total appraised value after reconstruction is $79,856. Recommend approval based on the Corporation being in a first lien position. Mr. Garcia's net income is fair; and his credit history is good. A motion was made by Mr. Lozano to approve the loan, second by Mr. Lobell. Motion passed unanimously. OTHER BUSINESS: Mr. Vallejo presented a quarterly mortgage report as of January through April 2009 to the Loan Review Committee. With no further discussion a motion by Mr. Lobell was made to adjourn and seconded by Ms. Ford. Motion passed unanimously.