Weekly journal-miner., 1922-12-20
HOME BUILDING BY NEWP
 SUGGESTED BY AD COMM TEE

f Your committee, in view of the
 situation which now confronts this
 community, would respectfully rec ommend that either as a substitute for or supplemental to its ordinary
 advertising, that that part of the
 business interests of Yavapai county
 represented by the community of
 Prescott should create a permanent
 fund to afford opportunity to the
 home builder who has not sufficient
 funds to complete his home. This
 appears to be peculiarly necessary in
 view of the fact that there is no
 building and loan association in Prescott, and in view of the reported
 fact that funds are not available
 from the banks to aid i'll the compile
 ton of house under construction.
 Your committee would propose as
 plan, subject to change, modifica-
 tion, revision or complete substitu-
 ton as may appear best to this body,
 upon somewhat the following basis:
 A fund of approximately 5O,00o
 should be subscribed by the people
 of the city of Prescott. These sub scriptions should be in amounts per
 individual of not less than $1,0OO, or
 in multiples thereof A proper cer- titicate of ownership should be is- sued to the subscribers as evidence of their proportionate ownership in the aggregate fund. The money de- rived from these subscriptions should be under the jurisdiction of a com mittee appointed or elected by the directors of this body. There is ample competent material for this committee among the bankers, busi- ness men and professional men of Prescott. These funds, when not in use, could be deposited in the sav- ings banks of Prescott so as to yield an income while not actually loaned on mortgages. In lending on mort gages, 1t could be arranged that no loan would be made except ill aid of construction of new homes ill Pres colt, with the understanding that no loans would be made upon finished buildings not in aid of business en- terprises of any sort. Loans when applied for could be referred to board of appraisers consisting of say three members of the committee in charge of the funds who would be paid a nominal fee for their apprais- al. The applicant for loan should pay the cost of an abstract and the cost of the opinion of some compe- tent attorney to be designated by the committee ill charge, whose fees should be uniform and as nearly nominal as possible. Loans should )e limited in amount, and should not pc made except in cases where the applicant had sufficient money to purchase his lot free and clear of en- and to pay a proportion o be determined by the committee md to be uniform, of the cost of his tructure. Surety company bonds hould be furnished by the builders O protect the construction against material and labor liens and such ther steps taken as might be neces- ary to safeguard the interests of the wners of the building fund.
 The borrower should have oppor- unity to repay to the fund the mount borrowed in monthly in tallments with interest payable at he rate of not to exceed per cent nd payable quarterly or semi-an- ually.
 The above outlined plan is made nly as an example and IS, of course, lade subject to modification and nbjcct to its being finally worked ut into some definite and permanent ,rm. It would certainly appear to our committee to be foolish waste time and money to continue to in lcc people to come to Prescott hen there is no accommodation for em after they get here. In order
 meet, this apparent and well-recog- zed condition, it is up to the cham er of commerce, or if not to 1t as
 county body, then to that part of
 representing the city of Prescott,
 ill some manner squarely meet c condition which confronts us.
 Sugar men in the state of Vera -uz have presented a petition to the