The Daily Alaska empire Newspaper, March 7, 1935, Page 7

BY GOLLY -~ THEY HAD A LOTTA NERVE GITTIN' ME TO SIGN SUMP'N-- AN' NOT TELLIN' ME WHAT \T WAS FOR FH A DIRECTOR EXPLAINS WORK NEW HOUSE IDEA Program for Loans Told in Prospectus of Ques- tions, Answers In retponse to many inquiries hich have been received at the Juneau office of the Federal Hous- ing Administration, Director John E. Pegues has prepared a state- ment, in the form of questions and ancwers, describing how those de- siring to build new homes may do 80 under the mutual mortgage in- gurance system of the National Houzing Act. It is pointed ou! :a the state- /ment that insured mortgages may mature over as long a period as twenty years and that as much as 80 per cent of the money needed for construction purposes may be secured by means of the mortgage. Provision is also made for re- financing existing mortgages and s»for placing insured mortgages on prepe: not now encumbered by indebtedness. The program is restricted to dWwellings housing not more than four families and not more than 25 percent of the floor space may be used for business purposes. The Program The explanation of the program follows: Question: What is the purpose of Titlz II of the National Housing Act? Answer: Title II of the National Hcusing Act has been devised to i vide a standardized method and type of financing for new con- struction and for the refinancing present encumbrances. | | the property when it is improved? struction and building activity and | o many This plan contemplates new con- the general improvement of hous- ing standards. Question: Are there any restric- tions as to type of property; stand- ard of construction; location of Poreperty; condition of property? Answer: Yes. The Act provides certain property standards rules for location and construction and/ I'LL SHOW THOSE HILL--BILLIES THEY CAN'T PUT NUTHIN' LIKE THAT OVER ON ME be constructed of good material, be of generally modern type, conform substantially to other structures in the neighborhood, and the location must be in a district approved for residential purposes and which is ! not likely to deteriorate or lose its residential the e of character as a good neighborhood durihg the loan. Regulations? Question: Are there any regula- tions covering the ground area of dwelling in relation to the area of 1ne Act provides L‘nt to assure adequate light and air in all inhabited rooms the de- sirable maximum coverage for sin- gle family detached houses, includ- ing the necessary buildings, is ap- proximately 20 per cent of the lot exclusive of areas given to alleys, streets and eacements, and that in no case should the coverage of a let for this type of property be eater than 30 per cent for inter- lots or 40 per cent for corner lots. These coverages may be ex- ceeded in case of attached two to four family buildings if the appli- cant can d2monstrate that all in- habited rooms shall have ample light and air. Question: Must plans and speci- fications e submitted when a loan is applied for? Answer: Yes. The applicant fur- nishes complete plans and specifi- cations, preferably in three sets. Question: Will properties with one or two mortgages already existent cn them be eligible to receive loans? Answe Regulations afford an opportunity for the borrower to re-finance an existing loan, to combine and re-finance two exist- ing encumbrances, to refinance and increase an existing loan or to make a loan upon existing dwellings where none has heretofore been made. Clear Lots Question: Will a clear lot upon which you wish to build be ac- cepted as the owner’s equity in Answer: Yes. The maximum amount that may be borrowed is 80 per cent of the combined ap- praised value of the lot and esti- mated value of the structure to be Luilt. Accordingly the borrower must have 20 per cent of such value in an equity. If the estimated value of the proposed building is not over four times the appraised THE DAILY ALASKA EMPIRE, THURSDAY, MARCH 7, 1935. By BILLIE DE BECK YOU VARMINTS--WE THE oNbERS!GNED [sle} HEREBY DRAW UP THIS-A-HYA DOCKYMINT TER ADVISE YOU- \JFIJS TER GIT YORE ORNERY CARCASSES OUT'N THESE HILLS AFORE TH' PAIR