Evening Star Newspaper, August 10, 1935, Page 16

B2 REA L ESTATE. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, AUGUST 10, 1935, RULES” REVISION ISSUED BY F.H. A, “The Amended Moderniza- tion Credit Plan” Bulletin Is Published. Revised regulations and explanatory material for guidance of private lend- ing institutions operating under the | provisions of the modernization credn! plan have been published by the Fed- eral Housing Administration. Under the title, “The Amended | Modernization Credit Plan,” the bul- | letin supersedes all previously pub- lished regulations concerning the plan and contains a discussion of two im- portant changes governing loans up to $2,000; a detailed explanation of the extension of credit limits for com- mercial-residential property involving loans up to $50,000 for modernization and repairs and the purchase and in- stallation of equipment and ma- chinery, and an exposition of the man- | ner whereby institutions, such as| savings, building and loan associations, and co-operative banks, should they make loans for longer terms than five years, may obtain Government insur- ance on such loans for the first five years of the loan period Commercial Unit Separate. While it is an integral part of the modernization credit plan, the exten- sion of credit in amounts up to $50,000 to commercial and commercial-resi- dential properties wil be administered as a separate unit with its own regula- tions which in many ways differ from the modernization credit plan for residential properties which limits the amount of credit available to $2,000. | The primary difference between the two plans is that under the $50,000 extension the Housing Administra- | tion suggests that security is appro- priate, but has not made the taking of such security obligatory, however, by regulation. Hotels, office, business or other com- mercial buildings, apartment build- ings, colleges, orphanages, schools and manufacturing or industrial plants may obtain modernization loans in amounts up to $50,000. Balance Sheet Required. There is anotk ion under the $50.000 ext required under the former [ and cred: ater plications involving 000 requires the subm ance sheet and profit and loss state- ment by the borrower to the lending institution It is stressed in the bulletin that the national housing act and its amendments impose certain definite limitations from which the admin- {strator may not deviate. The regu- | lations and explanatory material; | therefore, it is explaimed, are largely an exposition of the law and “Wher- ever they reflect discretionary judg- ment, are the result of careful analy- 8is of the first year's experience with the modernization credit plan, plus the whole body of banking and finance experience in housing and related flelds.” Many important changes by which it is considered the modernization credit plan will be made available"to a wider market on a more simplified basis are contained in the new regu- lations. Free to Determine Credit. By these new changes lending in- stitutions are now given power to de- termine the credit responsibility of applicants, “free of the arbitrary re- strictions of the ownership of the | property to be improved and of the possession of a gross annual income five times that of the annual outgo on the insured obligation.” Under the new system lending in- stitutions may decide upon the ad- visability of extending modernization credit on the basis of a simple state- ment from the borrower, supplemented by whatever additional information may be secured from other sources. Through these changes private lend ing institutions over the count should be able to operate the moderni- zation credit plan with increased ease end security and to expand their efforts as a means of furthering the return to normal conditions in the building trades, in the opinion of the | Federal Houslng Administration. Radiators Increase Values. A modern radiator heating plant adds much to the convenience and. healthfulness of living and increases the value of the property. Heating plants may be installed under the easy-payment plan of the Govern- ment, with the first payment post- poned until the beginnigg of the heat- ing season in the Fall. Buying Radiator on Time. A modern radiator heating system may be installed during the Summer | months with the first payment post- poned to Fall. Nothing adds so much to the convenience and comfort of the