Evening star., 1934-05-12
2OO-M|LL|ON-L0AN
PLANFOR H. OIL. c.
ENCOURAGESWORK
Guide Tells Owners How
Best to Invest Borrowed
Funds.
RECONDITIONING NEED
STRESSED IN BOOKLET
Corporation Will Furnish Expert
Guidance on Ways to I'm
prove Residences.
BY VINCENT TUTCHING

AS part of its comprehensive pro-
gram for administering the $200,000,.
000-loan plan for reconditionine
homes on which 1t holds mortgages
the oHme Owners Loan Corporation
is having prepared a guide to home
reconditioning'
The pamphlet arranged after care
full study by housing experts, sets
forth reasons why the home should
be improved. how much should be
expended and the types of work
which should be undertaken.
The H. o. L. C. plan. it is pointed
out, presents a favorable opportunity
for home owners whose properties
have been refinanced by the Govern
ment agency, to enter the $1,000
Better Homes Contest now being
sponsored by The Star.
Eligible Groups
The act of Congress approved April
81 last authorizes the H. o. L. C.
to make loans for repair, remodel
ing, and undermining to the follow
ing groups of home owners:
l. Those who have already secured
loans from the corporation.
2. Those who are eligible to have
their mortgages taken over by the
corporation.
3. Those who own their homes
clear of any mortgages. but only if
they cannot get reconditioning loans
from any private lending agency.
Every home needs some recondi-
ticning every year" the H. o. L. C.
points out in its new pamphlet. But
reconditioning is easy TO put off. In
the past four years of financial strain
home owners have generally post
poned repairs. Observers claim that
four out of five American homes now
need extensive reconditioning.
Addressing borrowers from the
H. o. L. c., the pamphlet asserts,
IF your home is worth borrowing on,
1t is worth keeping up"
Ability To Repay.
The amount of reconditioning, be-
yond essential repairs, should depend
largely upon the ability Of the bor-
rover to repay the loan, the corpora
ton says. If it can be afforded. all
the desirable reconditioning should be
done now. The corporations plan
permits the borrower to spread pay
ment for the reconditioning over Is
years at a low interest rate.
Through the corporation, the home
owner will have the benefit of dis
interested technical advice on what
to do and what not to do. He will
have assistance in getting reliable
builders and Workmen. Supervision
of the job by the corporations in
spectors will serve as an additional
check against poor workmanship. In
every instance, local merchants will
supply the material; local labor will
do the job.
Reconditioning the corporation
points out, includes three distinct
operations.
First is repair and maintenance.
Under this heading comes all work
designed to restore house to its con-
dition when new, such as repainting
pointing of masonry, caulking of doors
and window frames, reroofing. re-
placement of cutters, downspouts,
floors, screens. plumbing, and other
outworn equipment.
Changes in Design.
Second comes remodeling. This in
wolves structural changes, such as any
enlargement of the dwelling, the ad-
dition of bath room porch, window
the arrangement of rooms, or any
other alteration in the design of a
house.
Third in importance is moderniz-
ing. This involves the installation of
new equipment, such as insulation,
heating plant. electrical apparatus,
new kitchens or bath rooms, etc.
Of these three classes, the H. o.
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