Iron County Record | 1951-10-18 | Page 13 | Fears Are Disappearing That Shortage of Mortgage Money Will Delay Building

Fears Are Disappearing That Shortage 0! Mortgage Money Will Delay Building Fears that home building in Cedar City would be discouraged during the next few months by a shortage of mortgage money is rapidly disappearing, according accord-ing to W. Arthur Jones, local lumber and building materials dealer and member of the public affairs committee of the National , Retail Lumber Dealers Associa-tion. "Some parts of the country, including in-cluding Cedar City experienced difficulty in arranging mortgages mortga-ges until recently, but additional addition-al funds have become available as a result of payments made on outstanding mortgages and increased in-creased personal savings in the I hands of lending institutions, Mr. Janes said. "Actually, unless building pro- I ducts containing steel, copper, and aluminum becomes more ; scarce than appears likely now, ;home building should continue at an above-average rate during the coming year. "Legislation recently passed by Congress permits smaller down-payments down-payments on lower-priced houses, thus making it possible for more families to purchase a new home. "Defense agencies in Washington Washing-ton say that, at the present time, they have no intention of discouraging dis-couraging construction of small and medium sized homes, although al-though they are issuing very few permits for so-called housing. "Under existing regulations, anyone wishing to build a home requiring no more than 1800 pounds of steel and 35 pounds of copper, or 1450 pounds of steel and 160 pounds of copper, automatically auto-matically qualifies for an allotment allot-ment of critical materials and may start building without having hav-ing to submit an application to Washington," Mr. Jones said.