Indianapolis Times, Indianapolis, Marion County, 12 December 1946 — Page 9

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: THURSDAY, DEC, 12, 1946 SL z al ~ THE JNDISNAPOLIS TIVES ems | . - ; : 2 . PAGE 'Y 50 Veterans Solve Housing Shortage, Form Corporation, Cut Red Tape, Supervise Construction [Arthritis an

E! SICHARD ©. HARRIS : units embracing 50 attached homes| John O. Merritt, who served as a|then ‘lent the full $10,000, or ajkan, to sell them the building site, be of masonry-and-brick, slate Rh i 4 | e LARCHMONT, N. Y. Dec. 12.—Fifty Len of five rooms each will be completed | captain in the army, evolved the] total of $500,000. i : five.and a half acres, for $7500, al-|roofs, brass plumbing and other top- euma ( 2 than talk was necessary if they ever were to move rans decided more in the late summer or early fall plan. He enlisted the aid of friends,| «rhe corporation is not & scheme though it was assessed for $21,500 quality materials. Here again the houssnds of sufferers from the peins + own. Today they are ‘acting as enthusiastic stra homes of their when they are ready for occupancy and was elected president of they, own property co-operatively,” Mr, [8nd was priced for $43,000. © |veterans are using their contacts of Arti: is that will assure each of them a five-room. gar ay yes on a project each veteran will hecome the owner | corporation. Each of the 50 mem-| Kohler said, “since the pitfalls of| The architect was persuaded to|With sympathetic suppliers, not| been by late next summer.’ , garden-colonial type house |p gn individually mortgaged and bers contributed $600 to establish co-operatives are many and varied. trim his fee from the usual five or|ODly to obtain materials, but to ob- |. Determined to solve the housing shortage for themselves, the. talk operated Time. $30,000 working fund. Instead, a corporation was forméd|six per cent to two per cent, The|tain them at less cost. weary; men organized the Larch ’ “1 Each unit will cost about $9800.| Albert A. Kohler, a vice president exclusively to facilitate the build-|general contractors agreed to build] The municipality has under admont Veterans Building Corp. total agencies and other local vet The $10,000 mortgage at 4 per cent of the. corporation, explained that ing, since costs can be cut by mass|at cost of construction plus a fixed |visement the group's plea that it| discomfort porrow and build together but ul-|erans Other vet- | for 25 years will be amortized at the|an ordinary builder’ would be able| purchasing and simultaneous con-|fee which approximates five per|install streets and sewers, at an ¢ timately to own separately . rate of $52.80 per month, which, |to borrow only $333,333 for the job, |struction. cent instead of the usual 10 per|estimated cost of $30,000, with a hat 3 ork . Ground was broken two weeks ago with an estimated $20 for taxes and | Under the “G. I. bill of rights,’| The G. I's ability for “scroung-|cent, and the lending institution is|$600 per man saving to the veter- | sults for ousseli ou an infeed. Hon

ey schieving their goal [for the project, excavations were $1 for insurance, will mean an esti- | however, the veterans administra-|ing” was used fully by the veterans.| absorbing one per cent of the|ans. Whether or not their luck Speed wi 8 mn 9 a tape end to | under way today and materials are mated carrying charge of $73.80 per|tion guaranteed $4000 of the $10,000 They induced, for instance, the|financing charges. will hold on that item remained to | fus : " the amaz rest of governmen- [being assembled. The 12 large/month. > Hw heach veteran needed. Two banks,|Owners, Mr, and Mrs. Benno El-| The construction is planned tolbe seen. Sut Romind. If your

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