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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. SCANNED b 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 118118 Illi 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 `rr V 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. mr4Wc.04