home as a good radiator heating system. | today for the fifth international con- R.F. C. Official Buys Home Located at 3814 Upland avenue, in Country Club Grove, Va., this 7-room house was sold recently by W. S. Hoge, owner and builder, to C. D. Williams, who is connected with the Reconstruction Finance Corp. —=Star Staff Photo. :Building» and Loan Disbursals Show Normal Balance Sheet Shareholders in First Six Months of 1935 Paid $780,000,000, With Mortgage Loans Leading. Reports to the United States Build- ing and Loan League show member associations disbursed $780,000,000 to | their shareholders during the flrsti six months of 1935, according to Morton Bodfish, executive vice presi- | dent of the league, who embarked gress of business in Salzburg, Austria. | The money changed hands from the associations to the shareholders in four different ways, he reported. Loans on residential properties for new con- struction, repairing, purchase of homes or refinancing existing obliga- tions accounted for an estimated $362,000,000 of the January through June outlay. Dividends paid and credited on shareholders’ accounts were placed at $133,000.000. Cash lo: to members on security of their shares in the associations added $35.- 000.000 to the disbursals. About $250,000,000 was used to repurchase the maturing shares of members or to meet the applications for purchase from these not maturing their shares, but faced with a need for their sav- | ings at this time. | “Particularly encouraging in this' breakdown of association disbursals is the fact that mortgage loans this | year constitute the largest single block | of outlay just as they used to in| normal times,” said Mr. Bodfish. “In the like period last year mortgage loans totaled around $175,000,000, while maturities and repurchases amounted to $300,000000. Cash loans on shares show a definite de- crease this year from the $75,000.000 so allocated the first half of 1934. The dividend total for the 1935 pe- riod is lower than last year’s, not as a result of decreased rates so much as because of the decrease in savings and loan assets which was an un- avoidable result of the defiation pe- riod. The record for the six months of 1935 would indicate that the defla- | tion period is probably ended.” | The league official said the statisti- | cal evidence of improvement in the savings and loan sphere is borne out by comments from the managers of associations from one coast to the other. | “While our associations as a group | were always doing a substantial lend- Only One Left New, Detached Four-Bedroom Brick Situated on beautiful lot, 50x180 feet, less than two blocks from Georgia Ave. and very convenience. Exception- ally fine living room, extra paneled room, off stair landing; complete modern equipment; at- tached garage. 813 Bonifant St. Silver Spring, Md. $8,950 Open Today and Sunday SHANNON & LUCHS Agents 1505 H St. N.W. NAt. ing business in comparison with the practical stoppage of credit from some types of private financial in- stitutions in the worst years, there were, of course, many of our institu- tions which virtually stopped lend- ing for a while and thousands which | had to curtail their lending opera- tions by 50 and 75 per cent,” he con- tinued. “Against this background it is most encouraging to see that be- tween 50 and 75 per cent of all the associations in the country are defi- | nitely looking for loans today, using | up rapidly all of the new savings from the public which come into their shares, and increasing their de- mands upon the Federal Home Loan Bank System, their reserve institu- tion.” Mr. Bodfish said that maturing shares this year, wherever the State laws permit it, are seeking reinvest- ment in the association in a large percentage of cases. This tendency is increasing the available mortgage money, he pointed out, and likewise demonstrates the subsiding of the emergency which forced thousands to live up the cash from maturing shares. —e Radiator Check Advised. A check of the radiator shut-off valves as well as the air valves on steam radiators is advised during the Summer months. Careful attention to these details by a competent heat- ing contractor will insure the trouble- free performance of the heating sys- tem in the Winter. See These Two-in-One Homes Before It Is Too Late 3 Already Sold A Single Home Complete in Itself BUT Arranged for TWO FAMILIES With Privacy for Both 2 COMPLETE BATHS