Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-10-04
MODERN|zATION AND
REPAIRING BY Home
IS URGED
Miles Romney Outlines Plan
at MONDAY Luncheon
Wednesday

Speaking before a group of Plenty
wood business men at a luncheon
noon. Miles Romney, d.
rector of the Montana housing ad-
urged Plentywood and
Sheridan county business men and
individuals to avail themselves of
the opportunities made possible
through the Better Housing Cam
paign which is now in full swing.
''The purpose OF the program ex-
planned Mr.. Romney, lis to encour-
age widespread repairing and mod
%ernization of residential and COM
mercial properties. and thereby Civ
ing employment to the unemployed,
and stimulating business In one Of
the principal trades where unemploy-
ment Is most marked today"
Campaigns have been started in
over 80 communities In Montana"
said Mr.. Romney. "and | am person
ally interested In Sheridan county to
get an active campaign started.
Sheridan county residents were
among the first to apply for infor-
nation regarding the housing plan
Every person of an assured in
come may get money at any bank
ing institution, providing his credit
has been approved by a committee"
continued the housing director, Ito
improve his or her property. The
money will be loaned without col
and payable back to the institution
from which 1t is borrowed by month
ly payments. Banks and financial
institutions will be guaranteed their
borrowed funds by the federal gov
eminent. Loans may be made from
$500 to $4,000"
Mr.. Romney estimated that there
were some I6,000,0 900 buildings In
the United States in need of repair.
A visomatic display was used by
Mr.. Romney to demonstrate clearly
the purpose and set-up OF the Bet
ter Housing program.
Plan Active Campaign
C. c. Johnston has been appointed
county director of the Better Hous-
ing program. 1t Is expected a COM
mittee to assist Mr.. Johnston will be
appointed this week.
The plan met with hearty response
from those attending the luncheon
and hearing the talk by Mr.. Romney.
Frank Rooster, of the Security State
Bank OF Plentywood stated that
that institution would cooperate
whole-heartedly.
Plan Is Simple
A recent issue of the Herald car
ried a story Of the Housing Admin
istration Act. Here, in a nutshell
Is the plan.
/. A modernization loan is solely
for the purpose OF repairing, altering
or improving your home, shop, farm
house, store or other building. DIV
ersion of the money to any other
purpose is strictly prohibited.
2. 1t cannot be for less than 500
or for more than $4,000. The Dor
rover must have a bona fide source
OF income equal to at least five times
the annual payments.
8. 1t can be made for terms up to
three years, but may be paid In full
earlier than the maturity date IL the
lDUiI0Wt QE5il Do
A. Maximum charges, including In
terest and fees, cannot exceed an
amount equivalent to SIS discount per
year per 800 original face amount Of
the note.
5. To get a modernization loan, the
property owner must present to the
bank or other lending institution a
precise estimate OF the cost OF the
and should be able to
prove that they are necessary or
advisable.
6. In addition, the property owner
must file a Property Owners Credit
Statement, showing his financial
condition. sources and amount OF in
come and other information neces-
sary to determine his ability to re-
pay the loan.
If the bank considers the improve
advisable, and the property
owner able to meet the payments
when due, it can advance the money
on the personal note of the property
owner. The note must be signed by
both husband and wife, IL the prop
erty owner is married. No mortgage
or collateral security Is necessary,
State laws or the financial In
stitutions4officials demand 1t.