Evening star., 1934-10-20
625LOANS MADE
IN D. c. CAMPAIGN
INVOLVE $33O,0DO
Greatest Momentum Noted
by Bankers in Lasts
Few Weeks.
CHAIRMAN ESTIMATES
$1,000, 900 EXPENDITURE
Thomas P. Littlepage Says Educa-
tional Work Has Resulted in
Heavy Increase in Repairs.
BY JAMES Y. NEWTON.

The tremendous success OF the Fed
eral Housing Administration mod
ernization drive in Washington is
clearly indicated in figures released
today, which show that total of 625
loans. with a valuation of $330000,
have been made by banks and build
ing and loan associations since the
campaigns Inauguration in August.
A large ma jority of the loans have
been made to home and commercial
property owners within the last
few weeks. Bankers state that the
campaign is actually only getting
started" in the District and that it
has been gathering momentum at a
rapid pace since the beginning of
the month.
1t was announced by Thomas P.
Littlepage. general chairman of the
Washington Better Housing Campaign,
that more than 100000 has been
expended in the city for moderniza-
tion of property since the end of
August. Mr.. Littlepage based his
figures on the assumption that for
every dollar obtained through
"modernization" loan, two dollars are
expended for the same purpose, but
not secured in the same way. The
educational campaign conducted un-
der F. H. A. has brought out vast
amount of unused funds of home
owners whose establishments needed
repair.
Banks Report 275 Loans.
The banks of the city to date have
made 275 F. H. A. insured loans,
representing about s150,000 in money.
However, almost so per cent more
modernization loans have been made
by the banks to persons whom they
didn't place under the insured basis,
although it was stated that many of
the latter group became interested in
fixing up their property after the
housing campaign began to operate.
Carl j. Bergman, president of the
Distric tBuilding and Loan League,
announced that survey of the %
institutions in the league showed
that $50 loans for $50, 900 have been
made by building and loan asSocia-
tions since the housing drive got
under way. He said that all but five
of the institutions are qualified by
F. H. A. to make loans.
While some modernization loans
have always been made by the build
ing and loan institutions, Mr.. Berg
mann stated that the volume had in
creased more than so per cent in the
last six weeks.
nr;yn CouSidared cucceSS
Mr.. Bergman said that he consid-
cred that the modernization drive in
Washington had been eminently sue
cessful and that he believed even
more favorable figures would be re-
vealed in the next few weeks when
the local campaign has had time to
get started. The Washington Better
Housing campaign officially began
only last week, while the headquar-
opened Tuesday.
Frederick P H. Siddons, president
of the District of Columbia Bankers
Association, likewise expressed graft
fication at the progress of the cam
paign. He announced that the aver
age loan of the banks had been S545.
which compares more than favorably
with the latest countrywide average OF
s436, released by Federal housing Off
Gals.
Mr.. Siddons said "it is encouraging
to note that good progress is being
made by the banks of the city in max
ing modernization loans" When the
plan first went into effect. he stated,
the public lacked the knowledge of the
manner in which the banks can help.
Now, however, the realization is
spreading of the cooperation being
extended by 20 banks here. Housing
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