For a Cash Payment of $500 You can pay for your home and live in it for less than $25 Per Month LONG TERM FINANCING Sample Open to 9 P.M. 319 18th St. N.E. (At 18th and C Sts. N.E) (Out East Capitol Street to 17th, morth to C Street—one block east on C to 18th.) Near Transportation, Schools, etc. Brokers Protected Waple & James, Inc. 1226 14th St. NW. Dist. 3347 102 West Woodbine Street, Chevy Chase, Md. Reduced to $13,000-°° HIS exceptionally fine residence, located on a wooded lot of 150-foot frontage, in the re- stricted residential section between the clubs, is one of the best values in Chevy Chase today. STUDIO LIVING ROOM WITH STONE FIREPLACE AND BEAMED' CEILING, large dining room, breakf: third floor. Detached garage. Vacant—immediate possession. t room, Colonial kitchen, three b ed rooms, two baths, One block from transportation. Near grade and high schools. o bed room and bath on OPEN TODAY AND SUNDAY To reach: 5520 Conn. Ave. Out Conn. Ave., beyond Bradley Lane siz blocks to Wood=- bine Street, turn left, cross Meadow Lane to property. EDW. H. JONES & CO., Inc. Cleveland 2300 7 -~ MAKING KITCHENS MODERN JUSTIFIED Hundreds of U. S. Families Take Advantage of . Credit Plan. Modernization of the kitchen has proved in hundreds of instances to more than justify the expenditure. Since the beginning of the opera- tion of the modernization credit plan hundreds of American families have taken advantage of the credit made possible by the plan for remodeling and improving kitchens. The general trend has been toward an economy of space in an effort to minimize the time required to prepare a meal, as well as to save as many steps for the housewife as possible. At the same time the modernization credit plan has made it possible for many house- wives to replace much of the old and outmoded kitchen equipment with modern kitchen equipment now on the market. The conservation of time and energy made possible in kitchens by the plan has been considered to more than compensate for the cost of such improvements. More Ventilation Trend. Considering the kitchen as a room, improvement possibilities are many. ‘The modern trend has been toward more adequate ventilation and in- terials have also been developed for cailings, walls and floors which give aded efficiency to a kitchen as a whole. These materials are either washable, insulating, fireproof or impervious to dampness. Inclusion of any of these in the kitchen repair project mini- mizes the problems of cleanliness or discomfort. Thére are also new kinds of equip- ment available on the present-day market which materially add to the convenience and efficiency of a kitchen. In many homes it has been found desirable to install rotary fans placed in a wall so that the hot air and fumes from the kitchen may be rapidly disseminated. Frequently ceil- ing fans are installed. There has also been a vast improvement in kitchen illumination. In many repair projects owners have found it advisable to completely rewire the room with out- lets located at points convenient to electrical appliances. A wide variety of sinks, ranges, cabinets, shelves, and the like are |now on the market, which make ‘kj!cheu duties a pleasure rather than | drudgery. Until April 1, 1936, mod- ernization credit in amounts up to $2,000 may be obtained from private lending institutions holding housing | | administration insurance contracts. | The dwner of a home may be given | five years to repay such an obliga- |tion in monthly installments. Such credit advances are made strictly on a character basis with no collateral being required. The borrower must be able to sat- | isfy the lending institution of his | financial responsibility and give as- surance of his ability to repay the 1;“": advanced within the time speci- ed. Official of Home ing Community Price is always a factor, site in an environment of which you can be proud. The Bradmoor section of Bradley Hi nestles between Kenwood and Edzemoor. Restricted home sites have been laid out on rolling acreage. with all the charm of a country estate. utes from shopping district. ing and building stripped. An electric latest type cabinets. OPEN EVENINGS creased window space. Numerous ma- | | the depths of the depression, as a | GOV'T. OFFICIAL BUYS ONE Selects His Home Site in This Charm- and city improvements. Only 20 min- prices in this exclusive section. Financ- ince, if required. Drive west on Bradley Lane to