Loading...
HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 09/07/1994 K" V gz ikay MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION • LOAN REVIEW COMMITTEE ��,i0272828 SEPTEMBER 7, 1994 ro$ 12NOON ro R) 1994 r N z-ePpi STAFF PRESENT BE 0,'pj- ,''1'Y e v Hector G. Vallejo, Program Manager Diana Bazan a<< �6`b Fred Pena, Rehab Supervisor Ben Grande 9\rt,�Et20% Delia Garcia, Loan Processor Supervisor Josie Estrada, Rehab Secretary MEMBERS PRESENT Alynda Asher Karen Boehk Ernest Carter Ruben Fuentes Louis Garza Rose Royce Huegele Robert Jones Leroy San Miguel Alice Vaughn Chairperson Rose Royce Huegele called the meeting to order at 12:07 p.m. in the Human Resources Conference Room on the 2nd Floor of City Hall. The first order of business was to approve the minutes of the August 10, 1994 meeting. There were no changes or corrections to the Minutes of August 10, 1994. Mr. Garza moved to approve the Minutes. Mr. Fuentes seconded the motion. Motion passed unanimously. Next item of business, was the election of the Chairperson and Vice-Chairperson. A discussion was held concerning how long board members are able to serve and appointment of board members. A motion was made by Mr. Carter to re-elect Rose Royce Huegele as Chairperson and seconded by Mr. Jones. There were no other nominations. Motion passed unanimously. Ms. Huegele entertained nominations for Vice-Chairperson. Mr. Carter nominated Louis Garza for Vice-Chairperson. There were no other nominations. Motion was seconded by Mr. Jones and motion was passed unanimously. The following loan requests were presented: SCANNED 1rr V A demolition/replacement loan request for Maria E. Chapa, 220 Shawnee, in the amount of 812,050.00 at zero (0%) percent interest. The loan includes a 82,100.00 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 8133.17. The Corporation will be in a first lien position. Mr. San Miguel made a motion to approve the loan. Mr. Garza seconded the motion. Motion was passed unanimously. Mr. Vallejo presented a demolition/replacement loan request for Gloria D. Moreno, 2938 Sunrise, in the amount of $15,900.00 at zero (0%) percent interest. The loan includes a $15,000.00 Minimum Deferred Loan. Total monthly payment of principal, taxes and insurance will be $109.00. The Corporation will be in first lien position. Mr. Garza inquired about the term, whether it should be extended to 360 (or more) rather than 300 months.. Mr. Vallejo explained that it would lower payments by just a couple of dollars. Ms. Garcia concurred. The question was raised, by Mr. Jones, whether the Committee had the authority to go beyond the 30-year cap. Mr. Vallejo stated that we try to keep it at 30-years, but we do have the authority to extend it beyond that. Mr. Vallejo also explained that the term is based on a range, and depending on the amount of the loan, the number of years to pay back is on a sliding scale. Mr. Jones stated that Ms. Moreno has a 81,400.00 home improvement loan and asked if the payment was figured into her expenses. Mr. Vallejo stated that there is no lien on this property, and payment for this loan has been figured into her total expenses. Mr. San Miguel stated that there is no reason to pay it off since there is no registered lien. Mr. Garza moved to approve the loan, figured as a 30-year loan. Mr. San Miguel seconded the motion and motion was passed unanimously. A demolition/replacement loan for Jose Luis and Anna Maria Rios, 2015 Coleman, in the amount of $34,000.00 at three (3%) percent interest. This loan includes a Relocation Grant of $2,100.00 and Owner's Share of 82,500.00. Total monthly payment will be $273.56. The Corporation will be in a first lien position. Mr. Vallejo explained to the Committee that Mr. and Mrs. Rios will be receiving funds from relatives to provide their owner's share, and will not be borrowing it. They have been advised that they will be required at time of Loan Settlement, to come in with the money and have it deposited in the account. If they are not able to comply, we will not be able to proceed with the loan. After a brief discussion, motion was made to approve loan by Mr. Garza and seconded by Mr. Carter. Motion passed unanimously. y A rehabilitation loan request for Jesus Rivera, 4006 W. Vanderbilt, in the amount of $13,550.00 at zero (0%) percent interest Minimum Deferred Loan. The loan includes a $4,000.00 Emergency Grant. The total monthly payment is $40.00. The Corporation will be in a first lien position. The Committee expressed concern about the stolen credit cards. Mr. Vallejo stated that there is nothing owing and cards have been reported as stolen. After a brief discussion, Mr. Garza moved to approve the loan with the Committee's recommendation to insulate the water supply lines. Motion was seconded by Mr. Fuentes, and motion passed unanimously. A rehabilitation loan request for Sandra White, 6121 Beechwood, in the amount $20,300.00 at the zero (0%) percent interest. Total monthly payment will be $263.58. The Corporation will be in first lien position. Inquiry was made by Mr. Jones concerning the $213.00 monthly payment to Mercantile Bank. Ms. White is the co-signer for the son who makes the payments. Ms. Huegele stated that the payment history, which begun in 1990 was perfect, giving an indication that it would probably continue. Mr. San Miguel made a motion to approve the loan, seconded by Mr. Carter. Motion passed unanimously. Having no further business, the meeting was adjourned. -S.