The Bismarck Tribune Newspaper, February 10, 1936, Page 6

: (a THE BISMARCK TRIBUNE, MONDAY, FEBRUARY 10, 1986 Cheap Mortgage Money Seen As Boon to Building Industry r provide for the purchase and finan-| does not exceed $5 per hundred each|great deal of publicity was given the|tions received at the state office of sink or using a bent to ae eal Sad ~ ADMINISTRATOR OF sist ernest met | "ry, rn ttt an ot [ug te as ee at a na seme as Pa ee ass FHL A. SEES NEED isting home mortgages and to mod-| ‘These obligations are in every case in Bismarck totel over one million |as far as the amateur plumber should | $32,565, Bank clearings, grain istration answers the most perplex- the purpose of making these loans in/|struction. Of the amount applied for, | and vent! are essential to health, 20 ing problem facing those who live in|, THe Act was, furiher Sete ne | North Dakota, Srer 9006000 tas been comtettted on; [0 chances should be taken. rented homes, those who desire to lasses Title IZ is the part of the act that/that is, the Federal Housing admin- - Build or buy ‘their own homes ang| surance upon certain clMes Of] ovideg for insured mortgages, n-| stration hes issued commitments t0 Richmond and Omaha RALPH. C. FORSYTHE “The ONE-TRIP Plumber” Cooperating ernize and improve existing homes. represented by @ promissory note,| Up to this time, one hundred sixty-|dollars at the present time, starting/go. Any job that requires installation Thus the National Housing Act) which may or may not be secured at/ seven banks and. building and loan/March 13, 1935. Of this amount, ap- jor changing of piping should be done | © through the Federal Housing admin-| the option of the lender. associations have been approved for | proximately one-third is for new con- |}by a professional; proper trapping Says Way Has Been Cleared for Greater Activity This Spring and Summer sible, The purposes of the National Hous- ing Act are carried out by the division of the law into two titles. In Effect Since 1934 Title I, the first part of the Act, has been in effect since October, 1934. The purpose of this part of the law, be- sides the primary purposes already mentioned, is to increase employment among the building trades and alsu create a new market for the heavy goods industries which had suffered particularly from the business de- pression. This section of the Act provided a. 20 per cent insurance by the Federal Housing administration upon all. loans made by any particular approved lend- ing institution for the purpose of modernization and repair upon exist- ing homes, commercial buildings, or farm property, providing such loans do not exceed the sum of $2,000.00. Payable in Five Years ‘These loans must be payable within @ period of not more than five years the purchase and installation of cer: OUTLINES DETAILS OF LAW commercial operations. Operation Is Simple $6,000,000 for Repairs and $6,- 000,000 More for New Homes Is Estimate this title is very simple. No applica. tion. By W. RAY REICHERT (North Dakota Director, Federal Housing Administration) The primary purpose of the Na- tional Housing Act is to provide an opportunity for the American people to have better homes—by freeing bank credit for the following purposes: to finance the erection of new homes, to make this type of loan and the lend. ing institution is almost entirely th sole judge of the loan to be made. under this Title. Homes, Action PRICE OWENS Phone 278 charge and not necessarily a set rate. The lending institution may make any charge it pleases, provided that the total interest and carrying charge ganized in 130 communities, and terms as the $2,000 loans. This type of loan must be used for the purposes of modernization and repair or for tain specified equipment, elther for the home or for industrial plants and The operation of the plan under tion need be made at the local office of the Federal Housing administra- The deal is consummated en- tirely between the lender and the borrower; the lender merely transmits a report of the loan to the Federal) A blanket insurance policy is issued to each of the institutions eligible to It is to be noted that no charge or premium is made for the insurance Given to Closi: Prom t Berit = and have a total interest and carry-| In North Dakota, the program has p ing charge not to exceed $5 for each| been largely one of education. An