sign at Bradley Boulevard and Glenbrook Road. Just Across From Entrance to Kenwood 15 Brandywine St. N.W. LOCATED oh a wooded lot 45x192. This modern, attractive home is built to exacting standards of excellence. Six rooms, including a beautifully finished living room with fireplace, 2 large bed rooms, child’s room, large bath, and 1st-floor lavatory, gas furnace, screened, insulated and weather- AND SUNDAYS R.L.DOBYNS OWNER—BUILDER Phone Cleveland 1866 TREND UP 1§ SEE INREALTY BONDS Housekeeping Apartment Types Make Biggest Advance in July. An indication of the favorable in- vestment opinion regarding real estate conditions along the Atjantic seaboard is provided by statistics on the market movements of 200 typical realty bond issues which are being distributed by Amott, Baker & Co., Inc., of New York. Based on dealer to dealer bids, the Amott-Baker averages show a consistent upward trend for issues of all types with housekeeping apart- ments making the largest percentage advance during July. Since the close of 1934 the average bid price of the bonds considered in the averages has advanced 23.1 per cent. During July housekeeping apartment issues gained 43 per cent, bringing the total ad- vance for the year for this type of issue to 41.7 per cent. Shortage Is Seen. In the opinion of Amott-Baker | executives the gains being made in| housekeeping apartment issues are | resulting from belief that a residen- tial shortage is developing as well as from recognition of profit opportuni- tles in the realty security field. “In view of the fact that ‘doubling up’ was practiced extensively during temporary means of cutting expenses, it is reasonable to assume that im- proved business conditions will be followed by an increased demand for apartment and residential accommo- dations,” H. R. Amott, president of Amott, Baker & Co., said. “It is difficult, of course, to predict where and when this demand will make ftself felt,” Mr. Amott con- tinued, “but it seems perfectly evi- dent that occupancies of the last two or three years are not representative numerically of the requirements dur- ing a period of improving economic conditions. In consequence there are | | grounds for optimism about the real | | estate outlook from both operating | | and investing points of view.” Comparisons of Gains. Comparisons of percentage gains | and present values of the various| | types of issues making up the Amott- | | Baker averages follow: % Increase | 7 mos. 1935. | 417 287 —--- 288 .- 234 -- 137 | Property. | Housekeeping apartments | Apartment hotels Office buildings - Remedy for Water Dripping. The dripping of water which con- | denses on the cold water pipes in the basement may be prevented by cover- | ing the pipes with an absorbent mate- | rial. This covering performs the triple | service of preventing the formation of condensation, conserving the heat in | the Winter and improving the appear- ance. The covering may be painted to harmonize with the decorative | ! scheme of the basement. Loan Bank Board but you also want a_home $1.000 for sites 65 ft. wide up to $§2.750 for corner sites ‘170 ft. wide. All full depth. CYRUS KEI! JR.. Cleve. 5: 5211 Wisconsin Ave. Streets Lowest kitchen egulpped with AND SATURDAYS TAX RATE BASE SLASH SEEN FOR BALTIMORE 17,000 Petitions For Lowered Assessments Pending Be- fore Bureau. BALTIMORE, August 10.—With 17,000 petitions for lower assessments pending before the Bureau of Assess- ments, the real estate portion of the taxable basis for 1936 will be appre- ciably lower than the figure for the current vear, city officials predict. The taxable basis, including real estate, personal property and securi- ties, has been dropping annually since the 1931 all-time peak of $2,- 225,091,796, While the securities portion of the tax basis for next year will be higher, | it will not make up for the loss in | real estate revenue, according to| ‘Thomas W. Hall, head of the bureau, who pointed out that while real estate was taxed $2.33 on $100 this year, securities are assessed 30 cents per $100. The personal property rate is the same as the tax against real estate. —_— Moisture Blisters Paint. Excess moisture in wood, which is drawn to the surface by heat—either | from the sun's rays or other sources, causes paint to blister. Always be | sure that the surface to be painted is | thoroughly dry before work is begun. —r Time to Change Radiators. Summer is the ideal time for the replacement of older types of radi- ators with either the exposed slender tube type or the newer recessed or concealed models. NEW CENTER HALL COLONIAL No. 2 Madison St. N.W, recreation oo Two open fireplaces, c} slate roof. built-in garage. large vare Easily arranged for two families. . O block to stores, on bug g k service to downtown ILL T} 5 Out New Hampshire Avénue fo North Capitol Street and Madi- son Street. CORNER_HOUSE. Open Daily and Sunday to 9 P.M. STROUP REALTY CO. 1427 Eye St. N.W. DI 0368 d. e , tends across the front of the house with fireplace. 