OCR Text |
Show $2,000,000 Obtainable For Utah Home Building Ernest C. Bobbins, chief examiner of the sUte banking department reported re-ported on his return from Portland. Ore., that $2,000,000 of federal money would be available for home construction con-struction in UUh if sUte building and loan corporations receive membership member-ship In the Home Loan Bank, alederal aid organization. Mr. Robblns engsged In round table discussions of the new federal institution in-stitution while In the Oregon city, where Franklin W. Fort, chairman of the federal board, outlined policies to more than 200 representative of building and loan association and sUte banking department. Mr Robblns pointed out that UUh associations will be enabled to Join the Home Loan bank aystem under bills pending in the sUte legislature, and added that "it is my opinion that if all tha associations of Utah will use the opportunity offered and use the borrowing advantages offered, much good will result" He said that membership In the system sys-tem requires a stock investment amounting to one per cent of loans on homes, after which building and loan associations may borrow twelve times the amount of the investment |