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HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 11/02/1994 - 3"2- fie S ��23455j MINUTES q($ CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORAT QNX/PAL". ,\ LOAN REVIEW COMMITTEE 01:" y j l 9q4 -71 NOVEMBER 2, 1994 12 NOON c, STAFF PRFSFNT MFMRFRS ABSENT Hector G. Vallejo, Program Manager Ruben Fuentes Fred Pena, Rehab Supervisor Delia Garcia, Loan Processor Supervisor Josie Estrada, Rehab Secretary MFMRFRS PRFSFNT Alynda Asher Diana Bazan Karen Boehk Ernest Carter Louis Garza Ben Grande Rose Royce Huegele Robert E. Jones Leroy San Miguel Alice Vaughn Chairperson Rose Royce Huegele called the meeting to order a: 12:00 p.m. in the Human Resources Conference room on the 2nd Floor at City Hall. The first order of business was to approve the minutes of October 5, 1994 and October 12, 1994. There were no changes or corrections to the Minutes. Motion for approval of the October 5, 1994 and October 12, 1994 Minutes was made by Mr. Carter and seconded by Mr. Garza. Motion passed unanimously. The following loan requests were as presented: Mr. Vallejo present the first case, a rehabilitation loan request for Delpha I. Benavides, 1717 Lesle Lane, in the amount of $26,200.00, at three (3%) percent interest. Total monthly payment of principal, interest, taxes and insurance will be $321 .30. Mr. Vallejo explained that refinancing will place the Corporation in a first lien position. After a brief discussion, Mr. Garza moved to approve the loan. Mr. Carter seconded the motion and motion passed unanimously. SCANNED INED 'N N A demolition and replacement loan request for Mary E. Crawford, 6513 Brimingham, was presented next. The loan is in the amount of $11,800.00 at zero (0%) and includes a $15,000.00 Minimum Deferred loan; a $4,000.00 Emergency Grant; and a $2,000.00 Relocation Grant. The total monthly payment of principal, taxes and insurance will be $90.33. The Corporation will be in a first lien position. A motion to approve the loan was made by Mr. Garza and seconded by Ms. Bazan. Motion reflected a request by Mr. Garza to amortize the loan for 30 years instead of 25 years in order to lower the payment. Motioned passed unanimously. A demolition and replacement loan request was made for Canuto M. and Rose C. Llanes, 1626 Amber, in the amount of $12,800.00 at zero (0%) percent interest. The loan request includes a Minimum Deferred Loan in the amount of *15,000.00; an Emergency Grant in the amount of $4,000.00 and a Relocation Grant in the amount of $2,000.00. Total monthly payment of principal, taxes, and insurance will be $94.68. The Corporation will be in a first lien position. Mr. Garza made a motion to approve the loan. Ms. Asher seconded the motion and motion passed unanimously. The final case presented by Mr. Vallejo was a demolition and replacement loan request for Anita Salinas, 1035 Bluntzer, in the amount of $16,000.00 at zero (0%) percent interest. The loan includes a *15,000.00 Minimum Deferred Loan. The total monthly payment of principal, taxes and insurance will be $109.33. The Corporation will be in first lien position. Mr. Garza made a motion to approve the loan amortized over a 30-year period instead of 25-year period which would lower the payment. Mr. Carter seconded the motion. Motion passed unanimously. In response to Ms. Huegele's suggestion to report delinquent accounts to the Credit Bureau, Mr. Vallejo informed the Committee that staff will be reporting the delinquent accounts to the Credit Bureau. Having no further business, Ms. Huegele adjourned the meeting. mnt.ov.a