Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1919-09-09
HOMES FOR THE PEOPLE


a big corporation with ample
capital to support its under
taking. has started out to make life
moro attractive for its employees by
assisting them to own their own
homes and some of the features of
the method whereby this is to be
accomplished are worth the study
of any industrial community facing
a shortage of houses.
These are plans. Under Plan No.
any worker of the group life III
surance list of the company can buy
one of the company's new houses to
be built on the company's land near
the mills. The land will be sold at
a low figure and the houses to be
constructed will be built on as low Il
! basis as is possible. The terms to
the purchaser will be as follows:
A house selling for about $4,000
will be sold for 5000 down and
monthly payment equal to the rental
value of such a house. say SIS per
month. In three months the worker
would have paid s75. From that
amount would be deducted the in
terest on the mortgage ($S,S00 for
three months at Az per cent equals
$42.75) plus the taxes and insurance
for three months, equalling about
SIS. The balance of the monthly
payment would apply to reduce the
mortgage.
If any worker leaves the American
Woolen Company, or is discharged
for any reason, the Homestead AS
sociation, Inc, will take over the
house and return the initial payment
with interest at Az per cent. from
time payment was made, if the
worker so desires, or he can retain
an American Woolen Company
/ worker until he has paid up his
mortgage to that point where he
could transfer it to bank and thus
continue to live in his house.
! Under Plan 2 a worker who wants
to build his home may apply to the
Homestead Association, Inc. for
| building loan up to IS per cent. of
the total cost of his lot and the house
he plans to build. The only limita
ton on his selection of lot is that
it be convenient to the mills, so that
if he ever gave up the property it
would be suitable for another
worker. In this case he would
have his own plans prepared and
hire his own builder. The Home
stead Association, Inc, will loan
money only on single houses.
A fixed payment on the loan would
be made monthly, which would
cover interest on the mortgage at
AZ per cent, and the remainder of
the monthly payment would go to-
ward paying off the mortgage.
Every month the mortgage is re-
duced by an increasing amount.
will be reduced to cover the amount
remaining to be paid on the mort
gage. That part applying toward
the mortgage will increase until the
last payment, all of which will go
toward the mortgage. These pay
ments are the minimum which can
be made. Any additional payment
which the worker cares to make
will be credited toward reducing his
mortgage, saving him interest on
that amount.
If the worker leaves, or is dis
charged for any reason, the associa-
ton will continue to carry the mort
gage until sufficient payment has
been made to make the loan accept
able to bank.
Plan 3-If a worker wishes to
buy single house in which he will
| live the Homestead Association, Inc,
will take a mortgage at Az per
cent. interest on the property up
uation of the house and land.
The only limitation on his selec-
ton of a lot is that it be convenient
to the mills, so that if he ever gave
up the property it would be suit
able for another worker. Payment
on this mortgage will be made
monthly by the same payment plan
as used in the building loans, just
explained.
If the worker leaves the Ameri-
can Woolen Company, or is DIS
charged for any reason, the Home
stead Association, Inc, will continue
to carry the mortgage until suffi-
cient payment has been made to
make the loan acceptable to a bank.
With the practical cooperation of
the farming and educational forces of