Evening Star Newspaper, August 24, 1935, Page 18

REAL ESTATE. H. 0. L. C. OFFERS ADDITIONAL CASH 300 Milion Available for Purchase of Shares in Home Agencies. Several thousand 1ocal home-finane- ing institutions throughout the coun- try, whose funds are inadequate to meet the mortgage needs of home owners in their communities, may now obtain capital from the Home Own- ers' Loan Corp. Through a recent act of Congress, the corporation has $300,000,000 available for the purchase of shares in Federal savings and loan associations, or shares, or certificates of investment or deposit, in any sav- ings bank or building and loan asso- ciation which is a member of a Fed- eral Home Loan Bank, or any asso- clation insured by the Federal Sav- ings and Loan Insurance Corp. The objective of such financial en- couragement by the Federal Govern- ment is to stimulate the sound and economical financing of homes through State-chartered institutions in a way similar to the provision by which the United States Treasury has been authorized, during the last two years, to subscribe to the capital of Federal savings and loan associations, 801 of which are now in operation, and in which the Treasury has so far invested approximately $40,000,000. Applications Urged. *The board desires to get the funds out where they can be used, and urges eligible institutions needing additional capital for home financing to apply to the corporation,” says an articel in the August number of the Federal Home Loan Bank Review, describing the method of application. Procedure has been simplified and only a mini- mum number of forms are to be used, according to the Review. Associations insured or admitted to membership in the Home Loan Bank | System in' the last few months may dispense with much of the examina- tion procedure otherwise necessary for approval of the investments, since the board slready has detailed informa- tion as to their current condition. More rigorous examination is nat- urally required of other institutions. ‘To expedite the use of these funds, the board will establish an approved | list of both Federal savings and loan associations and State-chartered in- stitutions. Once an assoclation is thus approved, it may ordinarily ap- ply for successive investments from | the corporation without further ex- amination and without filing support- ing statements. Rules Announced. If a request cennot be approved on the data submitted, the corporation will inform the applicant that further examination or appraisal is necessary. The corporation will make no request for the purchase of withdrawal of its shares or certificates for a period of five years from the date of purchase, and thereafter no institution shall be requested to repurchase or pay with- drawals in any one year in excess of 10 per cent of the corporation's total | investment in that institution. Apart from supplying proofs of their | soundness, associations are expected to make reasonable use of their own | credit, available through the home loan banks, to secure funds to meet the home-financing requirements of | their communities before applying to the corporation for investment. The Federal Home Loan Bank Sys- tem now includes 3340 thrift and home-financing institutions. Their as- sets, totaling $3,185,822,286, amount to more than half of the estimated combined resources of the 10,000 building and loan associations in the country. Of the system’s members, 2,448 are State-chartered institutions. Charming Semi-Detached Brick Near 14th St. Cars Extended 526 Sheridan St., N.W. This attractive Brishtwood home six_rooms and ust 2 _s) vy 'é’m'.E:nm“‘to °$“‘T‘ Sfmm High School: new! Dainted, hot-wate) anz elmmtm screens, hardwoo Newly R;novltod Opeu'Sunday L. T. GRAVATTE 729 15th St. REALTOR. Natl. 0753, Dicox le-o FinsT FLOOR SECOND FLOOR R L S S TR R The size of rooms and the entire interior arrangement of the Afth Silver Star Home of 1935 are shown above. The home is located at 4421 Yuma street. BY MARSHALL W. BAGGETT, Btaft Correspondent of The Star. ALEXANDRIA, Va, August 24— This city's smallest residence, a cen- tury-old