Show H HO 0 L IC C DIVISION IS SET UP FOR REPAIR LOANS S Utah Home Owners to Sharin Share Shar in Special Fund of Setup of at a home reconditioning loan oan division of the Home Owners Owners' Loan corporation which will make mak available to Utah home owners owner share of at a government fund fun to be used for modernization am and repair of ot dwellings was announced Tuesday by J J. J Francis Fowles state stat manager of at the The new division with offices Inthe In Inthe Inthe the Boston building is expected to b be operating by Monday Mr Fowles Fowle said and will be managed by Louis Loui T. T Cannon architect of at Salt Lake Lak City Howard J. J McKean president of ot the H. H J. J McKean Construction company has been named assistant manager of or the new division No definite fund lund has been allocated ed Utah Mr Fowles said but state stat offices of or the thc H 0 O L C will act on all al applications received Eligibility Explained Eligible for loans under the new setup are home owners who now are arc free of ot incumbrances Loans o othis of at this type will be limited to homes and apartment buildings containing not more than four units and will be made for lor the purpose of or reconditioning recondition recondition- ing big or modernization such as new roofs and changes in the lighting or plumbing systems Mr Fowles ex cx- 1 Reconditioning loans will carry interest in in- I terest lerest of ot 5 per cent amortized over overa a period of ot 15 years ears Loans up to 5 50 I per cent of ot the appraised value wilbe willbe will wil willbe be made on properties that are arc free tree of or incumbrances In cases where H HOLC 0 L C loans have been obtained and still exist additional loans for modernizing and repair purposes will willbe willbe willbe be made with both loans not exceeding exceeding ex ex- 80 per cent of oC the appraised value Will Make V Valuations Appraisers employed by the H 0 O OL L C will vill make all valuations after aCter applications have been placed Release of ot the fund for tor reconditioning recondition recondition- ing lag of ot homes and small apartments i is seen as a windfall for thousands of ol unemployed throughout the nation Practically all the loans will vill go for forthe forthe forthe the purchase of or materials and for wages to building me mechanics hanics Mr Fowles said Of Ot Utah applications received to date by the corporation 2000 have been rejected or withdrawn Mr Fowles said Four thousand loans totaling 8 8 have been made in Utah since the corporation first started operations |