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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 23, 1934)
PXGE rouH MEDFORD MAIL TRTBUyg, MEDFORD, OREGON, SUNDAY, SEPTEMBER 23, 1931. Movement To Rehabilitate Buildings Throughout The Country Aimed To Revive Lagging Construction. Xn an ambitious movement design ed to lift the lagging construction end capital goods Industries out of the doldrums, the Federal Housing Ad ministration has launched It nation wide program to encourage the re pair and modernization of residential and commercial properties. Tnia program Is In line with the objectives of Title 1 of the National Bousing Act, passed by the 73rd Con grass as one of the moat Important pieces of recovery legislation sine the National Recovery Act- Under the terms of the Aot, private financial institutions are enabled to make Investment having the same decree of security and liquidity as possessed by their best collateral loans. The Government makes no dl rect loans to property owners, but, rather, creates the maohlnery by which borrowors may obtain funds from established credit sources with greater ease than even In normal times., A National Need Private Industry and ptrbllo offi cials agree that property modernisa tion In the United States constitutes a national need. Millions of American homes, apartments, offices, stores, fac tories, and other buildings have suf fered seriously from lack of normal care and attention during the past four or five years of depression. It Is conservatively estimated that 18.800, 000 buildings In the United States have reached a serious state of disre pair, and of these at least s.000.000 have arrived at such a physical state thst nothing short of a major build, lnsr operation can save them. The re- malnlng 13,800.000 for the most part require only minor repairs, but they are of the character that must be initiated at once to offset serious de terioration. The Federal Housing Administra tion hopes, in launching the property modernization program, to alleviate the distress among at least a portion of the 4.000,000 unemployed persons In the United States who normally depend upon the construction Indus, try for their livelihood. How Government Aids The Federal Government, through the Housing Administration, will In. sure lending agencies agalnat 100 per cent of all losses, provided the total of such losses does not enceed 30 per cent of the aggregate amount of funds advanoed for property Improve ments. This insurance Is virtually an Iron-clad guarantee of protection for th financial institutions, since the highest known loss ratio on similar types of loans has not exceeded 3 per cent. Experts In this field have said that It la hardly conceivable tnas inese credits, extended by prudent Institu tions, could result In losses greatly exceeding this previous experience. The insurance, they agree, Is tanta mount to a complete guarantee for financial Institutions. That la, If a lending agency acquires notes aggre gating a total volume of 1100.000, 11 will be Insured against 100 per oent loss on all Items up to total aggre gate losses of aao.000. Losses of this proportion have never been approach ed in America on this type of busi ness, even In the worst depression years. The Federal Housing Administra tion, in Its rules and regulations cov ering the making of loans, will not reoulre collateral, except in onees where the State law demands mort. cages as aecurlty for loans. This Is true of some building and loan as sociations and savings banks, but the great majority of loana to be made under this plan will be In the form of character loana, based solely on the reputation of the borrower and his ability to repay. Endorsers and comakers will not be needed. James A. Moffett, the housing ad ministrator, emphasises that while the Federal Housing Administration la anxious to receive the heartiest co operation from property owners and the public, no modernization loans that are not fully Justified on ttio grounds of sound Judgment are de sired. . 4 I : 1 White th now building feature of th National Housing Act that por tion embracing tho Inauranc of mortgtvrM ni establishment of na tional mortgage tMoclRtlon prob ably will not become opemtiva to fort the early part of neit yr, the Federal Hoiwung Ad minim rtlon la actively trwed n laying the grour.l work for tola broad program. Admin titration officiate are urging those ron tempi a ting new work to eon mi It with architects and builders thU fall A family building a houM mut have in caah at leant 80 per cent or th total value of the hotim and land, or the equivalent in land, which owned free and clear. Mortgage loana made on new and existing home, to be approved for inaurance, are limited to a minimum of 18.000 represent ing nn more than 80 per cent of tliv apprtlied mine. They are to be mw tliea over a period of not more than 30 year. a Natural Flninh lr Tine A natural flnlah may be applied to a yellow pine porch floor by lay ing two coat a at gad par vamlah over a priming of boiled oil, turpa and japan. Allow three daya between eoatt In fair weather, and a &ek 11 tiit weather U damp and cold. Support the Jackson County Chamber of Commerce's Campaign in Cooperation with the National Housing Act! WHEREAS the GOVERNMENT of the UNITED STATE has made possible, through the enactment of the NATIONAL HOUSING ACT, the financing of MODERNIZING and REPAIRING of HOMES through federal loans WHEREAS, the Jackson County Chamber of Commerce is sponsoring a campaign to