structure at 523 Queen street that is not much bigger than a good- sized -doll house, is being remodeled with a combination of Colonial and modern furnishings to cause its addi- tion to the large list of Alexandria’s show places. in width and 48 feet deep, the small brick structure, bullt in the first half of the nineteenth century in a space between two houses of normal propor- tions, has undergone a complete reno- vation during the past month. As remodeled, it contains three rooms, several closets and a bath. On the first floor is the living room, with built-in bookshelves and a closet, |and a combination kitchenette and dining room. Folding-type shutters are used to screen the kitchenette from | the dining room. A bed room, hall closet and the bath are located on the second floor. To retain the Colonial atmosphere of the diminutive house, brick walls ‘on the first floor have been left ex- | posed, the woodwork in clesets and on the small stairway has been hand- paneled and the front of the struc- ture has been psinted a shade of “Willlamsburg green,” the color found to have been used on early American houses in the first capital of Virginia. Offsetting the Colonial furnishings, are modern kitchen and bath fixtures, | electric lights and freshly plastered walls on the second floor. The house has been lived in by a large pantry and full cellar. and churches. payments. Dl“vflONl Drive out Good Hope Siiver Hinto yles, nralnn!’ahn“u fo sign ¥ Open for inspection. road, thre in oak grove. Measuring exactly 7 feet 6 inches | Alexandria’s Smallest House, 7 Feet 6 Inches Wide, Restored ment of its use more than 50 years ago as a small private school. ‘Work of remodeling the structure is expected to be completed today to permit its occupancy next week by Mr. and Mrs. Prank Brown, who will move here from Montana. Mr. Brown is an official of the Agricultural Ad- justment Administration in Wash- ington. The house is owned by Mr. and Mrs. Campbell Turner, 205 Wolfe street, who employed G. W. Merchant, Alex- andria contractor, to undertake its re- modeling. Its owners claim the residence as the smallest house in Alexandria by a gcant 6 inches. Another, more modern house, at 403 Prince street, measures 8 feet in width, to be the next smallest residential structure in the city, they said. CAPE COD BOOMING HYANNIS, Mass., August 34.—Busi- ness is better than it has been for five years in some 100 towns and vil- lages on Cape Cod that depend upon Summer visitors for prosperity. Hotels, inns, restaurants, shops, filling sta- tions, automobile dealers and many other businesses report that not since 1930 have so many visitors been In this ages, according to the Cape Cod Chamber of Commerce. Movable Kitchenette. A complete kitchenette for one-room apartments is contained in a new movable cabinet. It plugs into any electric number of families since the abandon- | refrigs Built for Owner to Rigid Specifications BUILT BY CHAS. A. KNOX On % acre in beautiful Oak Grove on hard surface road. 7-room, rough texture brick in colors, hardwood floors and chestnut trim, sutomatic oll burner for domestic water heating Summer and ‘Winter, automatic elec- tric range, large size Prigidaire, 7 large closets, including cedar closet, full mirror closet door, front room. Beautiful stairway, Oxford cabinet in kitchen, unusually at- tractive light fixtures. Base of house 3¢ by 33 ft, asbestos slate roof, bronze screens and metal weather stripping; convenient to store, schools , fireplace, tile bath, This house to be sold at cost. Small payment down snd easy monthly 0. G. PHILLIPS Qwner Temple Hill, Maryland New Homes With Different Plans Priced $8,950 up Smallest House i ‘Workmen are shown giving fin- ishing touches to their remodeling of Alexandria's smallest residence, a TY-foot-wide house at 523 Queen street, that has been completely renovated. —=8tar Staff Photo. !YOUR HOME | E | Built as you would have it Plans and specifications furnished. See some of my modern homes and get some new ideas. A 15-MINUTE INTERVIEW will convince you. I have an organization large enough to take care