Decatur Daily Democrat, Volume 32, Number 232, Decatur, Adams County, 29 September 1934 — Page 3

FEDERAL housing plan facilitates modernizing

If HOLLAND II \\ \UM Ain FURNACES INSTALLED All Furnaces Serviced H FII E E INSPE CTI 0 N II Roofing ELI GIROD Spouting 219 N. First Street I I W)IW ||TIN'ST.\LL that bathroom or II DOWNSTAIRS TOILET NOW! El Take advantage of this opportunity to install ■1 that bathroom, a new kitchen sink, or have ■a M>ur plumbing renewed and put into first—class order. 11 ’lot Water or Steam Heating Plants Il Installed or Reconditioned H Work Done Reasonably and Expertly ■ August Walter 11 251 North Second Street Phone 207 I Loans To Improve I Your Property | This Bank is ready to make re- | pair and improvement loans to | property owners who can qual- | ify under the terms of the NaI tional Housing Act. | Loans to he repaid in monthly I installments over a period of I three years or less. I The First State Bank I DEPOSITS INSURED IS I BY H I The Federal Deposit Insurance Corporation £ I »• WASHINGTON, D. C. * • I csnnn maximum insurance cennn ■c «PJUUU FOR each depositor SJUUU s f. ~—\j fam FUEL BILLS - ■ Take advantage of this opportunity to secure a weathertight house for the winter, and also take advantage of the economy of Johns-Manville Asbestos Shingles For ROOFS and SIDEWALLS FREE INFORMATION g On Your Modernization Problems AV e will gladly he'p you solve your modernization and repair problems and give you free estimates of the cost. •Complete Line of LUMBER And Building Supplies Decatur Lumber Co ill W. JEFFERSON St. PHONE 253

ADMINISTRATOR I EXPLAINS PLAN j OF GOVERNMENT lames A. Moffett Tells How Housing Plan Will Work Ry JAMES A. MOFFETT Federal Housing Administrator The first function of the Federal 1 Housing AdmlnistratTbn is the in- j • surunee of credits made tor the ! ’ purpose of financing alterations, ' ' repairs and improvements upon I real property. Our authority to I j grant this insurance extends only I i to the end of next year. It is thus | of a temporary character. Our second principal function is I to set tr? a system of mutual In- ■ surance for home mortgages. Un- I der this program we hope to make ; the long term amortized mortgage 'the standard practice in financing i the building and buying of homes. , If this is done, many serious abusles will be stamped out. At the same time we shall aim to make available adequate funds for the revival of home building on a sound basis. All these funds will be private capital. The admlnistraUion makes no direct loans of any kind to individual home owners. Our third function is to charter j and supervise the operation of national mortgage associations to 1 buy and hold insured home mortgages. We believe they will help j equalize interest rates and the ' flow of mortgage funds between • various sections of the country. In carrying out these functions. ; Iwe are co-operating with trade ' : association, • manufacturers having nation wide distribution, and j local groups, in their plans to see i that real business develops. The National Emergency Council has appointed regional and State director for its Better Housing ( j Division. They in turn will appoint chairmen of local modernization j campaign committee through which the whole program of information promotion and education will be carried out. BILLION DOLLAR FUND It is conservatively estimated that $1,600,(100,000 is required to put American homes back into I good physical condition. But our I modernization credit insurance will ' apply to loans made for other i classes of buildings as well as homes. Our $200,000,000 fund, which I may be used to insure up to i $1,000,000,000 of advances, should | furnish the kernel for a much I greater volume of work. Expert I ence of many modernization cam- , paigns has shown that in addition l to work that requires financing, an .even larger amount is undertaken j on a cash basis. In dealing with the mortgage insurance field, one of our chief objectives is loosening up of credit in order to make possible new I construction which is needed and , demanded. Market possibilities for construction are tremendous. Conservative economists estimate a theoretical I shortage of more than a million homes, in Great Britain the average has been about 166,000 homes la year since 1919 and it is estimated that in this year there will be ■ constructed a minimum of 300,000 houses. I BUILDING SUB NORMAL Our records show- that jhe homes I constructed last year in the United States did not exceed 50.000. Con- ' struction is running at that rate or I less today and has been far below I reasonable normal since 1929. I think there is a lesson for us in | the fact that England's campaign ' has been conducted right through the period of depression. There are many problems which will have to be solved under ths