in. on Bismarck $100 borrowed. This is a maximum] tensive educational campaign was car- tied on throughdut the entire state; many programs were given over the radio, housing committees were or- proper’ ultiple family those whose old-fashioned mortgage ty, such raven br sured 100 per cent by the Federal qualified lenders authorizing them to + should be refinanced. That problem. ectinniand a on ike, the gieeagee| Housing administration for the pur-|make such loans.and assuring them Report Good Gains General Plumbing os Heating is securing money at lower costs and to exceed $50,000, 4 on the same | PS of constructing new homes, re-/of the 100 per cent insurance when edict. 448. + on better terms than heretofore pos- $9.00 pairing and modernizing or refinan-|the loan is completed. A $7,000,000 building year for Rich- Gas-Fitting Service cing of existing homes. ‘The operations under this title also are comparatively simple. The law provides that the loan may not ex- ceed 80 per cent of the appraiced value of the property, which appraisal is made by representatives of the ‘Federal Housing administration and may run for not more than 20 years. The borrower under this title must be a good credit risk and the prop- erty must conform to certain property standards which have purposely been set high in order that the operation of this portion of the Housing Act may contribute toward the betterment of housing conditions. Are Also Private Loans ‘These loans are carried by an ap- proved lending institution which may in turn dispose of them to private in- dividuals, and inasmuch as the in- surance upon these ‘loans is guaran- teed both as to principal and interest by the United States, the insured mortgages of the Housing Adminis- tration have come to be looked on by investors over the entire country just as government bonds. Inasmuch as the insured loans carry 5 per cent in- terest upon a decreasing balance al- most 100 per cent liquidity is assured to this type of paper. In addition to this 5 per cent, the borrower pays % Housing administration in Washing: ton. a ‘Dakota during the summer and fall years put together and reports which | $500,000. have reached us from every part of] Omaha’ see, during he spring and summer of The results of surveys made by the Federal Housing administration in North Dakota have convinced us that unemployment, so far as the build- ing trades is concerned, is practically nonexistent in this statesat the pres- ent time. Predit Boom More houses were built in North mond is in prospect, to the Richmond (Va.) News-Leader. Among construction projects already plan- ned there is an addition to the power Plant of the Virginia Electric & Pow- er Co, Construction on this $2,000,- 000 project will begin within a few weeks, The new outpatient clinic building for the Medical College of Virginia is another project soon to get under way. It will cost approximately ’s December (1935) building increased 372 per cent over Decem- ber, 1934, reports the Omaha (Nebr.) 1936, probably the biggest building| World-Herald. The 1935 December boom in the history of the state. Tits | qe is due, or course, in no small measure to the advertising and promotional work of the Federal Housing admin- istration and the unusual credit fa- cilities which have been opened up as @ result of this program. ‘There is a wonderful field in North ‘Dakota for low cost houses. The years 1930 to 1934 inclusive saw little or no building, while the population in- creased at the normal rate. Houses which were formerly substantial have deteriorated, some of them to the point where they can no longer be re- paired, Many Need Repairs Surveys of the state indicate that Estimates Furnished Cheerfully NO JOB TOO LARGE—NO JOB TOO SMALL 719 Fifth St. Bismarck, N. D. Phone 1886 of 1935 than in all the previous four the state indicates that this state will For investment or for your own use ... see US for choice locations. Lots and improved property. f Hors to rent in all parts of city. i Let AUNE Build Your New Home per cent vite’ Aamatts to the open out of meg urban er ie this incre Y It i tions servic! he mortgage an |at least $6,000,000 sho expen ou Ow additional % per cent mutual mort-|to place them in habitable condition. Yi - You Will Be Assured gage insurance premium to the Fed-| Whereas 98.5 per cent of urban houses to Yourself that all