Evening star., 1934-08-15
BANKERS PREPARE
FOR HOME NEEDS
D. c. Modernization Pro-
gram Ready to Run at
Fast Clip.

Machinery for carrying out the Dis
trict's part of the Federal Housing
Administrators gigantic home mod
ernization program was prepared to
run at fast clip today as bankers
held thousands of dollars in readiness
to hand out to persons desirous of
improving or enlarging their homes or
commercial properties.
Washington bankers reported they
had received few applications and
are anticipating large numbers within
the next few days, since the lending
program was formally inaugurated
yesterday afternoon during a brief
ceremony at local bank.
Aid Public Understanding.
In order that the public might bet
ter understand the procedure neces-
sary in applying for and securing
loans and be informed as to the pur-
pose of the campaign, the ceremony
was made into cinema short" as
we'll as broadcast via radio. Principal
figures in the program, presented in
the form of a skit, were Housing Ad-
ministrator James A. Moffett, Miss
Alma McCrum, 1862 Thirty-third
street, who was accredited with start
ing the 'modernization ball rolling"
by securing loan. and number of
prominent Capital bankers.
TT fnry Mice MrCy1Yy,, t,ryN ho,,re -
get her loan after she had filed appli-
cation at the bank. She obtained
$1,000, which she will add to $500 of
her own. This 81 800 will be used to
remodel her home so she can occupy
the first floor and lease the upper
floor ,as an apartment
The borrower, special representa-
tive Of a life insurance firm, will have
to repay the $1,000 in installments
running over period of three years.
Five per cent interest will be charged.
Washington bankers are now ready
to make loans up to 1000 for house
modernization or enlargement under
terms similar to those Miss McCrum
received.
Administrator Moffett told Miss
McCrum he hoped your good exam
pie will be followed by millions of
other property owners throughout the
country"
Sees Recovery Aid.
'T am sure" he added, "the pro-
gram inaugurated here will eventually
play an important part in the ma
tional recovery movement"
Robert v. Fleming, president of the
Riggs National Bank, and a vice
president of the American Bankers
Association: E. c. Graham, president
of Hamilton National Bank, and
others likewise participated in the
ceremony. Fleming said the Ameri-
can Bankers Association was heartily
in sympathy with the undermining
movement, which he called most
constructive.
The Housing Administrator am
nounced that 1t expected to have
lending facilities available in every
community Of the country. Already
banks, finance companies and build
ing and loan associations with re-
sources of nearly $1,000, 900 900 are
prepared to extend credit in COM
munities having total puplation of
almost 100000.
After a meeting of bankers, and
Housing Administration heads which
preceded the campaign Inauguration
ceremony it was announced that
practically every bank in the coun-
try" would participate in the mod
ernization program. Government
officials said they had been assured
enthusiastic cooperation at the par
ley by the men who have the money
to lend.
Director Not Chosen.
Meanwhile, F. H. A. had no an
nouncement to make in regard to ap-
pointment of director for the Dis
trict. The city has been placed in
Region 8 of the administrators 10
sectional divisions of thS country,
along with New Jersey, Pennsylvania,
Delaware and Maryland Newark
has been designated as headquarters
of this region. Francis G. Addison,
jr., president of the Security Savings
& Commercial Bank here, and newly
appointed as liaiSon officer for the
housing administration and bankers
in the District, said there was a pos
sibility there would be no director
appointed for the city. In that in
stance the campaign would be di-
rected by the F. H. A. home Office.