HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/11/2009 CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
WEDNESDAY, November 11, 2009 RECEIVED
12 NOON
FEB 16 2010
MINUTES of the September 9, 2009 meeting CIiysEcom,iicvvirS mirk
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Cliff Atnip
Isidoro U. Prado, Housing Administration Supervisor Keith Parker
Margie C. Rose, Assistant City Manager
Interim Director of Neighborhood Services Department
MEMBERS PRESENT
Alice Vaughn
Abel Alonzo
David Cantu
Chris Hamilton
Barry Lobell
Coretta Graham
Jodi 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 7(seven)
members present. Two (2) members were absent.
Second order of business to approve the minutes of the August 12, 2009 meeting.
Motion was made by Mr. Lobell to approve the minutes and second was made by
Ms. Graham. Motion passed unanimously.
The following loans were presented to the Committee for review:
SCANNED
Mr. Vallejo informed the Committee two (2) loans were being presented to the
Committee today.
Hernandez, Maria— 2118 Harvard:
The first loan application presented by Mr. Vallejo was under the Rehabilitation
Loan Program. Major work that will done is rewiring, replacing (3) three existing
doors, plumbing, flooring, cabinets and counter top.
Ms. Hernandez will be receiving a 0% loan for$18,500, a Minimum Deferred loan
for$18,000 and a Rehabilitation Grant for$6,500. The Corporation will be in a first
lien position. Ms. Hernandez has a net income of $945. Mr. Vallejo rates her
credit as good. Ms. Hernandez's credit score is at 688. The title appears to be in
her name. Ms. Hernandez is within the total monthly housing payment to income
ratio of 30% and the total monthly debt payment to income ratio of 40%. Total
appraised value after reconstruction is $62,550.
Recommend approval based on the Corporation being in a first lien position. The
homeowner is okay on the 30% and 40% income ratios. Her credit score is at 688.
Ms. Hernandez has very little liabilities. Her net income of$945.
A motion was made by Mr. Cantu to approve the loan, second by Ms. Steen
Motion passed unanimously.
Salazar, Juan and Monica — 1025 Bluntzer:
The second loan application presented by Mr. Vallejo was under the Demolition
and Replacement Loan Program for Juan and Monica Salazar, at 1025 Bluntzer.
Mr.Vallejo informed the Committee that Mr. & Mrs. Salazar will be having a 840 sq
ft, 2 bedroom, 1 bath house reconstructed.
Mr. and Mrs. Salazar will be receiving a zero (0) percent loan for $35,000, and a
Deferred Forgivable Loan for $19,459. The Corporation will be in a first lien
position. The Salazar's have a net income of$1163. Mr. Vallejo informed the
Committee that the Salazar's have no credit history and credit report is not
indicating any information. The title appears to be in their name. The Salazar's
are within the total monthly housing payment to income ratio of 30% and the total
monthly debt payment to income ratio is at 27%. Total appraised value after
reconstruction is $58,129.
Recommend approval based on the Corporation being in a first lien position. The
Salazar's net income and credit history is excellent. They are within the 30% and
40% ratios; zero (0) liabilities; net income at 1163.
During the discussion Ms. Steen requested that on cases where the applicant has
no credit history that the Committee be provided with non-traditional type credit
history.
A motion was made by Mr. Lobel) to approve the loan, second by Mr. Hamilton.
Motion passed unanimously.
With no further discussion a motion by Mr. Cantu was made to adjourn and
seconded by Ms. Steen. Motion passed unanimously.