Evening Star Newspaper, June 8, 1935, Page 19

CREDIT EXPANSION | 10 AIG BUILDING Acting Housing Adminis- trator Cites Benefits of $50,000 Clause. Regulations governing the extension of modernization credit by financial institutions for improvement of prop- erties under the $50,000 provision of the amended national housing act opens a new market which should be | of direct benefit to practically all in- dustry and of indirect benefit to the Nation as a whole, according to Acting Federal Housing Administrator Stewart McDonald. . These revised regulations have been sent to all Federal Housing offices and | to all financial institutions approved | under title I of the national housing act. Under the amended act, the regula- tions governing modernization credit for improvement of individual homes, farm properties, churches, clubs, pub- | lic buildings and similar properties re- | main substantially the same. The maximum limit for each such property is fixed under provisions of the act at $2,000. This type of credit is being handled as a separate class and is being extended for the purpose of making additions, alterations, repairs | and improvement of real property, in- | cluding also such new construction as | garages and certain other similar structures. Credit Handled Separately. The class of modernization credit made possible by the $50.000 amend- ment also is being handled separately. This type of credit is extended for ad- ditions, alterations, repairs and im- provements for ‘“real property im- proved by or to be converted into apartment or multiple family houses, | hotels, office, business or other com- ESTATE, . Mr. and Mrs. William T. McKeown have purchased this attractive new home, at 120 Aspen street, Chevy Chase, Md.,, from Meadowbrook, Inc., builders. New THE_EVENT Home ‘The house has eight rooms and two baths. —Star Staff Photo. Special Dispatch to The Star. Construction in Maryland Is Reported Best Since 1930 | by Mr. Williams as the reason for the OFFERS COLOR SCHEMES Writer Proposes Combinations for Garden Furniture. LOAN INSURANCE SEEN PERMANENT Deputy Head of F. H. A. Holds Guarantee Profit- able for Lender. Insured mortgages, as provided by the national housing act, are becom- ing a permanent addition to the bank- ing practice of the Nation, according to J. Howard Ardrey, deputy adminis- trator, Federal Housing Administra- tion. : ‘The superiority of such mortgages over the usual type of residential financing includes many benefits to both the borrower and the lender, he observed. Profitable for Lender. “From the lender's point of view,” Mr. Ardrey said, “he has not only a profitable investment, but one which will always remain a profitable invest- ment. An insured mortgage can be granted with the certainty that the lender will not need to depend upon the sale of the collateral in case of default. In other words, a bank whose mortgage investment portfolio includes only insured mortgages will never be in the real estate business.” ‘There is a measure of safety for insured mortgages found in few other forms of investment, according to Mr. Ardrey. When an insured mortgage defaults, the lender simply transfers all claims under the mortgage on the property to the Federal Housing Ad- ministration. Thereupon he receives | payment for that part of the loan that remains outstanding. Lender Saves Self Bother. Through this practice the lending institution saves itself a large amount Attractive color schemes for garden | furniture are suggested by Albert | investment by selling the property. Mr. Ardrey also considers the Na- of bother, expense and the uncer-| tainty of attempting to safeguard its || Support to Standards Study [ Special Dispateh to The Btar. LAFAYETTE, Ind, June 8- Headed by Owen D. Young, more than 100 leading industrial executives of America’s largest bullding firms and affliated companies have themselves to support a plan for the most comprehensive study of modern living conditions ever undertaken by & university, a plan that has as its background the fundamental principle that Mr. Young so aptly terms “the science of better living.” Accompanying Mr. Young to Purdue were Foster Gunnison, president, and James L. Hagar, vice president, of Houses, Inc., leaders in the pre- ricated housing field, and developers of the American Motohome, the air- conditioned pre-fabricated home that is sold complete with food in the kitchen. Robert E. McLaughlin, jr., inventor and architect of the new homes, three of which have recently been completed at White Plains, N. Y., also accompanied .the party from New York. 4 Informal discussions at the co; pledged | REAL ESTATE, Industrial Executives Pledge ference showed intense interest in the new type homes, many leaders pre- dicting that it would, in the not too | distant future, develop into one of | the greatest of American industries, | | Plans are already underway at Purdue to consider the erection of a model housing community on a 143- acre tract of land donated by David Ross, steering gear magnate, and president of the Board of Trustees of the university, where students, members of the faculty and asso- ciates can live in a perpetual flux of scientific study, using every form of domestic life in and about the colony as a basis for study. In addition, a | gargantuan testing laboratory, one of the first of its kind to be constructed, | will test entire homes