Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-01-26
NEW-H0MEs PLAN
DUBUQUE CORPORATION TO LOAN
MONEY 70 ITS EMPLovEs.
Funds 10 d Provided For Erection Of
Houses and Payment on Monthly In.
stallmsnt Pian-BuiIdsrs Not 10 Be
Restricted 40 20 Location and May
Choose Own sites.

Dubuque. Jan. 2s.--with the worst
conditions existing that this city has
ever had to face in the matter Of fur
nlshins homes for the rapidly inoreas-
In influx Of residents. tho Brunswick
Bake Collendsr Company stands
sponsor for the biggest housing plan
yet proposed for the city Of Dubuque.
Dubuque Is sorely feeling the need
Of better housing conditions. There
ID a shortage of one thousand homes
here at the present ime without any
definite plan as yet having been evolv-
ed for immediate relief.
After q thorough investigation Of the
housing conditions, the Brunswick
company has volunteered to replace its
entire resources behind home build
ing project for its Dubuque employees.
The plan Is shaped to como within the
reach Of all and promises to become
more popular than any other form Of
cooperation yet extended the home
seeker.
10 Per Cent Down.
1t Is proposed that any employee de-
string to erect home. shall deposit
ton per cent OF the gross cost, and
that the balance shall be provided as
follows! Fifty per cent Of the gross
cost to be furnished by a bank or
trust company. designated by the
Brunswick; The loan is secured by a
first mortgage to the bank or trust
company. The remaining tifty per
cent will be furnished by tho Bruins
wick company and will be secured by
a second mortgage. Within thirty
days after the homo has been made
ready for occupancy, the contracting
employe will begin a series of pay
ments. equaling one per cent Of the
cost Of the home. after tho deduction
Of the ten per cent that Is made in the
original payment. These latter pay
ments may be made weekly or month
ly at the option Of the empioye.
For example, on a home costing
$500. the original necessary payment
would be $3.50, leaving a balance due
Of 1850 which would require a
monthly payment Of s4o.60-proceeds
to be applied equally on the first and
second mortgages. after tho interest
on the entire investment has been de-
Quoted.
a. Cost of Site Included.
The plan includes the cost Of the
house in its entirety. and tho cost Of
the ground Is included on the original
basis Of tho 10 per cent initial pay
mont. For example. II an employee Sc
leets q site ~costingss 500, his selection
Is submitted to the company to insure
tho full market value Of the ground Sc
lected; the cost Of the ground Is then
added to the. cdat Of ersoting the home
proper ana on the gross cost Of building
ana ground tho contracting enploys Is
required to make an initial payment of
10 per cont. The cost Of the heating
plant n aaso to be included in the orr
sinal plan as above outlined, but is left
optional with the employe. as some will
not desire heating plant. The neces-
sary plumbing for water, sewer and
bath is included In the price submit
ted. Thus, Il may be seen that any
employe possessing $500 need not be
without home.
Employees May Choose Place.
The outstanding feature Of the en-
tire plan and in which It excels any
other housing plan yet undertaken in
this city. or elsewhere, Is that there will
be no segregation Of the homes built;
there will be no resultant monopoly
Of ground values in any one section of
the city. These homes ere to be built
thruout the entire city Of Dubuque and
will mean stimulus for property own
ers in every section Of the city. The
employees can. without reservation.
choose tho location for their homes,
in whatever section suits their own in
dtvidual requirements.