Evening star., 1934-05-19
RECOVERY IS HELD
TO DEPEND UPON
BUILDING REVIVAL
Modernization MOVem ent
Expected to Attack Slump
at Weakest Point.
LO0SENING OF CREDIT
SOURCES IS PLANNED
H. o. L. c. Already Plans to
Finance Improvements to Homes
in Washington.
BY VINCENT TUTCHING

Home reconditioning and moderni-
Zation-an avenue of attack on the
backward building industry that ap-
pears to have greater promise of sue
cess at the present time than any
other-is occupying the attention of
building experts and real estate au-
thorities throughout the country to-
day.
In the rehabilitation of properties
which are in distress because of neg
lect, poor management or financial
inability of the owner to provide
maintenance lies a golden opportun-
ity for real estate men, leaders in the
industry declare
The heads of Government have
come to realize that the ultimate re-
turn to prosperity must hinge on the
recovery of the building industry; and
they are convinced this can be ac-
complished most rapidly by tackling
1t at the point of least resistance
modernization. AS a result, the ad-
ministration conceived recently the
ambitious housing program now in
the hands of Congress. the No.
point of which is the reconditioning
of American homes.
Easier Credit Planned.
This plan contemplates the loosen
ing of credit sources through Gov
ernment guarantee of loans made by
private lending agencies. A rough
estimate puts at Sl,500,000.000 the
amount that might be made available
for home Improvements throughout
the United States under this arrange
ment.
1t is to be assumed that a large
proportion of Washington homes will
benefit if such a plan materializes
Already, the Home Owners Loan Cor
poration is preparing to finance i'm
provements to homes here on which
it holds mortgages, and it is esti-
mated that more than 800 fall within
the eligible class.
Prospect of funds for renovating
neglected" homes has had the effect
Of stimulating to an even greater de-
gree the interest already shown in
The Stars 81 900 Better Homes Con-
test, which was launched April IS
and will continue through September
IS. This movement is designed to
alleviate unemployment in the build
ing trades locally, and at the same
time encourage the Identification and
improvement Of Capital homes.
$1,000 in Prizes
The Star will give $1,000 in cash
prizes to the citizens who complete
the most outstanding ''renovizing"
projects during the period of the con-
test. The prizes will be grouped in
two classes: For homes valued at
$4,000 and less, and for homes ap-
praised at over $4,000.
Prizes in each class will be:
First prize, $3.50; second prize, 500;
third prize, $50, and four honorable
mention prizes of $25 each.
Giving it's wholehearted approval to
the contest, the Washington Board of
Trade has donated $100 cash prize
for the best landscaping treatment
given a home in Washington or near
by during the period of the contest.
Besides this, The Star will award
$10O in cash to the citizens associa-
ton which is responsible for the
greatest percentage of home improve
ments in its territory between now
and September Is.
Rehabilitation Discussed.
Evincing intense interest in the idea
of home rehabilitation the National
Real Estate journal, organ of the Ma
tional Association of Real Estate
Boards, devoted its current issue to
a discussion of this work.
Certain parts of the home, apart
ment or commercial building" the
magazine says in one article, ''are
more susceptible to the attacks of
depreciation and obsolescence than
others. These might be called the
Vulnerable spots that lend them
selves readily to undermining.
Exposure to weather depreciates
the exterior of the home and neces-
States regular repainting or eventual
recovering; tramping, scuf1ng feet
subjects floors to wear that requires
refinishing, resanding or even recov-
ering with a new finishing material
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