Evening Star Newspaper, June 8, 1935, Page 20

MORTGAGE BANK'S NEED 13 STRESSED Bill Becomes Central Pro- posal, Association of Boards Says. ‘(Continued From First Page.) periodic frozen condition in financial institutions.” ‘The association asks that the bill be given wide and thoughtful study by every business group affected, includ- ing real estate boards, banking and mortgage financing groups, groups concerned with construction and groups constituting investors in real estate and in real estate mortgages. It is confident that such study will result in thorough public appreciation of the great and sound service which the proposed mortgage bank will give. ‘The proposed agency, while it would be authorized to draw upon the Fed- eral Government for a portion of its initial capital. would draw capital first of all from those persons and Institutions which expect to utilize ““i services. It would come into being only if and when it had, from these | private agencies, paid-in stock to the | extent of at least $10.000,000. No stockholder, except the United States, ‘would be permitted to hold more than 1 per cent of the bank's stock. President Schmidt’'s report covers also comprehensive recommendations made by the association to the Federal Government on action ahead in the whole field of mortgage financing and housing. The recommendations have been discussed with officers of various agencies of the Federal Government in the housing and mortgage financing field. The report, by action of the board of directors, is to be mailed out to member boards at an early date. Important Proposals. Important proposals made by the association include the following: Creation of a reserve system for long-term credit at the earliest pos- sible moment (through a Federal mort~ gage discount bank). Creation of a single unified research and planning agency for real estate and housing. Creation of an agency to deal with the social problems of housing, one that could encourage co-operative ac- tion between the Federal Government, the States and municipalities, working | through private enterprise. Sugges- tions toward the development of such & program: Arrangement with mortgage lending institutions whereby loans on new- home construction up to 80 or 85 per cent of value would be granted, the Federal Government advancing 25 to 30 per cent of the total mortgage at an interest rate of 2 to 3 per cent, | with & provision that a major portion | of the differential in interest rate would apply to amortize the Govern- ment’s advance. plan for bettering the character of blighted areas through creation of dis- | tricts with a certain autonomy of ac- | will being on model homes in every model homes, when completed, will tion, thus making possible co-operative | State in the Union on that date. Be-| be opened for public inspection for action of property owners. Any new building for low-income | there will be speaking programs, radio general public will be provided with groups to be carried out not through addresses and other types of observ- | examples through | ance of National Better Housing day, | Possibilities and told of the benefits private limited-dividend corporations, | which has been planned to focus the Of financing a home under the mu- the Government loaning funds for | attention of the general public on the | tual mortgage insurance plan of the interest | advantages of the national housing | Federal Housing Administration. Fol- direct Federal action, but these corporations at low rates. (Plan contemplates removal | of undue encumbrances placed on | such corporations in recent State per- | missive legislation.) | Simultaneously, the association an- nounces the creation within its | membership of a new agency in the | real estate mortgage fleld expected to | make possible the needed step back to | normal operation, operation so far as possible by and through existing | private institutions and services. The new agency was formed at a | national mass meeting of realtors en- | gaged in the making and servicing of mortgages, held at Detroit May 30.| It is to be known as the National Mortgage Board of the National Ax-, sociation of Real Estate Boards. It grows from the association’s former mortgage and finance division. Changing Needs Considered. The new agency is set up to meet, accurately, the changing needs in the mortgage field occasioned by these conditions: (1) The fact that some 18 Federal agencies now hold or shortly will hold control over approximately one-fourth of the country’s mortgages. (2) The fact that under the Secur- fties and Exchange Commission pro- vision must be made for licensing over-the-counter sale of mortgage se- curities. The new agency will offer to the F.HA HOLC,RFC. and other Federal agencies and to all in- terested institutions, a means of identification of competent and re- liable mortgage