OCR Text |
Show Veterans Administration Will Distribute $150 Million Fund for Direct Home Loans A notice in the Army Time Vet Letter this week discloses that the VA will announce next week limited areas of the country coun-try where veterans will be eligible eli-gible to obtain direct VA home loans, if 4 per cent private financing fi-nancing is unavailable. A fund of $150 millions, which became available July 19, will be allocated to specific states, coun-t'es, coun-t'es, cities and towns, with ma-ry ma-ry sections receiving no share because of local availability of 4 per cent financing. The decision to allocate arbitrarily ar-bitrarily specific portions of the fund to specific areas is certain to result in individual cases of hardship and provoke loud rcieams of protest, according to the Vet Letter. Decision upon areas to which direct loans shall be allocated will be based on three factors: veteran population, percentage of 4 per cent financing obtained by veterans in that area and percentage per-centage of home ownership in the area. In general, rural areas and southern states are expected to gel a lions share of direct loan money, with big urban centers getting little or none. The VA expects to announce area designations and allocation alloca-tion amounts immediately. |