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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 10/12/1994 ais ih1I 1234567ttgio / MINUTES o ,{i�` `` CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATI• 00.7—Q_.19gQ LOAN REVIEW COMMITTEE r SFC/ - <rr cla OCTOBER 12, 1994 `-N °Ilii 12 NOON `s7s2 20/ STAFF PRESENT MFMRFRS ARSFNT Hector G. Vallejo, Program Manager Diana Bazan Fred Pena, Rehab Supervisor Karen Boehk Dalia Garcia, Loan Processor Supervisor Ernest Carter Josie Estrada, Rehab Secretary Louis Garza Rose Royce Huegele Leroy San Miguel MFMRFRS PRFSFNT Alynda Asher Ruben Fuentes Ben Grande Jones Robert E. Alice Vaughn The Loan Review Commitee elected Ben Grande to act as Chairperson in the absence of Chairperson Rose Royce Huegele and Vice-Chairperson Louis Garza. Mr. Grande called the meeting to order at 12:00 p.m. in the Human Resources Conference Room on the 2nd Floor of City Hall. The following loan request was presented: A demolition and replacement loan request for Ms. Esperanza Romero, 5317 Williams, in the amount of 834,000.00 at zero (0%) percent interest. This loan includes a $2,000 Relocation Grant. Total monthly payment of principal, taxes and insurance will be $216.33. The Corporation will be in first lien position. Mr. Vallejo explained that Ms. Romero has a child with cerebral palsy. An organization called The Well Mill which provides money to parents who have children who are disabled, whose funding comes from the state has approved funds in the amount of $5,100.00 for handicap modifications to her home. Being that the cost is beyond the amount of the loan, Ms. Romero will have come up with additional funds of $450.00. Mr. Jones expressed concern about the Well Mill being able to provide the 85,100.00. Mr Pena explained that this case has gone before a board in Austin and SCANNED r [ , has received approval and we have received letters notifying us that the amount of $5,100.00 has been approved. Mr. Jones was concerned that this case was moved up to accommodate The Well Mill organization. Mr. Vallejo explained that we did not move up her application and had planned to present the case last week, but the case wasn't ready. We were waiting for notification of approval from the Well Mill. In order to ensure the contractor's bid remains good, staff thought it was important to get the Committee to review the case as soon as possible. Mr. Jones inquired whether The Well Mill was originally providing more than $5,100.00. Mr. Vallejo explained that the Well Mill provides up to $10,000.00 for modifications. Mr. Pena later explained that this organization provides funding only for certain approved items. He explained that The Well Mill may have provided funding for only the handicap bars, or only the wing faucets, etc. Mr. Vallejo also explained that if the State does not come through with the $5,100.00 the loan will not go through. Mr. Jones asked that the motion reflect that the loan is contingent upon the receipt of the funds from the Well Mill. Mr. Fuentes made a motion to approve the loan contingent upon The Well Mill providing the $5,100.00. Ms. Asher seconded the motion and the motion passed unanimously. Having no further business, Mr. Grande adjourned the meeting. mba 1:J.