HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/12/2009 'i✓
CORPUS CHRISTI COMMUNITY IMPROVEMENT COR
LOAN REVIEW COMMITTEE IV ED
WEDNESDAY, August 12, 2009
12 NOON NOV 0 3 2009
CI I Y SECRETARY'S OFFICE
MINUTES of the July 8, 2009 meeting
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Chris Hamilton
Isidoro U. Prado, Housing Administration Supervisor Barry Lobell
Eliva Hemandez, Loan Processor
MEMBERS PRESENT
Alice Vaughn
Abel Alonzo
David Cantu
Coretta Graham
Cliff Atnip (arrived late)
Ed Lopez
Keith Parker
Jodi R. Steen
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. Two (2) members were absent.
Second order of business to approve the minutes of the May 13, 2009 meeting.
Motion was made by Ms. Ford to approve the minutes and second was made by Mr.
Cantu. Motion passed unanimously.
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The following loans were presented to the Committee for review:
Mr. Vallejo informed the Committee three (3) loans were being presented to the
Committee today.
Juarez, Oscar & Linda —2817 Soledad:
The first loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Oscar&Linda Juarez, at 2817 Soledad. Mr.Vallejo
informed the Committee that Mr. & Mrs. Juarez will be having a 840 sq ft, 2
bedroom, 1 bath house reconstructed.
Mr. and Mrs. Juarez will be receiving a three (3) percent loan for $35,000, and a
Deferred Forgivable Loan for $18,015. The Corporation will be in a first lien
position. The Juarez' have a net income of$1,381. Mr. Vallejo rates their credit
as fair and his credit score is at 537, and her credit score is at 479. The title
appears to be in their name. The Juarez' are within the total monthly housing
payment to income ratio of 30%, but over on the 40%total monthly debt to income
ratio, at 42%. Total appraised value after reconstruction is $58,440.
Recommend approval based on the Corporation being in a first lien position. The
Juarez' net income and credit history is fair. Okay on the total monthly housing
payment to income ratio.
A motion was made by Mr. Cantu to approve the loan, second by Mr. Alonzo.
Motion passed unanimously.
Mendoza, Rebecca —950 Lolita:
The second loan application presented by Mr. Vallejo was under the Demolition
and Replacement Loan Program for Rebecca Mendoza, at 950 Lolita. Mr. Vallejo
informed the Committee that the Ms. Mendoza will be having a 796 sq ft, 2
bedroom, 1 bath house reconstructed.
Ms. Mendoza will be receiving a zero (0) percent loan for $17,000, Minimum
Deferred loan for $18,000 and a Deferred Forgivable Loan for $20,000. The
Corporation will be in a first lien position. Ms. Mendoza has a net income of$389.
Mr. Vallejo rates her credit as good; her credit score is at 666. The title appears to
be in her name. Ms. Mendoza is within the total monthly housing payment to
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income ratio of 30%, but over on the 40% total monthly debt to income ratio, at
46%. Total appraised value after reconstruction is $62,626.
Recommend approval based on the Corporation being in a first lien position. Zero
liabilities. Ms. Mendoza is within the 30% monthly housing payment to income ratio
and her credit is good.
A motion was made by Mr. Alonzo to approve the loan, second by Mr. Parker.
Motion passed unanimously.
Silguero. Amelia—4653 Cosner:
The third loan application presented by Mr. Vallejo was under the Demolition and
Replacement Loan Program for Amelia Siguero, at 4653 Cosner. Mr. Vallejo
informed the Committee that the Ms. Silguero will be having a 840 sq ft, 2 bedroom,
1 bath house reconstructed.
Ms. Silguero will be receiving a zero (0) percent loan for $17,000, Minimum
Deferred loan for $18,000 and a Deferred Forgivable Loan for $17,979. The
Corporation will be in a first lien position. Ms. Silguero has a net income of$572.
Mr. Vallejo rates her credit as excellent; her credit score is at 791. The title
appears to be in her name. Ms. Silguero is within the total monthly housing
payment to income ratio of 30%. Her total monthly debt to income ratio, at 39%.
Total appraised value after reconstruction is $63,281.
Recommend approval based on the Corporation being in a first lien position.
Excellent credit. Okay on the monthly housing payment to income ratio and the
monthly debt to income ratio. Minimum liabilities.
A motion was made by Mr. Alonzo to approve the loan, second by Ms. Steen.
Motion passed unanimously.
OTHER BUSINESS:
With no further discussion a motion by Mr. Cantu was made to adjourn and
seconded by Mr. Atnip. Motion passed unanimously.