Evening star., 1934-10-06
ROOSEVELT HEARS
! F. H. A. IS SUCCESS
Moffett Says Loans Run
S1,500, 900 Weekly, With
Steady Increase.

James A. Moffett, federal housing
administrator, yesterday reported to
President Roosevelt that, considering
the short time the F. H. A. program
has been operating Il think we have
made rapid progress"
The administrator said loans are
running at the rate of Sl,5O0,000 a
week. and each days loans show an
increase of 40 per. cent over the cor
responding day of the previous week,
on an average.
To my mind" he said. "the sue
cess of the operation will equal our
most optimistic expectations.
New Structure Rules Soon.
Moffett said rules and regulations
for dealing with loans for new con-
struction would not be ready before
November /, and added. no real effect
from this operation can be expected
at the earliest before the Spring of
1895"
This whole operation" he re-
ported, lis a straight business propo-
sition and is dependent on the public S
individual willingness to purchase and
the private financial institutions will
inGness to lend. The operation has
shown a steady natural growth since
Its inception and will gather Tolnen-
tum as the educational and COM
munitv campaigns increase.
MofTett said out of 23,3OO con-
tracts sent to all kinds of financial
institutions, only a little more than
5000. or 35 per cent had accepted
contracts. Slightly over l,500 insti-
tutions have made an aggregate OF
10 40 loans up TO october 4, amount
ing to S4,600,o00.
Average Loan S43.
The average face amount Of the
loan is SAB: amount of makers in
come Sail. and maturity of loans
26 months.
Washington's intensive campaign to
"seIl" the idea of modernlzation to
property owners in the Capital will
open Monday night with a public
meeting at the United States Cham
Der of Commerce Auditorium.
Mrs. Franklin D. Roosevelt. Mr.
Moffett and Albert L. Deane, deputy
administrator of the F. H. A. and
president of the General Motors Hold
ing Corp, are scheduled to speak, as
we'll as Ward NJ. Cannaday. director
of advertising and promotion for the
F H. A.. and Thomas P. Littlepage
general chairman of the Washington
drive.
Florida Campaign Reports.
The F. H. A. has received telegram
from Winter Haven. Fla. where a
community campaign similar to the
one starting in Washington has just
been completed The general chair
man wired:
Forty teams completed campaign
tonight Eleven dollars per capita for
improvements and repairs. Hope we
are first over the top. Wish you sue
cess
Another communication received by
Moffett declares that every carpenter
in Albuquerque, N. Mex, has work
lined up for many days to come, all
working or home modernization and
repair. This is the fifth city to report
that it was impossible to get immedi-
ate work done, as all building trades
mechanics we're signed up" in ad-
vance.
Workers Being Released.
Now that preliminary and organiza-
tion work have been completed at the
Housing Administration, temporary
workers hired to aid in effecting this
work are being let out, officials ex-
planned today, commenting on pub
lished reports that $50 had lost their
jobs because there was mot enough
work.
The temporary workers came to the
administration as such, it was pointed
out, and, now that the organization is
running smoothly, they are no longer
necessary. They are not being dropped
al at once. but are being "weeded out,
a process which will take week OF
more. They probably will number
between 100 and $50.