of the millwork which can be done at home Se UlLitocre Caste ‘This |in this healt now hatched ade to visit and inspect exhibits will be done in Bismarck. mutual mortgage insurance premium |same time it is conservativel La We are experts at built-in feat Be Sure to Inspect the goes to a fund used for the payment |mated that $6,000,000 should be spent : at the make your home inore efflclent, 1 ies Seakeous of losses. It is a mutual fund and |for construction of new homes in order HOUSING SHOW more enjoyable. : e e e e may be allocated back to the borrower |to accommodate the present popula- ‘Why not let us check over your outside screens Buil in Materials and Su lies in the event, that, on the payment of |tion. World War Memorial Buildin; right away? rar his obligations, the size of the fund| The Federal Housing administration 4 “ ‘ ee such refund. wee as | pledges les to ae Hae Tuesday, Wednesday, is these surance premiums al iw | way possible tl condition, ant m A Gl & Sh at Bismarck’s interest st the rate of 3 per cent there |our opinion that the situation will be ‘Thursday Une Wlass enter op Feb. 11-12-13 Even if you do not plan to build or modernize this year, you will find innovations in building materials that will capture your interest, —WE ARE GENERAL CONTRACTORS— ‘We Can Handle Your Whole Job for You B. G, Aune, Prop, Bismarck greatly alleviated during the year. 1936. Safety Is Vital in Repairing Plumbing “washer on the kitchen is a real possibility that the accumu- lations thereunder may amortize a 20- year loan in a pericd of 17 years. System Proves Popular In North Dakota, the program has ‘been well received by both lending in- stitutions and the public. Applica-| Changing a Housing Show - Tuesday, Wednesday and Thursday WORLD WAR MEMORIAL BUILDING Manufacturers from outside the city, as well as local building material and hous- ing fixture dealers, have gone to considerable expense and trouble to give Bismarck the best show of its kind ever staged here. Not only will you be pleasing manufacturers and dealers by inspecting the ex- hibits, but you also will be doing yourself a favor. Even if you don’t plan any building or remodeling in the immediate future, keeping yourself informed on the latest in building materials can’t help but prove of value to you in the future. Gilentitk “Pre-Fit” frame - window - screen and storm sash, 614 Broadway Phone 206- Learn the True Enjoyment of Automatic Gas Heating Appliances mu) ae esota | al Minn ry) Paints The home owner of today de- mands more than QUALITY —fascinating, proper colors that harmonize and make the home distinctively attrac- tive. TTT uuu AELA SN AHUVEUET HEEL rrueunaeiriaaninninel HULU ELTA nua nueaer anna SILENTITE is not a frame alone, nor is it a window only. It is @ complete opening unit consisting of frame, window, screen and storm sash and Mitertite trim. si ll nt 2 — i. ala i i | mil IM “/ i | Al {BL AE il We Are Dealers in the Above Essentials as Well as All Building Materials - Plaster - Cement - Woodwork - Hardware Central Lumber Company A.C. Harke, Manager Bismarck, N. D. 601 Main Avenue Telephone 17 | | We Have Nothing But Praise for the Building & Equipment Dealers of the Northwest’ for their ENTERPRISE and foresightedness as evinced in their Housing Show CLEAN AND ECONOMICAL FUEL THERE WILL ALWAYS BE PLENTY OF HOT WATER The Latest 1936 Model at the World War Memorial Building AT THE TURN OF A CG A li ' Tuesday--Wednesday--Thursday peer eaerel ze: as ppences February 11-12-13 ae | _But their efforts will be for naught unless the citizens of Bismarck Wate = The Housing Show avall themselves of this fine opportunity to inspect and study these FOR SHAVING, in World War Memorial Building siidl BATHING, Afternoons and Evenings All Day ’ Tuesday & Wednesday Thursda: CLEANING, r February 11, 12 and 13. . WE COOPERATE UNDER THE FHA As in the past, we will continue to make loans for building and remodeling under the FHA, where such loans are justified. Wen make these loans directly as an assistance to home-builders and indirectly as an aid to building materials dealers. FEEL FREE TO CONSULT US IN REGARD TO YOUR BUILDING FINANCING PLANS. : The Bank of North Dakota Bismarck, N. Dak. WASHING DISHES AND LAUNDERING LET US HELP YOU WITH YOUR HEATING PROBLEMS 2 lee OBLIGATION TO MONTANA-DAKOTA UTILITIES CO. BISMARCK — MANDAN — DICKINSON