of your needs, and small enough to operate on a single profit. Have unusual connections for building material and am ac- quainted with loan companies and loan problems. An interview without obliga- tion to you is all I ask. Address Boz 250-Z, Star office. BEST INCOMES G0 T0 HOME OWNERS Survey of 61 Cities Reveals Tenants Average Less in Earnings. In every one of 61 American cities, The data was gathered from 290,028 families in the home owner and tenant categories in cities ranging from 10,000 to more than 1,000,000 population. . Median Is 74 Per Cent. ‘The income difference between the two groups was smallest in Boise, Idaho, where the average tenant in- come was 94.3 per cent of the average owner-occupant income, while the greatest was found in Charleston, B. C, where the average tenant in- come was only 38.1 per cent of the owner group average. The median 1s 74.3 per cent. ‘The seven cities where this ratio is lowest are all in Southern States. Most of the cities where the ratio of average tenant income to average owner-occupant income is 80 per cen or more are in industrial or mining cities of the Midwest and Northwest. The highest average owner-occu= pant income of $2,073 was in Water- bury, Conn., and the lowest, $911, in Decatur, Ill. The highest average tenant income of $1,482 was in Reno, Nev., and the lowest, $626, in Jack- sonville, Fla. Income Decline Shown. Al cities naturally showed a decline in average income for both groups from 1929 to 1933, The smallest de- cline for tepants’ incomes between 1929 and 1033 was 14.7 per cent, in Richmond, Va., while the largest de- Gets New Post CAPITAL ATTORNEY MADE F. H. A. COUNSEL ABNER H. FERGUSON, Prominent Capital attorney, who has just been named general coun- sel for the Federal Housing Ad- ministration by Administrator James A. Moffett. Ferguson, who has been with F. H. A. for several months, succeeds Roger Whiteford, another Washington attorney, who was serving in the position as & “dollar-a-year man.” ~—Harris-Ewing Photo. cline took place in Birmingham, Ala., and amounted to 44.5 per cent. In owner-occupants’ incomes the small- | est decline was 16.6 per cent in Tren- | ton, N. J. The largest decline, of 52.7 per cent, took place in Racine, Wis. | In all 61 cities except four—Paducah, Ky.; Jacksonville, Fla.; Wheeling, W. Va., end Binghamton, N. Y.—the de- cline in owner-occupants’ incomes | was greater than the decline in ten- ants’ incomes. The largest number of families in both categories had incomes ranging | from $1,000 to $1,499. Over 18 per cent of all tenants' incomes and 176 per cent of all owner-occupants’ in- comes were in this single group. Five per cent of all families studied reported no income at all, the figures | being 5.5 per cent of all owner-occu- pants and 4.7 per cent of all tenants. | | A New Brick Bungalow ALL MODERN 5 Rooms—2 Bed Rooms Tiled Bath and Shower, Hot-Water Heat *5.450 Sample House 2414 Girard Place N.E. OPEN DAILY, 10 to 9 Drive out Rhode Islqnd Avenue N.E, to Mells Avenue (2000 dlock Ave.), turn 2 dlocks, then ieft i dlock to house. Harry Wardman, Inc. T A K 1512 K St. NW. District 3830 “WOODLAND ACRES” Only 40 Mmutel From Capitol Priced from Check These Great Features Carefully: ll‘Bloi-l ully Doeurlkl Throushout A Restricted Development of Beautiful Homes on Sites Approximately 1Y,' Acres Photos show two homes remaining for sale. A Natural Playground of 8,500 Acres, Ideally Located Near Wulnngton— Easily Accessible to Potomac River and Chesapeake Bay Resort Points REAL ESTATE. LOWER BUILDING COSTS REPORTED Average One-Family Residence Built for $205 Less, Report Shows. amily homes are costing less to build today than has been the case for several years and a large pro- W. Pellett of Newburgh, N. Y, is chairman. “Taking the homes for which per- mits were issued from September, 1934, through May, ‘1935, said Pellett, “it is found that the average one-family house costs $205 fess than those built in the similar period of 1933-34. Dur- ing those months the average cost of | Labor figures. Houses of this type are usually built on lots which average