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Show . 1 - The Enterprise Review , October 6, 1976 Page 5b Donovan Praises Community Pride Transitional residential areas look better today than they have for a decade. The community is showing pride in home ownership, and this impresses bankers. Those words by Gene Donovan, president of Prudential Federal Savings & Loan Association were spoken to members of People Against Redlining, at a press conference held last week to celebrate the day the Home Mortgage Disclosure Act took effect. The group is a coalition of community organizations whose members want mortgages made available to people buying homes close to the city. anti-redlini- ng In an interview' before the celebration, Donovan told reporters, Lenders have become conscious that locations are attractive to young families. These people are putting in sweat wrork, not money. equity The result looks swell to us. close-i- n People Against Redlining wants us to make loans I say in this community. were enthusiastically making loans here. The investment trend during the past decade, Donovan said, has placed an on by hood. Pressure on Appraisers Donovan acknowledged appraising habits as well as policies were at issue. When homes are appraised at a price lower than their selling price, buyers must make larger downpayments. This practice reduces the number of people able to buy old lending Sweat Equity1 emphasis restoring old houses, he said. Donovan said he does not view actions taken by People Against Redlining (publicizing alleged reluctance of lenders to underwrite mortgages in city neighborhoods) as pressure. This is not pressure. 1 call this community responsibility, community involveIt means ment, he said. people are taking pride in their homes, and maintaining them. And that raises the value of a neighborhomes, suburban Fannie Mae and sprawl. private investors have placed a priority on single family dwellings in the suburbs, he said. This emphasis has left gaps in the cities, most importantly in the area of modest, moderate housing. This kind of housing is now available in existing 141 Pierpont Avenue Salt Lake City, Utah 84101 (801) 364-770- 1 homes. We are retraining our Donovan appraisers , stated. When appraisers state the maintenance value of a home is less than 30 years (the term of our mortgages), we ask them to state On what are they why. basing that evaluation? He said appraisers evaluate the amount of pride shown in a neighborhood as well as the condition of the house being appraised. But they dont take into consideration social or economic trends of the future. And thats the way it should be. Their job is to tell you wrhat the house is worth today, not five years from now, Donovan said. Trolley Tribune Anti-Tru- st Goes to Press Action Retailers, restaurant owners and other tourist-oriente- d businesses have a new medium for advertising. Marilee Latta & Associates has published its first issue of the Trolley Tribune. tabloid to a free, eight-pag- e be distributed from stores in Trolley Square and hotels and in convention packets compiled by the Salt Lake Convention and Visitors Bureau. bi-mont- Latta described her I editorial policy saying, want to look at history and what is happening today, portraying the feeling that were ahvays the same. Sought continued from page 2b leged by Ibex are: Direct selling to consumers by bypassing dealers; illegal warranty and repair program; and requiring dealers to purchase tractors in order to purchase parts. Between 1972 and 1975, Ibex reported combined sales of approximately $10 million. Ed Hcinze, company president, projects that sales are up for the next two year period. Ibex was formerly a division of Jelco, Inc., also of Salt Lake. Ibex split from Jelco on June 28. 1976. How much do you get soaked eveiytime your drivers call in? Every call-i- n is another coffee break, adding up to nearly one unproductive hour per driver per day. Multiplying that figure by the hourly value of a man and a vehicle (approx. $20.00), again by the number of your drivers, and finally by the 20 work days In a month, youll suddenly discover why a radio system actually saves you money. Unlike many radio systems, one from Western States Communications may include the use of a solar powered mountain top repeater that picks up your signal and amplifies it to a range of several hundred miles. economical. Let us explain how we can stop you from Efficient, long-rangsoaked. getting e, VESTEKN STATES COMMUNICATIONS, INC. 32SCRJTH300WES1 SALT LAKE CITY, UTAH 84115 (801)486-843- 6 |