80x180. Beautiful heated solarium. 3001 Channing St. N.E. three large bedrooms and t WITH KNOTTY PINE and Price 58,950 OPEN DAILY AND SUNDAY B.R.LEMKE & SONS UNTIL 9 P. M. G.Smit REAL EST HOTEL MONOTONY | IN STANDARDIZATION Cuts Design and Construction Costs, but Fails to Please Travelers. Standardization of deslgn and con- struction cuts building and operating costs for the hétel or apartment house | cperator—but it tends to produce | monotony. The traveling and renting | public likes charm and individuality | ir hostelries as well as at home, | Natlonally known operators realize | this and achieve individuality in spite | of the hundreds of rooms in each | hotel. They use the modern washable | wall papers securing variety of several | different colors of each of & number of different wall-paper patterns. | Apartment operators find that by | hanging wall papers of designs suited | to the architecture of the building and | the history of the region they secure | that most favorable of all tenant reac- tions—the willingness to pay a profit- carrying rent. | The advent of absolute colorfast- niess#followed by the much appreciated | washability feature has increased the | usefulness of wall paper. Added to the fact that wall paper can be hung | in the morning and the rooms occu- pled the same day without fear of un- ATE, pleashnt odor or harm to the surface, accounted for a 40 per cent increase in sales of wall paper to hotels and apartment houses in 1934 over 1933, ——e Used in Making Sausage. Skins made of the same material as artificial silk are being used in the manufacture of sausages in Germany. Located near Grade School, Junior High, High and Se. Gabriel’> School. 1116 Allison St. N.W. | A 20-ft. Colonial brick with | 6 rooms and bath; enclosed , sleeping porch and attic. JUST LIKE NEW | Newly papered and painted, | new 1I-piece sink, electric fixtures, gas range, etc. Only *6,950 | VACANT AND OPEN Il For Inspection, 2 to 7 P.M. | Saturday and Sunday. As Easy as Walking Downsta Furnished EXHIBIT BUNGALOW 4505 ‘W. Virginia Ave. Bethesda, Md. Drive through Bethesda. one block past golf driving course. turn right on West Virginia Ave, 2%a blocks. irs— Monthly Payments Include Interest and Principal on Both Trusts And a Charming Bungalow Is Yours ® Brick Construction ® Five ge Rooms Tile Bath with Shower Hardwood Floors ® Attic ® Washable Wall Paper Insulated Gas Stove Oxford Cabinet ® Flagstone Terrace ® Economical Upkeep FRANK A. SIMON 417 Southern Bldg. with fireplace. Owners and Builders Attached brick garage. National 3668 A lovely 7-room tapestry brick house with bath and half and extra lavatory. A living room that ex- Three large bed rooms. Copper screens, downspouts and gutters. Maid's room. Recreation room Large landscaped lot To inspect drive out Lee Highway two blocks Church Boulevard, left 3 blocks to property. beyond turn trafic left one light block in Falls to Lee Phone Lincoln 0761 FIRST SHOWING IN BARNABY WOODS CHEVY wo modern tile baths. The attic is co: are furred and the house is completely screened and weatherstripped. In the basement there is a LARGE CLUBROOM PANELLED Of course there is oil heat, electric refrigeration and a detached garage. OPEN DAILY an open fireplace. Drive out Conn. hen with breakfast set. CHASE, D. C. Attractive Colonial Brick Home 6508 Barnaby Street You will be delighted with this latest achievement of H. G. Smithy Co. beauty of the home harmonizes perfectly with the background of beautiful shade trees. the first floor there is a large living room with brick fireplace with colonial mantel, a spacious dining room and a completely equipped The design and On The second floor contains mpletely insulated; the walls ‘11,500 Ave. to Nebraska Ave., east on Nebraska to Utah Ave., north on Utah to Barnaby St. and hy Co. right to home. NAtional 5904 22