Evening star., 1934-07-09
708 Owners Want Funds for
Repair and Recondi-
tioning Work.
EXPENDITURES NOW
AT $4,000 TO 100000
2Ss,000 Applications Involving
100000 Projects of Kind
Over Nation Recorded.
BY VINCENT TUTCHING.

Seven hundred and eight Washing
ton home owners whose properties
have been refinanced by the Home
Owners Loan Corporation have ap-
piled to that body for additional funds
to repair and recondition their homes.
the District office Of the corporation
revealed today.
Estimates Of the amount to be ex-
pended in these projects. which in
clude repairs essential to refinancing
as well as improvements the owners
desire, place the total between $50, 900
and 100000. All Of the applications
have been filed within the few weeks
since the home owners loan act was
amended to permit loans for recon-
ditioning.
The revelation OF this tremendous
interest in property renovation on the
part of II. 0. L. G. mortgages here
came coincident with a report by the
headquarters ONCE Of the corporation
that nationally 2SS.000 applications
involving projected reconditioning JOBS
estimated to cost $55.000, 900 had
been filed.
interest is Mounting.
Meanwhile, interest OF home owners
not eligible under the H. O. l.. :.
plan, but desirous of renovating their
properties, continued to mount in the
Federal Housing ADMINISTRATOR pro-
gram, which gets under way this week
James A. Moffett, head of this new
unit, spent this morning viewing
prospective Office space and expects
to be located within the next two days.
His Capital headquarters will require
approximately 10000 square feet,
which will have to be rented space,
since none is available in Government
owned buildings.
Despite this, however, there Is a
possibility that room may be made for
Moffett in the new Post Once Build
ing. He talked with Postmaster Gen.
eral Farley with this in mind today.
He is particularly anxious to get the
space question settled, since hts suite
at the Mayflower is being swamped
with callers. After a conference with
Marvin H. Mcintyre, one Of the Presi-
dents secretaries. Moffett said he had
three or four men in mind as his prin-
cipal heutenants, but declined to re-
veal names
The Home Owners Loan Corporation
emphasized that its fund advances
are absolutely restricted to home own
ers in financial distress. Its recon-
dttioning department has been deluged
with requests from owners not eligible
under the act, indicating there is
widespread national interest In the
idea Of enhancing the value Of realty
improvements by preserving and bet
tering their condition. Loans by the
H. o. L. G. are made only to those
who have been given a mortgage by
the corporation, or are about to be
given one, and to those who own un-
incumbered prperty and are unable to
obtain a loan through private channels
$500. .OOO. 900 Available.
The amendment TO the home own
ers' loan act, signed by President
Roosevelt April q, made available
5000. .000, 900 for reconditioning work
on homes under the wing Of H.O.L.C.
The national housing act, approved as
one of the last acts of the recently
adjourned Congress, added $l00, ,000, 600
to this fund.
The reconditioning division of the
corporation passes upon the local ap-
plications, approves the bids and su--
pervises the actual construction work,
which it specifies shall be carried out
by private contractors selected by the
home owners themselves. The average
Of all applications for home improve
ments, the corporation estimates, is
5000.
Many Of the home owners who have
applied for these loans also have taken
out entry forms in The Stars 81 900
Better Homes Contest, which is now
in progress in the metropolitan area
with the objective of encouraging
property improvements as a means
of stimulating employment in the
building trades.
Prizes in The Stars campaign are
divided in two groupS-for homes val
ued at S12 900 and less and for homes
appraised above that figure. In each
class the prizes are: First prize, $3.50;
second prize, 500; third prize, $50.
and four honorable mention prizes OF
$25 each. A special landscaping i'm
provement prize Of s100 is offered by
the Board of Trade.
Housing Administrator Moffett has
estimated that $500.000, 900 will be
spent in property renovation by Fall,
and probably billion and a half by
the end Of next year. Ultimate re-
employment of 100000 workers in
the building and allied trades is seen
by him as a direct consequence of the
program
Loans by the F. H. A. will be avail
able to all nome owners in good credit
standing, with steady jobs, and will
be made by private lending agencies
with the Government guaranteeing 20
per cent of the loan. A policy OF
consumer credit is planned, with the
borrower repaying In monthly in
stallments extended up to a period
Of five years. Individual loans are
limited to $4,000 and may be made
for private homes or for commercial