servicers, mortgage lenders and mortgage brokers. Summer at SHERWOOD FOREST Exclusive Summer Colony “A Children’s Paradise” REAL ESTATE. =257 Fuoon = THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JUNE "8, " 1935. Small Home Conveniently Arranged Srcony Tioon This moderately sized home designed for The Star by Donald S. Johnson, architect, answers the demand for the owners’ rural inclination and yet furnishes all the conveniences and advantages expected from urban apart- ment living. In design the plan allows for rooms of ample size, with each having good light. The living room with large fireplace is one of the attractive features of the plan. ‘Building of 1,500 Model Homes To Be Started on Housing Day| At least 1500 model homes in all, parts of the country will be started | on National Bettér Housing day, June‘ 1 15, according to reports received here | dreds of cities and towns, Employment of the association's | by the field director of the Federal steady volume of additional projects| Housing Administration. These reports indicate that work side ground - breaking ceremonies, act. Reaction Favorable. Favorable reaction to the plan has been received from every section of the country. Under the sponsorship of local better housing committees, civil groups, industrial concerns, newspapers, radio stations and others are arranging for the construction | of model homes, the greater number of which will be eligible to be financed when sold at the close of an exhibi- | tion period under the mutual mort- gage insurance plan of the Federal Housing Administration. From all parts of the country re- ports are being received of arrapge- ments for elaborate programs on Na- tional Better Housing day. Mayors and other local officials and promi- | nent citizens will participate in the | speaking programs. In many States| | Governors are issuing proclamations designating June 15 as Better Hous- | ing day | | Highlights of reports so far re-| ceived indicate the scope of the movement. From Los Angeles, for | example, comes informatian that not less than 100 model homes will be | started. Ground will be broken for} more than 100 model homes in cities | throughout Ohio. Five different news- papers in the State of Tennessee are sponsoring model homes in their re- spective cities. | In Detroit, Mich., 27 members of "NEW a the Greater Detroit Builders' Asso- | ciation have stated that each will| promote _the building of a model home. The reports come from hun- | with a being reported to Washington head- quarters daily. In each instance. a stipulated period, during which the of modern construction lowing the display period, the homes will be occupied by individual owners. —_— Irish Roads Prosper. Receipts of railways in the Irish | Free State are higher than a year ago. 54 30th Place N.W. (Next to Corner of Military Road) New, fully detached, modern brick home, 6 well-arranged rooms, room 2 baths, recreation ith full fireplace; oil F.H. A AUTHORITY 10 LEND WIDENED Recently Signed Housing Act Extends Power to In- dustrial Property. Establishment of the maximum amount of modernization credit insur- able by the Federal Housing Adminis- tration at $50,000 on income-producing and industrigl property, whereby a general impetus to commercial and larger residential property repair is ex- pected to result, is provided by an amendment to the national housing act signed recently by President Roose- velt. Credit may now be obtained under the Federal Housing Administration insurance plan to modernize ‘hotels, apartment buildings, hospitals, col- leges, orphanages, schools, manufac- turing and industrial plants and simi- iar structures. The maximum amount available for private dwellings remains at $2,000. Of particular significance to industry is the fact that by the new amendment to the national housing act installation of machinery and equipment becomes -eligible for such credit. The amendment further provides that the modernization credit plan of the Federal Housing Administration will continue to function until April 1, 1936, ‘instead of expiring January 1, 1936, as originally provided. Further security to the mortgage holder also is provided in the new | amendments. Heretofore holders of | mortgages received only a certificate of claim for interest on the unpaid prin- cipal on foreclosed mortgages. By the | new amandments, upon foreclosure and conveyance of the property to the Federal housing administrator, the holder receives bonds which include in | their face amount interest on the un- paid principal of the mortgage at the | rate provided in the bond from the date the holder instituted the proceed- ings to foreclose the mortgage to the date of the delivery of the bonds. Through the material extension of modernization credit provided in the | amendments, industrial leaders over the country expect that