O! YOU-UNS AIR THROWED BODAmouEss_v OFF'N TH' CLIFF- GNED - ===~ "= N\ STEVE YANCEY \ A8 crockeT BOONIE TAYLOR POODIE JENKINS GIF BRADDOCK ELISHA MORGAN BARNEY GOOGLE SNUFFY SMITH LOWIZIE SMITH WAAL--BOYS - EZ GOOGLE AR TH' LAS' UN TER SIGN TH' PEETITION, 1 ALLOW HIT SHOULD BE HIM TER DE-LIVER ALL 1N FAVOR SAY "AVE" will be the value of his building. : Answer: Yes. There is no regula- mortgage insurance of one percent As'an example: If the borrower has ' ticn in effect preventing an appli- per year, authorized. This pre- a lot appraised at $1,000 and wish- | cant fréfn building on as many |mium is computed upon the orig- es to build a structure of the val- | properties as desired provided that |inal amol of the loan and.is ue of $4,000, he may borrow not;his credit sta ng and normal in-!paid through the lending institu- | to exceed 80 per cent of the total come will ju y the monthly pay- | tion to th: trator. In addi-‘ of $5,000 which will give him up ments neces upon the encum- | ticn, the ow, title and| to $4,000 to build his structure. ?brnuces involved. sarily incident, Question: How will property be| Question: What p a loan will be au- appraised? | interest on these loans? thorized. Answer: The Federal Housing| Answer: The borrower will pay on| Question: How long does the Administration will appraise prop- | construction or purchase money | mortgagor have to repay the loan? | erty involved in any prospective | loaris interest at the rate of 5 per| ABSwer: Regulations provide that loan for the purpose of determin-|cent per annum. On re-financing & loan shall in no event be made ing whether it complies with regu- |of present encumbrances or plac- | for @ period longer than 20 years. lations _sufficiently to make it eli-|ing new loans on existing proper- Té lensth of time allowed for gible for mortgage insurance. The!fies he will pay interest at the épayment may depend upon a lending institution which contem- |fate of 5% percent per annum, Rumber of different considerations plates making the loan will douht-} A“m"m (.‘hxrgc-s n;:’d ainc’::b‘l involved in each indi-| | es are connected with the loan? Son: May 2 Question: Is tne aistress value of [ Answer: In cases of nevs p Question: May a loan be paid off in advance of maturity? 8 plece 071 property considered & | struction, new loans on old Prop-| Answer: Provisions will be made fair value' erties, and also in cases where re- for repayment of any loan before Answer: No. The distress value of | financing and purchase money en- it matures. a property will not be takenh as a|cumbrances are made by lending Question: Are the taxes and in- measure of a fair value, but an op- | institutions which do not hold the surance included in the monthly praisal will be made carefully af- property involved or the encum- payments? ter consideration of factors o'.her‘brances to be re-financed, a serv- Answer: Taxes, insurance, special than the distress feature involved.'ice charge of one-half of one per | sccecsments and other ca ualty in- Restrictions {cent per year is authorized; this, gyrance, if and as impc will all Question: Are loans restricted to, in company with the interest to wa inclua N m(m:)’xly pay- single family dwellings? | be computed and paid on dimin-| pent g Answer: No. Loans may be made ishing balances. In cases of pur- on_dwellings of not over four fam-|chase money encumbrances and ily units, thus including singles,|new construction a mortgage in- duplexes and triplexes, as well as|surance premium of one-half of By Trinity G the latter classification. one percent per year, and in cases 9, at the Ji Question: May the owner build|of refinancing and creation of in- Co.s re mortgage more than one home? | dcbtedness on old construction a' is is the rate of 0 sett PIE AND DOUGHNUT SALE ld Saturday, March -Young Hardware starts at 11 a.m, —adv. | Sale MRS. CHAMBERLIN ARRIVES ON BOAT TO VISIT HUSBAND Mrs. A. W. Luud\:nflm and her young daughter concluded their long trip from Deefing, in the Sec- | ond Division, to Juneau with the| arrival of the Northwestern. Mrs! Chamberlin is the wife of the jun- | for Territorial Representative from | the Second