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Show WESTERN LlJ MRKM Wednesday, March 16, 1977 supplement to the National Enterprise Solution to Redlining? Nuances of Tax Bill Spell Trouble Urban Loan People conducting business abroad are advised to look carefully at the Tax Reform Act of 1976, according to Dallas H. Bradford of Arthur Andersen & Co. Speaking to a group of about 50 businesspeople during the monthly meeting of World Trade Association, held at the c Travelodge March 9, Bradford highlighted what he described as 1500 pages of changes" in the newly enacted tax legislation. One new section, which he said is a tremendous change," includes tax penalties for businesses involved in bribes or boycotts. When I first saw this section, I didnt think much about it," Bradford told the group. But, after he studied it, he realized its implications for many firms, even though they may be only indirectly related to a boycott or bribe. According to Bradford, under the section, a company has participated in a boycott if it has refrained from doing business with another person or firm that trades with a boycott country. Also, if it shows a discriminatory attitude by not doing business with a company managed by a nationality being boycotted, or employs individuals of a particular nationality, or if the company ships or insures merchandise on a boycotted carrier, that firm would be faced with tax penalties. Bradford also discussed earned income exclusions for U.S. citizens living or traveling abroad, foreign tax credit, and changes in the. Domestic International Sales Corporation (DISC) status for companies shipping products to foreign countries. UW by Mary McMillan Gaber Review Staff Writer Tri-Ar- far-reachi- ng A vast majority of conventional mortgages serviced by lenders across the country during the last decade have been for houses in suburban areas. But during the last few years, the trend has reversed, as lenders have shown increasing willingness to finance urban housing. Hoping to speed up the reversal, the Federal National Mortgage Association (better known as FNMA or Fannie Mae), a private corporation which buys mortgages from lenders, has initiated a new program called the Urban Lending Program. This program is now being announced by top corporate officials to lenders in ten American cities, includ- - Trolley Square Partners Have Plans tor Park City Three Salt Lake City men have asked the Park City Council for permission to develop the little town in a proposal includa ing residential subdivision, two commercial establishments and a chairlift connecting Main Street to the far-reachi- ng ski hill. The three men, Wally Wright, developer of Trolley Square; John Prince, partner of Prince, Langheinrich and Greer and partner in Trolley Square; and Jack Sweeney, property owner in Park City and associate vice president of Dean Witter & Co., have joined forces with two Park City realtors, Harry Reed and Bill Coleman. The three principals have already purchased 25 acres in the foothills of Park City, which they expect to subdivide. According to Prince, plans for housing range from clustered units to single-famil- y houses hidden by trees. Zoning Modifications Regarding the two com- mercial developments, Prince said the sale of both structures is pending zoning modification from the city council. He said Sweeney has received a handshake" from the Park City Resort Co., owner of the Coalition Building, and Prince has agreed to purchase the Union Pacific Depot, on the council condition the its from changes the zoning present estate" restrictions to allow general commercial Plans call for conversion of the Coalition Building into retail and commercial use. ing Seattle and Los Angeles. They plan to visit Salt Lake City within six months if this kick-of- f is successful. We want to stimulate awareness to lenders that FNMA is willing to purchase conventional mortgages for houses in urban areas," says regional vice president of Los Angeles, Norman Reid. This is still a pilot he cautions, program, We are still about the technical learning and social problems involved." however. Although the Urban Lending Program itself is still in its infancy, the corporation has been preparing for its debut for over four years. Starting with a sem- inar in 1973, where experts studied urban housing and listened to architects expound on innovative design concepts, the corporation moved on to sponsor a similar meeting in June, 1975. At that meeting, 100 people from cities across the country discussed urban lifestyles. convincing corporate officials many people want to live in a city, and often prefer to buy rehabilitated older homes. Keys to Solving Crisis space. According to Prince, the depot would be headquarters for a lodging business consisting of antique railroad cars placed along the tracks. The cars would be converted into sleeping rooms and surrounded by colorful flowers and plants. The depot could (See PLANS, page 3b) the new program, the corporation has published a slick, colorful, d brochure called The Time Has Come. In this publication FNMA states, "We believe that making To kick-of- f urban crisis of our country. We also believe the older neighborhoods of the city can be the new market in urban housing. We are convinced that the risks and the expectation of profit are reasonable; thus private industry can afford to get involved." FNMA wants to demonstrate to local lenders that sound loans can be made to qualified borrowers even in deteriorating neighborh- oods, the brochure continues, so long as there is evidence of community and local government support. Local governments must be willing to commit reasonable resources to upgrading municipal services and to modify zoning and building codes and other law's or ordinances that discriminate against rehabilitation of existing housing." Norman Reid says FNMA has been buying conventional mortgages for four years ($3 billion worth,") but, he adds, "lenders have not been taking advantage of FNMA money available to them. We are willing to buy mortgages for older properbut the ties, he says, customer has to agree to improve the home, and has to have the income and assets to make the improve- ment." easy-to-rea- middle income housing available in the cities is one of the keys to solving the Home Improvement Loans As Well He fNMA is thinking very seriously" (See FNMA, page 6b) says Eimco Divisions Part Ways Separation of Salt Lake facilities from those of its sister office in Belmont, Calif, mark a major corporate reorganization at the Salt Lake Eimco BSP Division of Envirotech Corp. Included in the management restructuring is the of Lewis appointment Emmerich as president of the Salt Lake Eimco Process Division. Machinery Emmerich was formerly manager ul product services. Since separating the two Eimco has operations. formed a new unit which centralizes business planning and sales. The sales arm of the new unit, called Eimco BSP Operations, will be located in Salt Lake City. The business planning arm will in be headquartered Belmont. This new unit will be headed by William F. Kull, formerly president of The Eimco BSP Division. bait Lake arm will be headed by Ray H. Aldrich, formerly Eimco BSP regional sales He has been manager. appointed vice president, sales and service, and moves to Salt Lake City from New Jersey. According to Wayne Dowdey, group president, the move was designed to improve service to Enviro-tcch- s Envirocustomers. tech serves users of indust- - rial proccMug, water and wastewater treatment equipment. The Eimco Process Machinery Division, located in Salt Lake has been here since its founding in 1884. It was acquired in 1969 by Envirotech Corporation, a worldwide supplier of en- gineered equipment and technology for water and air quality control, continuous industrial processes, and underground mining. |