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Show The Enterprise Review , September 22, 1976 Page 8b Ford Eases Pinch on New Homebnyers WHOS RESPONSIBLE? ...To see that 25.000 youngsters get first-han- d exposure to careers in the community each year? ...To answer more than 1,600 inquiries each month seeking statistical, economic and tourist information about Salt Lake? ...For spearheading downtown improvements which include the First South and Main Street beautification projects? ...For arousing public opinions on such issues as Common Situs Picketing, Clean Air Act Amendment, metrication, crime prevention, low-incom- Sixty-fiv- e housing, energy and water e resources? ...For hosting and the Salt Lake visit of The Freedom Train, Russian Cosmonauts. Sister Cities Program with Matsumoto officials, business and 'Washington" dialogues. communication and sales management seminars? ...For uniting the entire state through cooperative programs in economic development. local chambers of commerce and community development? The Salt Lake Area Chamber of Commerce! (Alone and in conjunction with other civic organizations) d Shouldnt you be a part of this organization? action-oriente- C7 President Ford has announced two homeownership initiatives that could reduce down payments and ease monthly mortgage charges for thousands of families. The President said his goal was to give every American family the purchasing power to buy a home providing that family wants it and is willing to work for it. Salt Lake Area Chamber of Commerce 1 19 East 2nd So. 364-363- percent of American families currently own homes. The new program would appeal to prospective home buyers who earn from $14,000 to $20,000 a year. Within this income group about 3.5 million households are not homeowners. The President said his incentives are aimed primarily at families struggling to raise the down payments for their first home. The Presidents plan is designed to lower down payments and tailor installment payments to expected As a future incomes. familys earnings increase, so would their mortgage payments. The President will ask for legislation to cut by up to 53 percent the down payments required on the average price home mortgages insured by the Federal Housing Administration (FHA), and to increase from $45,000 to $60,000 the maximum home loan the FHA will insure. About 87 percent of all home sales fall in this category. Ford plans to ease monthly mortgage payments through an experimental financing plan authorized in the community development act he signed into law in 1974. He has proposed a mortgage Continued from page 7b ture could not compete in the with the booming urban expansion taking hold of the country. The value of land being used for farming was not nearly as high as the value of that same land used for single family homes. It takes six acres to feed one person, but much less than that to house that same individual. It takes 18 times more land to feed people than it does to give them space to work, live and move. So agricultural land, per acre, diminishes rapidly in value when compared to urban land. Inequity of System Suffolk County officials In the commodities market, you can move mountains with it. reasoned that, although the need to eat is competitive with the need for shelter, the present economic system does not reflect that equity. Food production cannot eco- nomically compete the commodities market, a little goes a long way, with cash leverage ratios unlike those of nearly any other investment. Good insight, provided by a commodities specialist, will maximize your profits, minimize your losses. Action? Youll find loads of it in commodities. Theyre dynamic, profitable, and exciting. If you are unfamiliar with the commodities market, call or write us today. Well show you around. In with shelter construction. So, should decided, they they change the present economic system. They should make agricultural land more valuable. They did this by converting development rights, or the potential for farmland to be used as something else, into a commodity that could be bought and sold, separately from the land itself. They assessed each Address. (ipJ CityState. iTi gap Specialists In Commodity Futures Phone ani home purchasing power under any of five plans. The government, for the first time, would insure such graduated payment mortgages. At no point does a buyers debt exceed the original price of the property. So the family will benefit from the appreciating value of the home. Under the Presidents new plan, a home buyer can purchase a $25,000 home with a down payment of three percent. A $26,000 to $40,000 home can be purchased with a down payment of five percent. Monthly payments three percent per year for the first ten years and level after than. w'ould increase by Inequities of System Trouble Urban Planner present economic system Name. payment schedule allowing families to convert their future earnings into present pm RARING piece of property with a value based on its potential to be used as something other than a farm. This value they called development ttaniaaifliTO Members o( Leading Commodity Eichanges rights. They then gave farmers an opportunity to sell these development rights to the county. Financed by a $60 million bond issue between 1974 and 1977, the county could purchase development The rights from farmers. farmers who sold rights to the county continued to farm while receiving payment for the increase of their land's value due to its non-farSuffolk County potential. called this plan Development Rights Purchase. m Adaptable Here? Steven Jensen of Salt Lake county thought this concept might work in Salt Lake. But, he figured, instead of having taxpayers pay for development rights, developers could pay for them. This system would keep money flowing in the private sector, rather than having the government step in as a transfer agent. By purchasing development rights from a farmer, the developers would, in effect, be purchasing a new zoning classification for property they owned elsewhere in already developed areas, zoned for dwellings. This new zoning classification which they, in effect, purchased from the farmer, would allow them to build higher-densit- y develd areas. opments in Jensen calls this idea Development Rights Transfer. This plan would meet .the Water Quality Study teams goals of conserving water quality by preserving agricultural land. And the farmers would be financially Continued on page 9b low-densi- ty low-zone- |