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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 10/20/1993 a/Jt 111111 MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION LOAN REVIEW COMMITTEE OCTOBER 20, 1993 12 NOON STAFF PRESENT MEMBERS ABSENT Mike Reuwsaat, Director Forrest Smith Hector G. Vallejo, Program Manager Burford Dobbins Fred Pena, Rehabilitation Supervisor Leroy San Miguel Sandee Galvan, Recording Secretary MEMBERS PRESENT Ernest Carter Rose Royce Huegele Alice Vaughn Ruben Fuentes Diana Bazan Alynda Asher Paul Shamoun Louis Garza Chairman Rose Royce Huegele called the meeting to order in the Building Inspections' Conference Room on the 2nd Floor of City Hall. The first order of business was to approve the minutes of the September 22, 1993 meeting. Mr. Carter moved to approve the minutes, seconded by Mr. Fuentes, motion passed unanimously. The following loan requests were presented: A demolition and replacement loan request for Ninfa Chapa, 2846 Prescott, in the amount of $9,9000.00 at zero percent interest amortized over a 25-year period. The loan includes a $2,450 relocation grant, a $4,000.00 emergency grant and a $15,000.00 minimum deferred loan. Total monthly payment of principal, taxes and insurance will be $84.00. The Corporation will be in a first lien position. Mr. Garza stated that the application indicated a request for an extended term on the loan. Mr. Vallejo explained the applicant was requesting that the Committee increase the term of the loan to 300 months. Mr. Garza asked if the term of the loan could be further extended. Mr. Vallejo replied that the term was previously made for twenty years, and that under the program guidelines, the applicant may request for an extension of terms. Ms. Huegele inquired if the applicant was satisfied with the marginal income and amount of payment. Mr. Vallejo replied she was. Mr. Garza moved to approve the loan, seconded by Mr. Fuentes. Motion passed unanimously. SCANNED Minutes of the Loan Mew Committee October 20, 1993 Page 2 A demolition and replacement loan request for Paula Martinez, 1825 Bernandino in the amount of $7,950.00 at zero percent interest amortized over a 25-year period. The loan includes a $1,400.00 relocation grant, a $4,000.00 emergency grant and a $15,000.00 minimum deferred loan. Total monthly payment of principal, taxes and insurance will be 878.50. The Corporation will be in a first lien position. This case was previously tabled in July 1993. Since then staff has communicated with the applicant regarding demolishing the structure and she has opted to proceed with the demolition/replacement instead of rehabilitating the structure. Mr. Carter asked if the lot is cleaned once the demolition is completed. Mr. Vallejo answered that the demolition contractor cleans the entire lot of all debris after demolition of the structure. Mr. Carter moved to approve the loan, seconded by Mr. Garza. Motion passed unanimously. A demolition and replacement loan request for Mateo Morales, 5230 Williams in the amount 834,000.00 at zero percent interest amortized over a 25-year period. The loan includes a $1,800.00 relocation grant. Total monthly payment of principal,taxes and insurance will be 8193.33. The Corporation will be in a first lien position. The applicant is requesting an extended payment term. Mr. Carter asked about the applicant's short-term employment. Mr. Pena explained that Mr. Morales had gone into a subcontracting business. Mr. Garza inquired if the applicant met the income guidelines. Mr. Vallejo replied yes he did. Ms. Bazan asked if Mr. Morales was comfortable with the amount of payment. Mr. Vallejo said he was. Discussion ensued on the applicant's income regarding the amount included as tips and what was minimum wage. Mr. Garza questioned the income and stated there were inconsistencies. Mr. Garza made a motion to table the application until next month for further verification of financial information, seconded by Ms. Vaughn. Motion passed unanimously. A demolition and replacement loan request for Tomas Rodriguez, 238 Tarlton in the amount $19,000.00 at zero percent interest amortized over a 25-year period. The loan includes a $2,450.00 relocation grant, a 84,000.00 emergency grant and a 815,000.00 minimum deferred loan. Total monthly payment of principal, taxes and Minutes of the Loan Rtew Committee October 20, 1993 Page 3 insurance will be $117.33. The Corporation will be in a first lien position. Ms. Vaughn asked if the applicant would obtain a general warranty deed after the existing lien was paid for. Mr. Vallejo replied the contract for deed would be paid off and the CCCIC would obtain first lien position. Mr. Garza moved to approve the loan, seconded by Ms. Bazan. Motion passed unanimously. A demolition and replacement loan request for Edilberto Vela, 3605 Curtiss in the amount $19,000.00 at zero percent interest amortized over a 25-year period. The loan includes a 52,450.00 relocation grant, a $4,000.00 emergency grant and a $15,000.00 minimum deferred loan. Total monthly payment of principal, taxes and insurance will be $100.50. The Corporation will be in a first lien position. Ms. Huegele inquired if Mr. Vela had been counseled regarding his credit. Mr. Vallejo explained that he was advised by the loan officer what his income spread would be and also concerning his credit accounts. Ms. Huegle then asked about the automobile account and Mr. Vallejo informed her that the applicant's daughter had submitted an affidavit stating she paid the note on the vehicle. Mr. Garza then inquired why the payment term was for 180 months and if Mr. Vela was aware of the extended payment terms. Mr. Vallejo explained that because the loan amount was for $8,550 at zero percent the payment term was based on that amount. Mr. Garza made a motion to approve the loan with a potential extension term of up to 300 months if the owner chooses that option; or a payment term of 180 months, seconded by Mr. Carter. Motion passed unanimously. There being no further business, the meeting was adjourned at 12:40 p.m. IV v► CITY OF CORPUS CHRISTI DEPARTMENT OF COMMUNITY DEVELOPMENT TO: Loan Review Committee Members FROM: Hector G. Vallejo, Program Manager DATE: November 19, 1993 SUBJECT: Corpus Christi Community Improvement Corporation (CCCIC) Enclosed are applications, for assistance under the City's Single Family Rehabilitation Program, which will be reviewed during our meeting on Wednesday, November 24, 1993. The meeting will be held in the Building Inspections' Conference room located on the 2nd Floor of City Hall, 1201 Leopard, beginning at Noon. We look forward to your attendance at this meeting. If you have any questions concerning the enclosed material, please feel free to call me at 880-3018. Hector G. Vallejo Program Manager 10 AGENDA CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION 1201 LEOPARD, 2ND FLOOR BUILDING INSPECTIONS CONFERENCE ROOM WEDNESDAY, NOVEMBER 24, 1993 DURING THE REGULAR MEETING OF THE LOAN REVIEW COMMITTEE BEGINNING AT NOON I. Call meeting to order. II. Approve minutes of the October 20, 1993 meeting. III. Simile Family Residential Loan Reauests: 1. Chavez, Alfredo 4726 Phillip 2. Dives, Ramon 2842 Sarita 3. Franco, Felipe 2713 Sabinas 4. Gutierrez, Frank 1021 Stirman 5. Harris, Nora Lee 1334 Florida 6. Hitchcock, Kathleen 1133 Whitaker 7. Martinez, Jimmie 1813 Juanita 8. Sage, Frank 3301 Mahan IV. Adjourn.