further the NATIONAL HOUSING ACT in this area in the interest of unemployment, the general stimulation of business and reduction of relief burden. NOW, THEREFORE, Be it known that Medford is whole heartedly behind this worthy movement and we urge each citizen who is able, to cooperate in MODERNIZING and RE PAIRING his home. This campaign will result in increased beauty of Medford homes and added property values. Support of the NATIONAL HOUSING program is deserving. The campaign merits the en thusiastic cooperation of every citizen. GEORGE PORTER, Mayor of Medford. Converting Attic Into Room - . -A. Villi ; , ! " ' h riJT.l -4 'm " "; H BL IBi r- ' i A thorough national modernizing program would so change the aspect of America as to (o for toward dis pelling depression as a mental state, In the opinion of Lewis H. Brown, member of the Durable Goods Indus tries Committee and chairman of the Code Authority for the Asbestos In dustry. It would, in my Judgment," Mr. Brown declared In a recent address, "be the best answer to stimulating Immediate construction, for it ordi narily requires no long periods of planning, may be on a modest scale of individual projects, does not nec essarily require long-term financing, and in many Instances can be paid out of current income. "A campaign for modernizing Is thoroughly practical because it Is needed and is economically Justified. "Without going into the detailed figures which cover a study of the ratio of normal construction to na tional Income from 1910 to 1930. we determined that If nothing were done, we could probably expect In the five years from 1035 to 1939 not more than about 14 billion dollars of con struction, less than 3 billion dollars each year, or about one-third of that in 1928." CCNS Repaired and Cleaned. Ex pert work. Medford Cycle. 23 N. Mr. A little wullboitril, some appropriate furnishings, and some Ingenuity converted the wasted attic space shown In the upper picture Into the cozy room revenled In the lower Illustration. Rural Dwellers May Under take Improvements Under National Act Same As City Owners Is Stressed Benefit of the National Houalng Act with respect to property Improve ment, apply to both farm and rural properties and city homca and build lrifjs, it la pointed out by Jamea A. Moffett, Federal Housing Administrator. Success of the Modernization Pro- grain is believed by Mr. Moffett to depend fully as much upon the re sponse and cooperation of the farmer and the citizen of the small com munity as upon these who live in metropolitan areas. Farmers Need Repaint At least, the need on the farm for repatrs, alterations and Improvements la as great as In the city, as Indi cated by a current Farm Housing Survey of the Department of Agriculture. Preliminary figures of this survey Indicate that out of every 100 farm houses, probably B0 are under the minimum standard of llvablllty; that 19 out of each hundred houses need new foundations, IS to 30 need new roofs, 10 to 15 need new floors. 10 need new walls and a large number lack bath facilities. Through the Modernisation Pro gram of the Federal Housing Admin istration, now getting under way, the United States Government offers the farmer as well as the city dweller the means of bringing his home up to modem American living standards. and Mi'o of Improving his barns and othr r.l! U:gs, through the regular barfe- o;h;r lending agencies of his tvi ' V .v. n. wry Given Away No m.t r'.vcrx away and the sorrower devs : owl directly wUh the Federal w.f.ri .Vtinlnlstratlon. But the money u in.! available as "character loans' through regular es tablished lending agencies. The Fed eral Housing Administration Insures the lending institution against 100 percent of all loss, provided the total of such loss docs not exceed 30 per cent of the total volume of such credits advanced. Property owners who receive an n come In form of proceeds from the sale of agricultural crops or live stock may pay the Installments cor responding to the dates on which they receive their Income, provided they make payments at least once a year to meet the interest and reduce the principal. Any approved bank, trust company, building and loan association, farm credit institution or other lending agency has all the necessary Informa tion for the person seeking a Modern ization Loan. The dismal depths of the old fash ioned cellar have given place to a new American Institution the rec reation room. People are taking ad vantage of the opportunities for ob taining loans made easy by the Bet ter Housing Program to have their cellar walls and ceilings lined with insulating board. This attractive ma terial Is pleasing in appearance and sturdy in character. It costs little to Install, and makes a perfect back ground for the Informal furniture and decoration of the recreation room. i COST OF CREDIT E Charge On Modernization Money Includes Interest And All Other Expenses Limit Set By Legislation. There has been some confusion in the matter of the maximum charge permitted on modernization loans as expressed in paragraph S of the Reg ulations recently Issued by the Fed eral Housing Administration. Refer ence has been made mlstakably to this charge as Interest, whereas It comprehends not Interest alone but also the expenses of Investigation, extra bookkeeping, collecting the In stallments, etc., In short, all financ ing charges of whatever nature which may be made In connection with a time payment transaction. The charge also makes allowance for the fact that the borrower Is not