nb;mc $800 in price at present market value.” Finding Switch in Dark. . Groping for light switches in the dark is ended by a new, easy-to-install switch plate which emits a tiny glow when the switch is off. It's sald never to buyn out, to require so little current that numbers can be used without registering on the meter, Open Until 10:00 P.M, 302 CEDAR AVE, Takoma Park Drive out Georgia Ave., turn vight Butternut St., Un st Purn"Tiont ‘o’ Cedar Si. and comtinis % mile to house. Gompletely, screened, weather-stripped, insulated. living room. open fireplace, dining room. health kitchen, two large bed rooms with bullt-in drawers, stor- e tpace; tled bath, shower.thres slate roof. aualities, drive out today and we will tell you about B. F. KEMP, Builder and Owner CLUB HOUSE, KENWOOD GOLF AND COUNTRY CLUB, WHERE KENWOOD RESIDENTS ENJOY RECREATION A visit to Kenwood will convince you that it is rightfully acclaimed Washington’s most beautiful resi- dential community. Its high elevation, its lofty trees and its general slope toward the prevailing winds make it healthful—and cool in Summer. Every resident of Kenwood is a member of the Kenwood Golf and Country Club, and enjoys the benefits of its well appointed club house, excellent golf course, large and sanitary swimming pool, its tennis courts and skeet range. ¥ Although all homesites in Kenwood are a mine imum of 100-ft. frontage, which assures privacy, spa- cious lawns and gardens, the present price is so rea- sonable that this frontage will cost you no more than a much smaller one in a comparable community, Restriction on this property and the policies of its developers make your investment in a home safe from the encroachment of crowded, unattractive houses and undesirable neighbors. Information may be Avenue, or by 2331 Cathedral Ave. through Somerset to Kenwood, Xou will profit by inspecting this property before deciding on a location for your future home. obtained at office om property, Kemnedy Drive and Chamberlin calling Wiscomsin 4425, Kennedy-Chamberlin Development Co. Columbia 7280 To reach Kenwood, drive out Comnecticut Avenue to Chevy Chase Circle, West on Grafton Street through Somerset to Kemwood or out Wisconsin Avenue to Dorset Avenue, West on Dorset Avenue or out Connecticut or Wisconsin Avenue to Bradley Lane, and West on Bradley Lane to Kenwood. ———— ] AR O OIS LS POHICK CREEK VIEWS FROM LAST WINTER PRICE *19,000 Go by Richmond Pike (U. S. No. 1) 14 miles below Alezgndria or by Mt. Vernon to the pike and § miles south. Open after 10 Sunday. LOUIS P. SHOEMAKER 1719_K St. NW. 4 Natl. 1166 You will thrill at the marvelous sites approximately 1% acres, located in woo led ground that is bisected by State Highway No. 8. You will appreciate the ossibilities when you see the lovely omes that are built and in course of construction in this restricted com- munity. Compare the features listed to the left with any other developments in or near Washington and be convinced! Office on the property. Harviass Fiats T Gingins e Wobbi g < 13th and Sheridan Streets N.W. 7 and 8 Rooms—2 Complete Baths In one of the best residential sections of the city, these new homes are the acme of construction, combined with architectural design and floor pian, and represent a value that challenges comparison. A few of the many features are lovely porches, club room, living room with fireplaces, some with attics, built-in_garage, rock ool insulation, metal weather-stripped, caulked and screened; Oxford cabinet, elec. refrigeration. SAMPLE HOME—1303 SHERIDAN STREET i Open Daily and Sunday See Them Before Till 9 PM. It Is Too Late Out 13th St. to Sheridan R WAPLE 8 JAMES, Inc. $5,950 56,950 W”"‘ifi‘”&?,.."f‘“u..‘,°” e 1226 14th St. N.W. _Ouners and Builders Dist. 3346 J|] — B choeb gt 7 rooms, bath, lavatory; 19 acres. For active or quiet re- tirement, romance or com- mercial use. ith Shrubbery and reens faree rront and Resr Porches Fio Chef G Chef Gas e o gatere. Churehes, " I} ad continue Road and tions e servies o Hich o ] pR, Waldorf 3 Come out today or Sunday. Office on property. Open unti] 10 P.M. every day. nd