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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 10/05/1994 ass-2- 410 V MINUTES CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION, y" LOAN REVIEW COMMITTEE '0° OCTOBER 5, 1994 12 NOON 199p STAFF PRESENT MEMBERS ABSENT Hector G. Vallejo, Program Manager Diana Bazan ZZfZoz6* Fred Pena, Rehab Supervisor Louis Garza Dalia Garcia, Loan Processor Supervisor Ben Grande Josie Estrada, Rehab Secretary Robert E. Jones MFMRFRS PRESENT Alynda Asher Karen Boehk Ernest Carter Ruben Fuentes Rose Royce Huegele Leroy San Miguel Alice Vaughn Chairperson Rose Royce Huegele called the meeting to order at 12:05 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 September 7, 1994 meeting. There were no changes or corrections to the Minutes of September 7, 1994. Mr. San Miguel moved to approve the Minutes. Mr. Carter seconded the motion. Motion passed unanimously. The following loan requests were presented: A rehabilitation loan request for Maria C. Holeman a/k/a Consuelo, 2606 Niagara, in the amount of $14,950.00 at zero (0%) percent interest. Total monthly payment of principal, taxes and insurance will be $35.00. The Corporation will be in a first lien position. After a brief discussion, Mr. San Miguel made a motion to approve the loan. Both Mr. Fuentes and Ms. Vaughn seconded the motion. Motion was passed unanimously. Next case presented by Mr. Vallejo was a demolition/replacement loan request for Virginia P. Lopez, 1401 - 14th St., in the amount of $12,700.00 at zero (0%) percent interest. The loan includes a $2,000.00 Relocation Grant, a $15,000.00 Minimum SCANNED � V Deferred Loan and an Emergency Grant in the amount of $4,000.00. Total monthly payment of principal, taxes and insurance will be $94.33. The Corporation will be in first lien position. Motion was made to approve the loan by Mr. Carter and seconded by Mr. Fuentes. Motion passed unanimously. A demolition/replacement loan for Eligio and Yolanda C. Ramirez, in the amount of $15,600.00 at zero (0%) percent interest. This loan includes a Relocation Grant of $2,100.00, a Minimum Deferred Loan of $15,000.00 and an Emergency Grant of $4,000.00. Total monthly payment will be $104.00. The Corporation will be in a first lien position. Ms. Asher moved to approve the loan. Ms. Vaughn seconded the motion and motion passed unanimously. A demolition/replacement loan request for Frances C. Saenz, 4239 Elvira, in the amount of $13,000 at zero 10%) percent interest. She will also be receiving a $15,000.00 Minimum Deferred Loan, a $4,000.00 Emergency Grant, and a $2,000.00 Relocation Grant. Total Monthly payment will be $99.33. The Corporation will in a first lien position. Mr. San Miguel made a motion to approve the loan. Motion was seconded by Mr. Carter and motion was passed unanimously. Next loan presented was a rehabilitation loan request for Ms. Mary E. Stater, 4006 Panama, in the amount of $5,000.00 at zero (0%) percent interest for 120 months. This loan includes a $15,000.00 Minimum Deferred Loan, and a $4,000.00 Emergency Grant. Total monthly payment will be $131.67. Refinancing will place the Corporation in a first lien position. Mr. Fuentes moved to approve the loan amortized over a period of 20-year, per the homeowner's request, which would lower her payment toS110.00 per month. Rev. Boehk seconded the motion. Motion passed unanimously. A rehabilitation loan request was made for Ms. Erma Dell Tucker, 962 Lum St., in the amount of $8,150 at zero (0%) percent interest. Ms. Tucker will also be receiving a $4,000.00 Emergency Grant. The total monthly payment of principal, taxes and insurance will be $45.00. Motion to approve the loan was made by Ms. Vaughn, seconded by Mr. Carter. Motion passed unanimously. A discussion was held concerning delinquent accounts. Ms. Huegele suggested that on those accounts that full payments are being made and have been made on a V regular basis, perhaps the loan can be modified to reflect a current status by doing a Modification Agreement. She explained that the delinquent amount would be added to the end of the term and be due upon maturity. Ms. Huegele also suggested that the delinquent accounts be reported to the Credit Bureau. She stated that we were acting as a mortgage company and therefore, need to report to the Credit Bureau. Mr. Vallejo stated staff would look into reporting delinquent accounts to the Credit Bureau. Having no further business, the meeting was adjourned.