required to maintain a deposit account as Is In variably necessary in applying for or dinary bank credit. Installments Cost More Any type of Installment credit nec essarily costs more than a straight commercial loan, because of the ex tra expenses Involved, but the par ticular type made available through the credit Insurance provided free of charge by the Federal Housing Ad-j ministration Is by far the lowest In cost ever offered for such purposes to borrowers in the United States. As provided in the regulations, the maximum amount of charges that a financial Institution is permitted to make for an Insured modernization ! loan Is based on 95 dscount for each $100, on a one year note to be paid In equal monthly Installments. Be cause these Installments are being made regularly, the ratio of groVs charge to average outstanding bal ances is .0972 per annum, or about eight cents per Tnonth for each. 910 borrowed. F. II. A. Sets Maximum This, It should be emphasized, is the maximum permitted by the Fed-1 eral Housing Administration, no mat-1 ter what Is the size of the note, the number of months It has to run, the number of Installments provided for or how the charges are collected.; If the term Is three yeare, for Instance, the maximum can not be calculated simply by multiplying the figure fl by 3 and discounting the face of the note by $15 (In the case of a $100 note), for this would make the an nual charge somewhat above the limit fixed. The tables for determin ing the discount amounts have been issued to financial institutions by the Federal Housing Administration and defntely lmit the ratio on any trans action to .0972. f v Jesse Stuart, a Kentucky dirt far mer, is publishing a book of poetry I which contains 703 sonnets. PAINT NOW WITH FULLER PAINTS They Last Too need no . longer run the risk of a home ruined by neglect. IP? Secure a Home Owner's Loan To Help You The garage, home remod eling or new roof yon have needed can be built now. Permit us to give you a low estimate on costs. Woods Lumber Co. EAST JACKSON AT GENESEE. PHONE 108 Medford Concrete Construction Co. Dealers for Duralith for Interior Decorating Building materials, sand, grav el, crushed rock, cement. Sewer tile pipe, drain tile, irrigation pipe. ... Pac. Highway . Phone 69 The laying of a new driveway Is J suggested by the Federal Housing Administration as a suitable prop erty Improvement project that might 1 be financed with funds obtained from ; private lending agencies cooperating : with the Qovernment In Its nation- ' wide modernization program. There are many types of such improvements; which are available to the home own- Popular among them are con- crete drives, either solid or In nar row parallel strips. Gravel and clnflrr also make suitable surface material for the stretch of roadway between your ga.ge and the street. ffhlnRlen Are Fireproof With 23 per cent of all residential fires starting on the roof. It Is of pri mary Importance to eliminate that danger. By covering the old roof mlth fireproof shingles, the home owner can assure himself of fire pro tection as long aa the house atanrf Available In a variety of styles t match any architectural dentgn, they add to the beauty of the home niu! assure It complete protection. Irtuer Wall Paper A coat of good lacquer on wall paper, even If It la washable, will help protect seams and render tn? wall completely waterproof. This treatment Is especially recommended for bathrooms and kitchens. Uncle S am s National Housing Act enable you to Do that needed HO aSS5K For the Paiut Job That Will Make You Proud of Your Home Specify SUN PROOF PAINT WALLHIDil and WATERSPAR ENAMEL All Pittsburgh Paint Products EC. D. ROSS CO. Mutfiwd'i r.v.lu.lv, Pnlnt aril Wall fm Slew 131 Wert Mnln IMliin, (111 1 SHERWIN-WILLIAMS PAINTS Nation's stand ard of Quality for naarly 70 y.ara. Mora poopl hi, 8-W Paints than any othsr brand. Thay look bat. tor, woar lontsr and coat lots. E PAINTING WOW! Excuaes for having a dingy, run-down home ara taboo! The NHA makes it poasible for you to secure loans with which to do necessary home renovizing and painting. Drop in and see us at once. We'll tell you just how to go about getting your loan. Be sure the bid which accom panies your application for a loan specifies SHERWIN WILLIAMS Quality Paints. This will simplify getting your loan approved as every loan company, banker, realtor, painting contractor, etc., knows SHERWIN-WILLIAMS Paints are as sound and safe an invest ment in property protection and lasting satisfaction as money can buy. Freel44Page Book The New Home Deo. orator, a wonder book by lh noted Interior decorator. Batty Wood, oontalns 79 actual color ehomtt and 111 help ful NHA palnttno uogeitlont, Oel your frt copy today. Paint and Repair Now Before Rainy Weather S 'rs"S"wa-i-- nivv V." . iiiiiaawiia ! The NATIONAL i,r HOUSING ACT ! AAM proildM reodv funds for W 3 f V V 'iJ ' mlnl.l( ad firing ,h., I SfiM AfXL horaf. Now you ran romplota JF v w V e "" sii that attic room or enlarge your f , l " home to meet present family gTr ss v i 8 ' "4 requirements. 1wss 4 ATS ( ' ' . J U biff : W When You Modernize Your Home be sure that particular attention is given the im portant problem of lighting ... be sure that there are plenty of electrical outlets for appliances you may use in years to come ... We will gladly assist you in solving your lighting and other electrical problems. IRi THE CALIFORNIA OREGON POWER COMPANY ELECTRICITY IS THE CHEAPEST SERVICE YOU CAN BUY MaaHHMajBjHaaaaaaaaaaa