Divisioh. Mrs. Chamberlin and her daugh- ter went overland into Nome, and | were flown to Valdez from there. | They will temain here for the re- mainder of the Territorial Legisla- tue session with Mr. Chamberlin, On the Northwestern with Mrs. Chamberlin was her brother-in- | law, Boris Magids. They operate several trading posts in the Kot- zebue Sound region. He is south+ bound- for Seattle. | i tial ! MRS, Nmug& 5 ARRIVAL YESTERDAY | B tlor Mauro | === Mrs. Andrew Nerland, wife of the veteran Territorial representative Dru g C 0. e “Express Money Ofders Anytime” from the Fourth Division, arrived in Juneau as a southbound passen- Phone 134 Fres Delivery ger on the Northwestern. She will .remain here with her husband during the final days of the Legislature’s session. They are residents of Fairbanks. L Sl L ATTENTION MASONS | Called Communication of Mt. Ju- neau Lodge No. 147 Friday night! &t 9:30 pm. after the Rite meet~ ing. Work in the F. C. degree. | By order of the W. M. J. W. LEIVERS, Secretary. e SHOP IN JUNEAU FIRST! —adv. The newest thing in food IS COLOR . Makes dishes more attractive more appetizing. Try it 165 fun. 8attractive shades. Schilling Lires Colors FOOD mush act as served; vice. counsel, and 'WAKE UP YOUR LIVER BILE= WITHOUT CALOMEL | And You'll Jump Out of Bed in ~ the Morhing Rarin’ to Go ’N. o ok - digest. It just Ilvi;’-“" A our out. Your liver. .ll ~'¢ % 200atdrugstores. BETTY MAC BEAUTY SHOP In New Location a 12th and B M PHONE 547 This Bank Provides MORE than Safety To carry out its full measure of duty to customers and community, a bank must provide more than safety for depositors’ funds. It the financial ecenter for the community; it must see that credit is extended where de- it must ahd conveniences handling their finances; it must be ready with sound counsel and ad- rovide services or depositors in At this bank you get SERVICE as well as safety for your funds. We are always ready to advise, co-operate with you. Our many facilities are at your service—use them for your finan- cial convenience. THE First National Bank Tuneau, Alasks e oo THE HOTEL OF ALASKAN HOTELS The Gastineau hich are generally commensurate | value of the lot, his lot can then with good real estate practice in stand as sufficient equity and the better localities. The bmlding must | maximum amount he might borrow Daily Cross-word Puzzle . Fish sauce 0. City where Augustus \ Caesar died i1, Vend . Close forcibly Paradise . Part.of & whee 3 Ec&emrlc _ro- Our Services to You Begin and End at the Gang Plank of Every Passenger-Carrying Boat ACROSS . One of the openings in a net . Kind of meat . Metal contain- ers . On the chel- tered side . Self . Drug-yielding plant . Rubs dry . Correlative of either . Roll of parch- § ment . Figurative . Wheeled vehicle Christian era: abbr. Solution of Yesterday's Puzzle orld . Burnish again . Vehlclo on WITH THE BETTER BUY. WISE baying these days doesn’t, necessarily, mean extensive and tortuous shepping tours. Wise shop- ping, yes, but NOT extensive. . Insect's egg Roused to a sense of danger . Swamp . Silent Pen point Distant: prefix . Daul . Kind of rail. road car: colloa. 41. Footlike part 43. Abraham’s birthplace IHEI//////,IHI///EIII dEEE l./ =II . Peculiar . Everlasting . Device for holding shoes in shape stomach ~ . Biblical priest Apa . Back of the toot . Italian opera 56. Body bone 8. gol’ilh;enl . Malt beverage 80. Pigpen . Cast oft Exunaa with tation . F’eeh mlnded 3 Hfiaflllks in . Word of lamen: tation 63. Crusted dish - Hnurn(ul eeu."?-.r--:- The Daily Empire Ads offer you all the best buys in the things you need and want . . . and you don’t have to move out of your homes to know immediately where they are! wun: YOU MEET YOUR FRIENDS" Hundreds of people have taken advantage of this easy and accurate way of shopping. They like it. They’re still doing it. Be wise and SEE the better buys each day in the Ads of The DAILY EMPIRE The Meeting Place of Values and Economy CAPI TOL BEER PARLORS AND BALL ROOM Private Booths Lunches Dancing Every Night GASTINEAU CAFE GASTINEAU HOTEL BUILDING Ftench-Itallan Dinners UNITED FOOD CO. CASH GROCERS Phiné 16 We Deliver