thousands of new repair projects will come into being within a few months. The stimu- lation of repair projects among income- producing properties will reach into millions of dollars, it is estimated. ISPECIAL BRICK PRIMERS In painting brick, special brick primers containing China wood oil are recommended. The application of paints to brick wiil seal up the pores and prevent the penetration ot mois- ture which often causes dampness. If the surfaces is stained by white efflo- rscing salts, it is essential that these spo's be brushed off before the prim- ing coat is applied. Rooms Need Harmony. It is important to plan the color schemes of rooms which can be seen { from each other very carefully, so |they will be entirely harmonious. ‘While they do not need to be exncny; alike, the colors of one should flow | | into the other without too sharp a | | contrast. By giving this careful thought, your whole house will have | the appearance of belonging together, and the result will be far more pleas- | | ing and attractive both to you and to | ! your guests. ASSOCIATIONS AIDED Housing Act Facilitates Forma- tion of Mortgage Groups. Organization ¢f national mortgage associations is made more feasible through the amendments to th tional housing act which has just be- come effective, Acling Federal Hous- ing Administrator Stewart McDonald stated today. Through these amendments the minimum capitalization of an associa- tion may be lowered from $5,000,000 to $2,000,000 under proper Fircum- stances when the association is chart- ered in a district away from the larger financial centers, it was stated, na- Building (Continued From First Page.) erable activity is expected among real estate men in developing and subdi- viding the tracts abutting the bou- levard. « The State has set aside $100,000 for the completion of the boulevard, con- tingent upon the county securing its portion of the rights of way which, it is estimated, will not exceed $30,000. This phase of the work is being pushed now. This has elated real estate men no less than the residents of the county. Meanwhile building construction is setting the pace for all other kinds of business activity in the county, and apparently not waiting for the boulevard’s completion. Building con- tractors expressed the opinion that the present boom is likely to con- | tinue for many months before & I is felt. May Permits High. Permits for May exceeded those for any other month except April, when the $875,000 Colonial Village Apart- ments were authorized. May permits | for private dwellings exceeded those issued in other months of the year, | and correspondingly, each month in 1935 has exceeded the previous month in the amount of authorized con- struction. May permits totaled $418,000 and | included 79 private dwellings and four 4-family apartments. Frank Lyon of Lyon Village is building the apart- ments in what is called Moore's Addi- | tion to Clarendon. The four apart-| ments are to be built in one group, | with each apartment costing $14,000. | The first seven days in June saw 10 permits issued for private dwellings, for a total cost of $53,000. Three $8,000 homes are included in these permits, with one $3.000 dwelling. The others are in the $5,000 range. o Regulator for Meats. Meats are roasted exactly as wanted —rare, medium, or well—with the aid | of a new cooking thermomete: | ‘Just Completed Balto.-Wash. Blvd. Six-Room and Bath heat. rage. Nice lot, detached ga- A Real Buy $11,450 Furnished and Open for Inspection J. WESLEY BUCHANAN REALTOR 916 15th St. ME. 1143 nd COM First Time Offered NDERWOOD STREET N.W. Overlooking Government Park A lovely new Cape Cod Colonial home containing 5 big rooms, beautiful bath and shower. Living room with fireplace, furred walls, weather-stripped and screened throughout, slate roof, garage, rear porch off living room, electric refrigeration, PRICE ONLY 77,850 Open Daily and Sunday GOSS REALTY CO. J. S. Eaton—Sales Dept. NA. 1353 1405 Eye St. BOLLING VIEW Washington’s Newest In-Town Community Electric Health Home Grade A Construction Hot Water Heat Hardwoed Floors Thruout Open Fireplace Electric Kitchen Five Large Closets Daylight Basement Garage County Taxes 12 Years to Pay ss’zso.oo TO GET THERE: Go out Balto. Blvd. to Beltsville Heights, above Beltsville on Baltimore Ave. See Mr. Hammerman. L8 ©® Delco Oil Burner Weathered Sills Need Paint. ‘Window sills that have to take a lot of weather punishment need a new paint coating frequently. It's much easier to keep them clean if they have a smooth surface. If the sills have been neglected for a long time and the old paint is crackd and peeling, it is important to remcve all loose REATL ESTATE. WALL COLORS STRIKING Regency Rooms Have Variety of Warm Effects. Wall and woodwork colors suitable for use in the currently popular re- gency rooms are unusual and striking. They