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Show LANK HANK XIM.M ISSION Kits LOANS TO I IK AM I'l.HT Kl) llerkcley. Calif.. Nov. 14 The Farm Cn dit Administration has decided upon an Important amplification am-plification of regulations concerning concern-ing Land Rank commissioner's loans whereby the gap between necessary ijuii I i llcul Iciiih for oh Ui In In; loans from the Lund Hunk and loans from Federal home loan agcnclcH will be brldg ed, according to an announcement by Governor Henry Morgcnthuii, Jr., received today by President Wlllurd I). Fills of the Land Hank here. Under tills modlllca-llon modlllca-llon small faun properties, par-' tlciilarly tlioiio In clly nburb. worked but purl time by their owners, which hitherto have been excluded from participation In either form of credit relief, ma.', iiualll'y to Inn row from the land, bunk coinnil:,.sloner'H fund of I $20(1,(11111,01111 established hy the last Congress. This decision, no Hills was informed, in-formed, was leached In an effort to extend credit on small larm properties which arc not of nnll'ie-lent nnll'ie-lent area to produce an income or themselves thai will maintain the family of the applicant and pay Installment on the loans. The new regulation l.-..-,ued from Morgentluiu's Washington office points out thai lo (uallfy Tor a commissioner's loan the fai in offered as security does not necessarily have to be a complete farm unit coinpolent lo pay eo.'l of operation, taxes, . depreciation and Interest. "If the land has agricultural value," says the regulation." re-gulation." and the owner would be able to support his family and pay installments in normal times, although part of Ills lncum--would be obtained from work outside the farm property, for Instance, in neighboring factories or by day labor of any kind, such loans may be made within 75 per cent of the normal agricultural value of the farm property If the Individual Is honestly striving to h(A his property and could do so, meeting taxes and Installments Install-ments under normal conditions." The land bank com mlsslonerV I fund Is being handled by the Federal Fed-eral Land Hanks but constitutes no part of such banks' assets. Loans from that fund are made principally for refinancing farm Indebtedness. i |