HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 08/25/1993 • $is-a
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MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
AUGUST 25, 1993
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Burford Dobbins
Fred Pena, Rehabilitation Supervisor Louis Garza
Lana Taylor, Senior Secretary II Forrest Smith
MEMBERS PRESENT
Alynda Asher
Diana Bazan
Ernest Carter
Ruben Fuentes
Rose Royce Huegele
Leroy San Miguel
Paul Shamoun
Alice Vaughn
Chairperson Rose Royce Huegele called the meeting to order at 12:05 p.m. in the
Building Inspection Conference Room on the 2nd Floor of City Hall. There being no
changes to the July 28, 1993 minutes, Mr. Carter moved to approve the minutes, Ms.
Vaughn seconded, motion passes unanimously.
Ms. Huegele introduced the new members, Alynda Asher and Diana Bazan, to the
Committee.
The following loan requests were presented:
A demolition replacement loan request for Jesusa Benavides, 415 18th Street, in the
amount of $30,750.00 at three (3%) percent interest amortized over a 20-year
period. The loan includes a $2,100.00 relocation grant. Total monthly payment of
principal, taxes and interest will be $277.54. The Corporation will be in a first lien
position.
Mr. Carter moved to approve the loan as presented, seconded by Mr. San Miguel,
motion passed unanimously.
A rehabilitation loan request for Oralia Campos, 429 Westgate, in the amount of
$26,350.00 at three 13%1 percent interest amortized over a 20-year period. Total
monthly payment of principal, taxes and interest is $278.14. The Corporation will be
in a first lien position. SCANNED
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Minutes of the Loan RS.,w Committee 110 August 25, 1993
Page 2
Mr. San Miguel moved the loan be approved as submitted, seconded by Mr. Fuentes,
passed unanimously.
A rehabilitation loan request for Mary R. Ceballos, 122 Hiawatha, in the amount of
$8,250.00 at zero percent interest amortized over a 15-year period. The loan includes
$15,000.00 minimum deferred. The monthly payment of principal,taxes and interest
is $79.83. The Corporation will be in a first lien position.
A discussion was held concerning upgrading a house that is already 50% deteriorated.
Consideration of demolition replacement was also discussed.
Mr. Fuentes moved to approve the loan request, seconded by Mr. San Miguel.
Motion passed unanimously.
A self-help rehabilitation loan request for Gabriel Pena, 2920 Lois, in the amount of
$20,350.00 at three percent (3%) interest amortized over a 20-year period. The
monthly payment of principal, taxes and interest is S112.86. The Corporation will be
in a second lien position.
Mr. Vallejo stated that in March of 1993 the loan request was tabled because of
excessive debt. Mr. and Mrs. Pena went to credit counseling and reduced their
indebtedness advantageously.
Mr. San Miguel moved to approve the loan request, seconded by Mr. Carter. Motion
passed unanimously.
A demolition and replacement loan request for Sara Salazar, 229 Cheyenne, in the
amount of $26,900.00 at zero percent interest amortized over a 25-year period. The
loan includes a $1,400.00 relocation grant. The monthly payment of principal, taxes,
and interest is $160.66. The Corporation will be in a first lien position.
Mr. Shamoun moved the loan be approved contingent on obtaining a release of lien,
seconded by Mrs. Vaughn. Motion passed unanimously.
A demolition and replacement loan request for Willie Salazar, 4718 Ingram, in the
amount of $17,100.00 at zero percent interest amortized over a 25-year period. The
loan includes $15,000.00 minimum deferred, a $4,000.00 emergency grant, and a
$1,400.00 relocation grant. The monthly payment of principal, taxes, and interest
in $108.00. The Corporation will be in a first lien position.
Mr. Shamoun moved to decline the loan because it would put a strain on Mr. Salazar's
budget and they already have a bankruptcy, seconded by Mr. Carter. Motion passed
unanimously.
A preliminary demolition and replacement loan request for Frank Zapata, 307
Minutes of the Loan Raw Committee J August 25, 1993
Page 3
Josephine, in the amount of $7,900.00 at zero percent interest amortized over a 15-
year period. The loan includes $15,000.00 minimum deferred, a $4,000.00 grant,
and a $2,100.00 relocation grant. The monthly payment of principal, taxes, and
interest in $118.89. The Corporation will be in a first lien position.
The Committee discussed the financial capacity of Mr. Zapata and determined it
would be advantageous to bring the request back to the Committee in a couple of
years.
A demolition and rehabilitation loan request for Santos and Aurora Hinojosa, 1005
Bluntzer, in the amount of $34,000.00 at zero percent interest amortized over a 25-
year period. The loan includes $2,350.00 owner's lump sum share, and a $1,400.00
relocation grant. The monthly payment of principal, taxes and interest is 8196.33.
The Corporation will be in a first lien position.
Mr. San Miguel moved to approve the loan contingent on owner receiving funds for
owner's share, seconded by Mrs. Vaughn. Motion passed.
Discussed changes to Rehabilitation Handbook. Basically three changes: 11Make the
guarantee deposit in quarterly deposits, 2)Increase the number of draws from three
(3) to five (5), and 31Reduce the amount being retained from 5% to 2%.
There being no further business, the meeting was adjourned.
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