Evening star., 1934-06-02
PRIVATE CREDIT
CHANNELSFAV0R
RENOV|z|NG IDEA
Owners Watching Develop
ments With View of En-.
tering Star Contest.
BANKS COOPERATING
IN PUBLIC MOVEMENT
Federal Housing Plan to Make
Borrowing Easy, Explained by
Robert v. Fleming.
BY VINCENT TUTCHING.

Out of the doubt and debate that
centerS around the administration s
housing bill, with its provisions for
home n1oderniZation and repair. one
fact emerges clear cut and hopeful
home owners still have at their dis
posal private channels of credit more
literally inclined today than they
have been for many months.
Development of plans for financing
home improvements is being watched
attentively by home owners interested
in renovating and entering their i'm
provement projects in The Stars
$1,000 Better Homes Contest, inau-
gurated April IS throughout the met
ropolitan area.
This contest offers IA cash prizes
for home improvements undertaken
before September Is. Prizes will be
awarded in two classes, for homes
valued at $4,000 and under, and for
homes valued at more than $4,000
In each class, the prizes are: First
prize, $3.50; second prize, s100; third
prize, $50 and four honorable men
ton prizes Of s25 each. The Board
of Trade is offering a special $1oO
landscaping prize.
Delays Are Unnecessary.
Whether or not the comprehensive
Government program gets through
Congress before adjournment, home
owners need not put off any longer
the improvement projects they may
have been contemplating under the
administration plan.
Doubt over passage of the bill has
given rise to fears that the delay
might retard the application of the
needed primer" that home recondi-
tioning would give the tagging build
ing trades.
But bankers and other leaders o1
finance are quick to reassure that
Federal program or no Federal pro-
gram, they stand ready and willing
to make loans to qualifying home
owners for betterment of their prop
critics. The principal difficulty appears
to be bringing the borrower and len
der together.
Last year, half a million dollars
was earmarked by members of the
District Bankers Association for loans
for "renovizing" under special plar
drawn up with the Board of Trades
campaign. Reluctance of the pros
pective borrowers to come forward anC
utilize the plan left the fund almost
untouched.
The attitude of banking houses ir
the District toward lending for home
improvements was clearly stated al
the White Sulphur Springs, W. Va.
convention of the District Bankers
Association this week in the following
resolution:
Resolved, That the members of the
District of Columbia Bankers Asso-
citation lend their support and en-
couragement to the program Of the
Government for the modernizatior
and renovizing Of homes and thai
they endeavor to Cooperate IN the
plan outlined by the President in the
granting of credit for modernizatior
purposes"
Same Qualifications.
The same credit qualifications tina
normally would apply are contem
plated under the administration plan
it is pointed out, and financial house
are willing to make loans at any tim
to borrowers who demonstrate to th'
satisfaction of the lender that the.
can repay.
Robert v. Fleming, president o
Riggs National Bank, and vice presi
dent of the American Bankers Asso
citation, feels that lit is highly de
sirable, In so far as it is consistent