include, for the walls, a reddish paint and sand the surface right down | pink, known as Chinese pink; sea- to the wood. After that is done, one | green, lavender, salmon and light or two priming coats of paint should | blue. Yellows are also used, both pale be applied to such bare spots and the | and bright. Sometimes the woodwork sill should be finished up with a good | is painted white. Usually, however, it quality exterior paint to match the | is given a darker tone of the wall color surrounding woodwork. ' or painted to contrast with the wall. *17,500 3102 HAWTHORNE ST. N.W. IN MASS. AVE. PARK A LARGE, FULLY DETACHED, ALL-BRICK HOME offered at an extremely low price in this exclusive section and in br new house condition from roof to cellar. The property entirely modern in every detail and includes: Oil heat, bu in two-car garage, cold storage room, laundry, huge living room, fireplace, large pantry, Frigidaire, four big bed rooms on second floor with two complete baths (each with shower), a large finished room on top floor with another bath and ample storage space, all cedar-lined closets, is situated on a quiet street with old shade trees and the lot has abundance of pretty shrubbery. This is unquestionably the best home ever offerel in this fine community for a price so reasonable and we suggest that you see it today by all means. OPEN TODAY AND SUNDAY Metropolitan RM HOOKER "<'7Fc Tower Building Permanently financed At 58,750 Peonenty fnanced the Greatest Value in Nearby Washington. 609 N. Linceln St., Clarendon, Va. SIX ROOMS, TWO BATHS, RECRE- ATION ROOM, HOT-WATER HEAT. THE LIVING ROOM cessed Radial French Doo: ROOM—14 by els—Colonial Pa THE DINING Across One ic Chef Gas rk Hardwood—Pegged THE FLOORS—Early Do: Exceptionally wn—Briltianty tractive—seidom fou THE RECREATION ROOM Knotty Pine. THE GARAGE. wav 10 THE LOT- wtifully Landscaped—Large Youns Shade Trees—Sn: Restricted, THE FINANCING—First Mortgage Compans. 31, per ce Renewals—No Comi Drive out Wilson Blvd. to N. Kenmore St., left to N. 6th St. and right one block, or out Pershing Drive to N. Lincoln St.; turn right to property. REALTORS by 170—Beat bs by Metropolitan Life Insurance est—Amortized in 17 years—No District 9486 Washington +Building @ Step.down Living Room FEATURES @ Heated Clubroom ©® Concealed Radiation e Two Magnificent New Homes Are in Beautiful Chevy Chase, Md. @ Marble Fireplace | Copper Spouting Healthful outdoor activi-| ties make for development | and growth. g ® Furred Walls Priced to ©® 2 Screened Porches 62079 Melville Pl Chevy Chase Md. Follow the simple directions on the right, and inspect these 2 fine homes today. Open daily and Sunday until 9 p.m. The furnished model home contains 8 large rooms and three baths. tectural excellence, you will find that these homes are unsurpassed. ideally located, you will find these homes just what you have been looking for. see them today. Harry Wardman, Inc.—Agents 1512 K Street DIstrict 3830 “LIFE IS WORTH LIVING IN A WARDMAN HOME" ® Herringbone Floors , 7 Rooms-2 Baths Here are 2 real opportunities in a fully developed section of high-class homes. Your inspection will reveal many features that will be new and pleasing to you. TO REACH: 3901 First St. S.E. This charming white Cape Cod type brick home is ideally suited to your income and budget. Situated on a large, beautifully landscaped corner lot, size 55 by 115 ft. it contains every modern feature seldom found in its price class. On the first floor is a spacious living room . . . arched entrance to living room . . . and a modern kitchen. On the second floor a few steps up are two real bedrooms and tile bath . . . large attic . . . concrete front porch . . . an abundance of closet space . . . automatic storage water heater in large bright basement ... hot-water heat. Price 55,950 Small Down Payments . . Low Monthly Payments OPEN DAILY & SUNDAY °TIL 9 P.M. Drive over 11th _St. Bridge to Anacostia and continue out Nichols Ave, through Congress Heights two blocks bevond the end of the car line fo our ofice. Turn right ome block to home. SILGAR CONSTRUCTION COMPANY, Inc. Ouwners and Developers 3900 Nichols Ave. S.E. Saltwater bathing, golf, tennis, horseback riding, under especially trained | directors build a happy| and healthy child. fhe CORNER HOME has a finished basement, attrac- tive and different than you have ever seen before. Adaptable for entertaining. Suitable for Doctor or Dentist 401 Nicholson St. N.W. Priced to Sell-Terms T8 15 A Ak KITCNEN | HEALTH HOVE Open Daily and Sunday to 9 p.m. LUCH & WULF, Builders WAPLE & JAMES, INC. 1226 14th St. N.W. Di. 3347 We will accept the equity in your house in trade on one of these beautiful homes. From a standpoint of archi- Attractively designed and Ask for Information on rental By all means, zates of furnished cottages J. C. WEEDON CoO. National 544 LIn. 9585