The Omaha guide., 1934-12-08

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DOES YOUR HOME NEED REPAIR?

For the past several years homes in Am
erica, and especially homes of Negro citizens,
have gradually become in a state Of dispair.
Many have de2a.tN1 Improvements on homes
because Of the economic upheaval that has
tested the fiber Of the people at large.
One may easily look around him and see
needed improvements in his home, notice dis
comforts that he is suffering because Of lack
of finance to make needed improvements
Possibly a new coat Of paint, a new roof, plumb
ing equipment or 2 new heating plant would
add greatly to the comfort, the appearance, or
Reliability Of the home
The time to make these improvements
or repairs is now. The National Housing Act
was specifically designed to improve one S pro-
perry, increase its value, appearance, and use
fulness. 1t is possible through this Act to make
needed repairs and improve the surroundings
for the family.
Any property owner may apply for a
loan. He may apply for a loan from 800 to
$1,000, depending on his income, improvements
on any one piece of property. The loan may
be extended for a period of thirty-six months.
The only security needed is that the borrower
"'S oNN40dSN 4N6dio1 III uOtC
need be signed only by the property owner and
his wife, if he has one. No mortga ge is re-
CURED. The only assurance necessary to be
given is that the borrower is the owner of the
property, that his income is at least five times
the annual payments on the note, that his mort
gage, if any is in good standing, and that there
are no past due taxes, interests,o or lien against
his property, that the proceeds Of the loan will
be used solely for the improvement of the pro-
perry.
The interest charge on the loan is deduct
ed from the loan at the time of making. The
entire obligation is payable So equal install
mentS. For example, If one needs 1886 for
improvements, he may sign a note for $500,
payable in 36 equal monthly installments. In
this case the note would not bear, interest the
flrst OF the year because the maximum charge
permitted, $l5, would be included in the face
OF the note. The payments would be one
thirty-sixth Of the entire amount of the note
with the new interest charge being made at the
end OF the first year on the balance due. No
other charge need be paid.
This type Of loan is insured to the lend
ing agency by the federal government under
the Federal Housing Act.
At this season of the year a great waste
OF fuel is occasioned by attempting to heat
homes with furnaces that should be discarded.
Plumbing, electrical, and bath room fixtures in
many cases could stand replacement. 1t would
no doubt behoove every proprty owner to look
about him. No doubt he will find many needed
improvements which he does or has not had
the money to make, but has promised himself
that at the first opportunity those repairs
would be taken care of.
The enc chance to keep faith with him
self, to insure health and a pleasant home for
ms family is now through and with the assist
ance Of the federal government. Cooperating
In this governmental enterprise are manv fin
anclal concerns. Possibly some owners have
made applications without obtaining results.
We therefore are anxious and willing to assist
IN furthering this project. The columns of
our paper ina short time will carry the names
of financial institutions who are anxious to helm
IN our immediate community. We hope that
owners will feel free to call upon us for any
direction needed in helping to make more Hv-
able the American home.