.Sk PROTECT Il Jfouri l/ou/l Replace that old roof g g'x/fj — ~ ~ with now w^*'e p r * ces are h 30 yk TNT ’ ow ant * vou can ta^e "~1 Jl /all N I mV advantage of a loan f EV under the I HA. V Take advantage of this ry ~~7fr opportunity to protect „ "T your house against decay with R°°d paint. VV e car- EH ROTHL rv h’Ki l grade brands. EQ| ER U A • RUTLAND ROOF COATING koof.no -!— Waterprlof that roof and make it servicable and leakproof now! k - I Q CEMENT I’ENCING 0 COAL LEE HARDWARE CO. »- .^ SH t« pn Y ei«aa«. M w HOME OF STUCKEY'S HOG-GLAD I

DECATUR DAILY DEMOCRAT SATURDAY, SEPTEMBER 29. 1934.

Rebuilt for “Buddy” iff — SASHKA. f . These pictures show bow members of an American Legion post in i Robinson, 111., rebuilt an old shack to make a home for u “buddy" whose I home had been destroyed by file. While not an expensive operation, it j gives an idea of what can be salvaged from the shacks shown in the I upper picture to make the home shown (in its uncompleted stage) in tile lower illustration. Answers To Questions On Modernizing Loan Plan 1— What Is the Housing Administration Program? Government aid to modernize and repair homes, to stimulate buildIng trades and heavy industries —to loosen private capital. 2— How Will It Operate? By modernizing 16,500.000 homes and 'buildings now in need of reI pair, will give work, aid steel, lumber, hardware, cement, copper, brick, machinery and other industries. Later, through mortgages, will enable private capital to make insured loans for new construction and I refinance existing mortgages. 3— Who Is Eligible for Loans? “Any property owner, individual, partnership, or corporation with a regular income from salary, commissions, business or other assured source." Loans will be made largely on "character" basis without co- i . makers or indorsers. 4— How Much Can Be Borrowed? From SIOO to $2,000, depending on the income. 5— Where Can the Money Be Borrowed? From any National, State or Industrial Bank. Trust or Finance Companies approved by the Housing Administration. 6— What Kind of Property Is Eligigle for Loans? One and two-family residences, apartment buildings, stores, office buildings, factories, warehouses and farm buildings. 7— What Security Is Necessary? Income of the signers of note must be five times the annual pay- i ments. Mortgages, if any, must be in good order and no past., due Hens. Assurance must be given that money will be used only for improve- | ment. Good community reputation is necessary. 8— Is a Mortgage Necessary? No, only the promissory note. Insurance by the Government provided in the Housing Bill makes them unnecessary. 9— What Signatures Are Necessary? Only that of the 'property owner, and wife or husband, if married, except in special cases. 10— How Long Can Be Taken To Repay? From one to three years. (Three to five year notes may be made with special arrangements. 11— How Are Payments to Be Made? Regular monthly (or seasonal) payments. Prepayments, and more than required payments can be made. 12— Where? At the place of business with whom the loan has been made. NOT to any government office. 13— Who Governs Loans? The local institution. The loans are primarily local With private I capital. The government only acts as an agent to protect the banks , against loss. 14— What Does This Credit Cost? Interest and (or) discount may not be more than $5 per year per SIOO. 15— Can Present Mortgages Be Refinanced? Yes, Administration expects to be ready on this phase by October 1 at the latest. 16— Will Labor Benefit? Direct and indirect benefit to 5,000,000 wage earners is expected to be felt soon, not only in actual repair and construction, but in allied industries. Act has been 'hopefully called “Big Bertha of Recovery.” 17— Will Capital Benefit? Is expected to thaw the now frozen mortgage and real estate capital. through government insurance against loss.

Act — the great variety or mortgage laws in the various States, the problem of more effective use of land for residential purposes, adherence to high standards cf quality in construction, and the widespread misunderstanding that we can make direct loans to indi-

viduals. * We make no direct loans to Individuals, but deal entirely through local banks and other established lending institutions. And the loans ■ extended by these institutions are i made only to responsible persons t who are in a position to meet their obligations.

