HomeMy WebLinkAboutMinutes Corpus Christi Community Improvement Corporation/Loan Review Committee - 12/07/1994 MINUTES
CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION
LOAN REVIEW COMMITTEE
DECEMBER 7, 1994
12 NOON
STAFF PRESENT MEMBERS ABSENT
Hector G. Vallejo, Program Manager Diana Bazan
Fred Pena, Rehab Supervisor Karen Boehk
Dalia Garcia, Loan Processor Supervisor Louis Garza
Josie Estrada, Rehab Secretary Ben Grande
MEMBERS PRESENT
Alynda Asher
Ernest Carter
Ruben Fuentes
Rose Royce Huegele
Robert E. Jones
Leroy San Miguel
Alice Vaughn
The Loan Review Committee elected Ernest Carter to act as Chairperson in the
absence of Chairperson Rose Royce Huegele and Vice-Chairperson Louis Garza. Mr.
Carter called the meeting to order at 12:00 p.m. in the Community Development
Conference Room on the 2nd Floor of City Hall.
The first order of business was to approve the minutes of November 2, 1994. There
were no changes or corrections to the Minutes. Motion for approval of the November
2, 1994 Minutes was made by Mr. San Miguel and seconded by Mr. Fuentes. Motion
passed unanimously.
The following loan requests were presented:
Mr. Vallejo present the first case, a demolition/replacement loan request for Soledad
Ahumada, 2534 Wainwright, in the amount of 813,500.00, at zero (0%) percent
interest. The Loan includes a Minimum Deferred Loan of 815,000.00, Emergency
Grant of $4,000.00 and Relocation Grant of $2,000.00. Total monthly payment of
principal, taxes and insurance will be $133.00. The Corporation will be in a first lien
position.
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After a brief discussion, Mr. San Miguel moved to approve the loan. Ms. Vaughn
seconded the motion and motion passed unanimously.
A demolition/replacement loan request for Frances P. Cabrera, 718 - 14th St., was
presented next. The loan is in the amount of $15,700.00 at zero (0%) interest 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 $107.33. The Corporation will be in a first lien position.
Chairperson Rose Royce Huegele arrived at approximately 12:15. Chairperson-Elect
Ernest Carter turned the meeting over to Ms. Huegele.
A motion to approve the loan was made by Mr. Carter and seconded by Mr. Fuentes.
Ms. Huegele called for a vote. Motion passed unanimously.
A rehabilitation loan request was made for Salvador and Noemi N. Cervantes, 4409
Nesbitt, in the amount of $5,800.00 at zero (0%) percent interest. The loan request
includes a Minimum Deferred Loan in the amount of 815,000.00; an Emergency Grant
in the amount of $4,000.00. Total monthly payment of principal, taxes, and insurance
will be $71.33. The Corporation will be in a first lien position.
Mr. Vallejo explained that the homeowner's requested the term be extended to 300
months. Mr. San Miguel made a motion to approve the loan with the extension of
terms as per homeowner's request. Mr. Carter seconded the motion. Motion passed
with Mr. Jones abstaining.
A rehabilitation loan request was made for Enrique and Diegita Moreno, 154 E.
Vanderbilt, in the amount of $21,350.00 at three percent (3%) interest. Total
monthly payment will be $118.40. The Corporation will be in a second lien position.
Mr. Jones asked why the first lien will not be paid off. Mr. Vallejo stated that there
is a formula requirement staff uses which determines whether a loan can be
refinanced. Ms. Huegele asked if this requirement could be waived. Mr. Vallejo
stated that the committee has waived this requirement in the past, but usually try
to abide by the formula.
Mr. Jones inquired about a discrepancy on the credit report, and why the lesser
amount was used. Ms. Marroquin explained that Sears was showing two different
amounts but only one account number. She asked the homeowner if they had two
accounts. The homeowners stated they had only one account and the amount owed
was 5547.00. Ms. Marroquin stated that she would contact Sears and verify the
amount actually owed.
Mr. San Miguel made a motion to approve the loan incorporating the first lien amount
and the credit discrepancy be clarified and correct amount be placed on file. Motion
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was seconded by Mr. Fuentes. Motion passed unanimously.
A rehabilitation loan request was made for Plutarco and Esther Ramirez, Jr., 6221
Aspenwood, in the amount of $28,550.00 at three percent (3%) interest. Total
monthly payment will be $294.34. The Corporation will be in a first lien position after
paying of the two existing liens, one to Lomas and the other to Nations.
After a brief discussion, Ms. Asher made a motion to approve the loan and Mr. Carter
seconded. Motion passed unanimously.
Mr. Vallejo presented the next loan request. This loan was previously approved in
September. A demolition/replacement loan request was made for Jose Luis and Anna
Maria Rios, 2015 Coleman. The request is in the amount of $34,000.00 at three
percent (3%) interest, and includes a Relocation Grant of $2,000.00, Owner's Share
$3,850.00.
Mr. Vallejo explained that the reason this loan has to be re-approved is that the
contractor backed out of the contract. Mr. Vallejo explained that attempts to find a
new contractor to perform the work for the original bid amount were unsuccessful.
New bids were higher, thereby increasing the amount of homeowner's share from
$2,500.00 to $3,600.00.
Ms. Huegele inquired about the source of the owner's share. Ms. Marroquin
explained that the family members would be donating the additional funds. Ms.
Huegele asked whether staff had verified that money had not been borrowed, and
suggested that the money be put in escrow up front or that affidavits be obtained
from family members that the money is a gift and not a loan. Mr. Vallejo explained
that the owner's share must be provided at time of loan settlement to ensure funds
are available.
Mr. Jones made a motion that the loan be approved, provided that affidavits be
obtained from family members stating that they will be donating the additional money.
Mr. Fuentes seconded and motion passed unanimously.
A demolition/replacement loan request was made for Guadalupe Rodriguez, 4029
Gloria, in the amount of $21,750.00 at zero percent (0%) interest, and includes a
Minimum Deferred Loan in the amount of $15,000.00, Emergency Grant in the
amount of $4,000.00 and Relocation Loan in the amount of $2,000.00. Total
monthly payment will be $90.50. The Corporation will be in a first lien position.
After a brief discussion, Mr. Jones made a motion to approve the loan. Mr. Carter
seconded the motion. Motion passed unanimously.
The last loan request presented by Mr. Vallejo is one that was previously brought
before Committee and approved in November. The request is made for a loan
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increase of $5,000.00 for Canuto M. and Rose C. Llanes, 1626 Amber. The original
request amount was for $12,800.00, at zero percent which included a Minimum
Deferred for $15,000.00, Emergency Grant for $4,000.00 and a Relocation Grant for
$2,000.00. The new loan request is for $17,800.00 at zero percent 10%1.
Originally, total monthly payment would have been $94.68, but will increase to
$111.13. The Corporation will be in a first lien position.
Mr. Vallejo explained that the lot had not been planed and this was overlooked by
staff. After a brief discussion, Mr. Jones made a motion to approve the loan increase
and Ms. Vaughn seconded the motion. Motion passed unanimously.
Having no further business, Ms. Huegele adjourned the meeting.
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