in 30 days which only 20 years of actual weather conditions could produce. Rain, sleet, snow, hail, heat and severe tempera- tures, including high winds and even miniature earthquakes, can be cre- ated in the new laboratory. The houses will be constructed by vario manufacturers and all data relating 1o studies made by the umi. versity will be offersd to the buiiding industry at lar Nottingham Drive Chevy Chase, Md. ‘10,950 An outstanding center-hal house located on a Ia contains a large ng room. full electric kitchen and tiled baths lated has a finished atiic. slate ron copper flashing. open fireplace, electric refrigeration and garage HEALTH HOME Open Saturday P.M.. all day Sunday and each affernoon and evening dure ing the week. Drive out Wisconsin Avenue to ome block south of Bradiey Lane. Turn left. Phillips & Canby, Inc. Natl. 4600 Investment Bldg. Formerly Priced Up to $14,500 PRICE NOW $12 950 Benham in an article which appears in the Home Craftsman. While the | tion-wide standards of practice in the “whitest white” is tremendously popu- | mortgage lending set-up under the lar for garden furnituie right now, | mutual mortgage insurance plan to be | Mr, Benham also lists canary. or but- | an outstanding feature of the na- ter yellow, with a olue trim; gray. | tional housing act. He maintains that | with a contrasting trim of lettuce | the greater possibility for liquidity | green or coral; pongee lan Wwith a | and the ease with which the type and | ||| golden brown trim | value of this investment may be | [f| “Another combination which 15! judged by bank examiners to be mili- | |f| steadily growing in grace” he com- | tant factors in the eventual creation | | | I mercial buildings, hospitals, orphan- | ages, colleges, schools, or manufactur- | BALTIMORE. June 8.—Construc- ing or industrial plants.” The maxi- | tion work in Maryland, and particu- mum limit for each property is $50.000. | Jarly in the Baltimore area and in Purchase and installation of ma- Montgomery County, is having the ¢hi vy and t in the types of | ' i ,,,:,?;‘;;var,‘n,f\?x:flc:‘n :',.m ;rg‘c';:‘:g | greatest activity since 1930, according | ¥ith huge sums also being spent on | paragraph are eligible for moderniza- JorC E Williams, consirucuon mex> ‘vrvml}lmwmmtd ot mw(‘"."m“on‘ ot tion credit under the new regulations | editor of the Manufacturers' Record. | !.Elams, MI‘ 2 #P t"ddm(' bull provided they are “peculiarly adapted | In Montgomery County, Mr. wu-,t o very classification of building is to the business conducted therein or [diams declared, one of two “building | taking part in the upturn. and it must Recessary to the operation thereof.” | booms” in the Nation is taking place, | be noted that improvement in these 5 and this centers in the area within 15 | lines was the first to be shown after Charges Are Fixed. | miles of Washington. General better- | the economic slump of 1920-21. All charges, including interest, for | ment of business conditions is given| "In the Baltimore area, with suburbs both types of modernization credit | showing great activity, building is way are to be determined by the financial 5“;1‘ e Sehn. Wb & SRE WA institution and the applicant for the country territary surrounding the ; e [city being shown. " Many businesses | consistent with the character of bus- [[atelimmmayinefthets. plants fand iaxe | fness in the particular territory in ready to take care of general business which the loan is negotiated. Under beiterment | no circumstances can the interest, to- | th 'h e shejmlldin g Ogues show | gether with all other charges com- euase sthescountry s’ in Sbelier ahune “Under the amended act, the mod- i e | than generally thought. Banks and b lizin me app! d bined, exceed 7 £ ased . . s it ut v tail structi e :’\F"‘r ”s“l‘n Pq\ll\:—:fil:’n!l of{afz | ernization market has been increas I Builaing i iassociations’ Toncit seeafer| ut utllizing the same approved details of construction and equipment <0 as to include practically every user | Puilding 1 s . houtE Dt 2 amount of a one-vear note fo be paid | of permanently installed. machinery | 2CUVIty and real estate is showing = fifsrpfi;{f ,'Q?iu'g:.l,'.,f""?"» Cownsouis. fnhug and vaile 1“D“e°un| monthly installments or equipment, as well as every prop- | ET¢at Vigor. screened throughout. Beautifully decorated and fnines oot termination of the credit risk in- | erty owner. ? vashington's eaadential = volved is left largely to the discretion evised regulations have been | s o reldeniintiechions, of the financial institution advancing |sent to all the approved banks and | the funds, it was stated. This was | other financial institutions, all better s\libnam:ally true under the old reg- | housing committees and all the offices ulations. ! upturn. | The improvement in construction figures. which, for May, showed large . gains over March and April, centers in residential and industrial building, ments, “is the blending of white with | of a sound mortgage market. | & trim of natural varrish or clear 2 e | lacquer firish. Tables done in this - fashion are especially attractive with | Colors Supplement Furniture. legs of natural varnish finish, set off with a top of shining white.” Maple furniture is greatly enhanced | by appropriate wall colors, as many store displays demonstiate. Light | blue is especially effective for bed | || rooms. Yellows and tans bring out | ||| the mellow quality of the wood. The fashionable white-painted walls also make a striking background for maple. | interest and benefit to every one pro- ducing goods or services requiring buildings or permanent equipment.” Mr. McDonald stated. “They are of particular interest to all those who | manufacture or deal in machinery. o New Decorator's Vogue. ! Painting the wall the same color as | the solid-hued carpet—but a shade lighter—is a recent decorator’s vogue. 