LOCAL DEALERS TO CO-OPERATE IN MODERNIZING Decatur Men Prepare To Carry Out Housing I Plan A number of local bu.slne.ss men are giving full co-operation to the federal modernization plan, and are | 'prepared to aid in the recondition, ing of homes in Decatur. On this page are found the advertisements |of these dealers, telling in what lines they will be able to help you. All the men are willing to talk over your problems with you In I the lines that relate to your busi-1 ' ness. From many of them you can i get full information as to the work. I ing of the plan, and you can also ■ get a pamphlet telling about it at ' ■the Daily Democrat office. | The complete working of the i I plan is In the care of local men. I ! No person undertaking moderniza- j i tion of improvement of his proper I ty will be required to deal With the government, but instead will work i with his fellow townsmen. I This arrangement gives Decatur I a splendid opportunity to make ; needed changes in the houses oc-! I cupied by its inhabitants. There I are many things that may be done under the plan. A list of suggestions taken from government liter- ' ature on the campaign follows: Exterior Repair or put on new root. InI stall new eaves and down spouts. BuJTJ new porches. Glaze porches. New screens and storm windows. Shingle or stucco exterior. Paint. I Build garage or driveway. Cement I work. Add new rooms. New wood trim on windows and doors. New dormers to light the rooms. Check and repair chimneys. Install tile . drainage around house. Interior Painting, redecorating, papering. Repair (plastering. Insulating. Repair floors or put in new ones. Re- ; arrange rooms. Modernize kitchen. New kitchen sink. New kitchen I cupboard. Modernize bathroom. ■ Finish off attic. Replace old heating plant. Install laundry tubs. Put in water heaters. Waterproof and 1 paint basement. Rewire or install new electrical fixtures. Check on ’ floor foundations. Improve cellar ' stairway. Build basement rooms. Cover boiler or heating pipes. Correct smoking fireplace. Repair stair rails and spindles. Install stairway to attic. Install bathroom. Move partitions to make larger rooms. Refinish floors. Correct leaking or clogging drains. Install lights in closets. Insulation for house—weather strips. New lighting fixtures. Additional electrical outlets. Build in book cases. o (Lumber Costs Still Below Parity Price — Lumber costs today are only 86.35% of what they were in 1926. the year usually taken as the parity year in comparing costs, ac- , cording to a story published in the current issue of the American lumberman. At the present price of lumber, building and remodeling costs are still below the costs at any time before 1931, and about the same as in 1930. The article in the American Lumberman is based on figures kept by the Alexander Lumber Co. of Aurora, 111., which are typical of the Mid-West. The comparison was made for the month of March during the past nine years. With 1926 taken as 100%, the comparative costs for the other years are as follows: 1927,95.82%, 1928, 91.15%; 1929. 88.58%: 1930, 6.63%; 1931, 80%; 1932, 71.04%; ' 1933, 79.55%, and 1934. 86.35%.

HERE’S YOUR OPPORTUNITY TO INSTALL X 111 'X " / i We HandleAir Conditioning Units Warm Air Heaters and do Furnace Repairing and Cleaning ■ Take advantage of an FHA loan to modernize the heating in your house, or to recondition your present furnace. ETERNIT ASBESTOS CEMENT SHINGLES for that New Roof —SHEET METAL WORK—ASHBAUCHER’S Tin Shop 116 N. First Street Phone 739 fWE at JMffl See Us for Information on Needed Repair and Remodeling I Under the FHA We gladly will furnish you suggestions and estimates for either Major or Minor remodeling or repairs. Take advantage of continued low prices and increase the value of your property now. We Can Help You in the following lines Re-Roofing New Floors Shingling Walls Renew Decayed Woodwork Adding Rooms Insulating Enclosing Porch and Many Others Kocher Lumber & Coal Co 102 N. Ist Street Phone 12 Free Information on the Federal Home Modernization Plan The Decatur Daily Democrat has available in simple, readable form, the important facts concerning the plan of the Federal Housing Administration to provide for funds for repairing and modernizing homes. There is nothing complicated about the plan, so far as the home owner is concerned. To any reader who fills out and mails the coupon below, the Democrat will send free of charge, complete details on who is eligible to apply, and all other necessary information. CLIP THE COUPON (Please print or write plainly) Please send me the pamphlet explaining the home modernization plan. I am interested in the type of home improvement checked below. ROOFING PAINTING’' PLUMBING REDECORATING ELECTRICAL WORK PLASTERING ADDITIONAL ROOMS CEMENT WORK HEATING GARAGE BRICK WORK HARDWOOD FLOORS LANDSCAPING and GRADING Or NAME ADDRESS Address your letter to Home Modernization Editor DECATUR DAILY DEMOCRAT 1

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