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Salt Lake Telegram | 1934-07-05 | Page 1 | Housing Project Will Bring S. L. Nearly 3 Million

Type issue
Date 1934-07-05
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Rights No Copyright - United States (NoC-US)
Publisher Digitized by J. Willard Marriott Library, University of Utah
ARK ark:/87278/s6t73rgw
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6t73rgw

Page Metadata

Article Title Housing Project Will Bring S. L. Nearly 3 Million
Type article
Date 1934-07-05
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Page 1
OCR Text t Housing Dousing Project Will Viii Bring S. S L. L l. l Nearly 3 3 Million I e deral Program Expected to Give Great Impetus to Building If EREST TEREST RATES ARE LOW ft M respective Home Erector I Needs Only Lot f At least will be spent In e. e all r Lake City for home construe- construe ci on modernization and repairs v hen hen henIe Ie administration ho housing s ng program IBS CS Into effect a special al Washington patch to The Telegram said Thurs Thurs- lY Various gov government agen agencies l s in ashington report that construction in the Salt SaU Lake City ea ca during the 12 months which ben be be- n July L will not be less than that on the b basis bais is of what was jent ent nt in the city in 1926 for new resi resi- Ual building alteration and re- re The total is is' said to be conserva conserva- Ie e e since it does not take Into ac- ac lunt UIt t. t any building activity of 01 the theise ise lSe year except one family dwell dwell- gs and their repairs and remodel- remodel g g. the dispatch h said V Will I Re Release ease Capital The he housing howing act act- will release nt mt capital for home construction at low interest rates and on ony isy y terms which is is' expected to give impetus to the construe construe- in rn n industries In addition to the home building id td modernization program it is ann cd to supply substantial sums r r new low cost housing projects rough the federal housing adminis- adminis atlon according to the dispatch Most Mos t of the new lio home e c construction expected to be started on the out- out iris of dUes cities and in suburban areas here bere the greatest demand now exists r dwellings costing or less rie ic ie low cost housing program is ex- ex to take care o of demands for w w. apartments slum and-slum clearance eds Only Lot Is Needed All Ah the prospective home builder ill in need to undertake in construe construe- on of a new home the dispatch lid id will be a lot which must be fully aid lid for He must also have a reg- reg tar lar income He may then go to the nearest bank bankI I Continued on Pace Face Sinn Seven SING PLANS ILL HELP S S. S L L L. ral al 1 Project Expected t d f to our our ir Into li I Section l 1 Continued from Page One Eis Ls is a member of ot the federal re re- stem and md with his lot as sc- sc he will be le able to borrow t mone money to pa pay the contractor to build his house for tor the first is tk n completion of ot the house he to his bank or building loan oan association for a loan to th the entire cost in return for br he will give a f first mortgage 1 completed property properly b ginning beginning regular monthly pa payments ments cannot be for lor marco more marc 2 o per cent of the appraised o of l the the property or for fol more t Will Run 20 0 Years ill vill run for a period of 20 years ears be De e amortized by monthly pay pay- s s. s The base interest rate will be 1 cent but another 1 per cent cente be e paid into the general mort mort- insurance fund to insure all loans of ot this type This will a total rate of 6 per per cent which lower than the preZ pre pre- Z g rates when renewal charges en n a home owner wishes to im im- his property by repairs or mod mod- it tion ion he will apply for a loan bank trust hust company mortgage my or building and ard loan asso asso- or i He will be assured a re reason reason- on rate and a long period which to repay the loan He borrow orrow as much as 2000 wish only a few hundred hundreds s his hL note will suffice for lor sei se- se i Should he need more he will bly ly be asked to give a mortgage mortgagee e improved property for the thet it t of the loan Losses incurred king such loans will be guarI guar guar- I by the government up to 24 nt at of the amount of the loan on the new homes will vill from the in the national houst hollSt hous- hous t l while losses sustained on modernization loans will be good from another fund of authorized in the same
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6t73rgw/16271701