1500 to 1516 UNDERWOOD ST. N.W. Located in Select Upper 16th St. Heights Finest Features' of Construction Each of these homes is individually designed with a different floor plan SEE THESE FEATURES Recreation Room 2-Car Brick Garage Finished Attic Two Baths Large Rear Yard Oil Heat Lily Pond Electric_Kitchen To inspect, drive out Securities Building 16th St. to Underwood, turn |of the Federal Housing Administra- “The amendments to the national housing act covemng the extension of miodernization credit for improve- ment, conversion or equipment of commercial properties are of direct ' cri tion. obtained at any those who edit for can use improvement or equipment of their properties.” Equal Opportunity for Investor or Homeseeker 809 Hamilton St. N.W. This beautifully reconditioned five-room brick house will rent for $55 per month or with a reason- able cash payment can be carried by home-buyer for $45 per month. Neighborhood second to none. Schools, stores, churches and transportation at your door. See today sure. Open 9 to 9. WM. H. SAUNDERS CO., INC. Dist. 1015 1519 K St. N.W, - Cathedral Avenue All-stone home at en- trance to Wesley Heights —beautiful trees and shrubs. 9 rooms, 3 baths. Owner offers low price for immediate sale. Open today and Sunday. VALUES LENDID ITY Detailed information may be of these places by modernization better 729 15th St. N.W. Excellent Floor for Use of Lawyers or large organization requiring the use about 2,500 feet. The Securities s situated within a stone's throw of 4 banks, numerous street car rental is reasonable, hours. L. T. GRAVATTE Realtor 729 15th St. Nat. 0753 Bervice 24 LIVE IN oo UXMANOR! The Suburb of Contentment HOMES ON v, . ACRE SITES ¥ OR MORE TWO NEW HOMES NOW UNDER CONSTRUCTION Be Sure cnd——'l-u”tf Today Directions—Out Wisconsin Ave. fo Bank of Bethesda and follow car line road to Lurmanor sions. Just 25 minutes from the heart of the city. DRIVE OUT EARLY blocks to the mew homes. OR g0 up_Sligo Avenue to FI then right two blocks. OR Go up Piney Branch Road through Sligo Park to Flower Avenue, them right tlgn From Georgia Avenue in_Silver Spring ower Avenue, 6220 31 st Street Chevy Chase, D. C. A charming Colonial home of painted brick, on a large lot with shade trees. The six rooms and 2 baths are well arranged for comfortable living. Thoroughly modern in every respect. Detached garage. Rock Wool ceilings. A real buy at insulation above second-floo: $9.950 Reached Via Rittenhouse St. to Utah Built by Paul Ave. to 31st St. T. Stone, Inc. J. Wesley Buchanan, Inc. Realtors 916 15th St 1005 Flower Avenud, Takoma Park, Maryland 7 Open All Day Sunday 350! MOSS Tower Bldg., 14th and K Metropolitan 1776 REALTY COMPANY ME. 1143 | ABrick Bungalow That Will Appeal To Homeseekers Who Appreciate Real Value Slate Roof Covered Concrete Porch Furred Walls Oak Floors Full Tiled Bath With Shower Labor-Saving Kitchen Factory-Built Cabinets Console Type Gas Range Frigidaire Ribbed Metal Weather-Stripping Screened Throughout Built-in Garage 5 Large Rooms Spacious Attic High, Light Basement with Space for Nice Recreation Room Sts. 55-Foot Lot [ ] east 15 block. > METZLER ~REALTOR 1106 Vermont Ave. DIstrict 8600 Sunday and Nights—ADams 0620 3 Bed Rooms SEE_THEM TODAY | Open Daily and Sunday 10 AM. to 9 PM. ——— f SLIGO PARK HILLS For You—Every Advantage of City and Country Life—Thirty Minutes From U. §. Treasury A millionaire might well covet the advantages that go with this splendid new home. It faces one of the most beautiful parks around Washington, with miles of winding boulevards, a sparkling stream, temnis courts, picnic grounds and other recreational features—all your very own. Popular center hall type of architecture. Large living room, modern kitchen with built-in cabinets, electric refrigeration, full length sink and electric erhaust fan. A large bedroom on this floor. with adjoining tiled bath, is ideal for bachelor man or woman, or could be used for children’s sleeping quarters. A distinctive staircase finished in natural wood leads to second floor, with two large bedrooms, tiled bath and large insulated storage attic. The basement club room, finished in wood paneling, is 22 feet long, has adjoining lavatory, and connects directly with downstairs built-in garage. A cool covered porch overlooking mearby woodlands, distinctive firtures, ample closet space, abundant floor plugs, and many other distinguishing features of homes costing several thousand dollars more, will be found in this very exceptional offering. *10,750 No. 14 WESSEX ROAD 7906 Georgia Ave. L] E. BROOKE LEE, President SHepherd 2400 DIRECTIONS: Turn right from Georgia Avenue on Sligo Avenue, across Saratoga Avenue to No. 14 Wessex Road, Sligo Park Hills W. C. & A. N. Miller 1119 17th St. Distriet 4164 Evenings: Shepherd 1871 or Columbia 7685-W Many Other Features From Takoma Park go up Carroll Avenue to Flower Avenue, then left to the 1000 block. _—