Evening star., 1935-09-19

Alfred L. Pake, secretary; George L.
Lockhart, Harry c. johnson and John
S. Hartnett. Four days earlier the
group was incorporated under the
laws Of Delaware, Milton StraSburger
acting as legal adviser.
At the recent meeting the directors
we're authorized to purchase the As
acre tract known as the Baker tract,
with the National Savings & Trust
Co. as trustee for the owners. A down
payment of S16,50O was made on the
total purchase price of s49,808.
No one is allowed to buy stock in
the corporation until he has contract
ed to pay for lot and has contract
ed to build as fast as loans are made
available Stocks reallotted in two
shares for each S1OO worth of lot
value twenty-five additional Gov
eminent employees, it was said, quail
fed to purchase lots this week, and
in order to inform prospective mem
| berS about all details of the develop
ment builders show is being planned
for the week of September 80.
First Sought P. w. A. Loan.
When first proposed the Hollywood
group sought to obtain a P. w. A.
loan from Secretary Ickes, but learned
he could not finance private enter
prise. 1t was in that way that the
P. w. A. Housing Division first
learned Of the AnacoStia development.
Frustrated in its own attempt to OBJ
tain title to slum areas in Washing
ton, P. w. A. was forced to turn to
outlying districts for two of its pro-
posed projects.
The site chosen by the Hollywood
group in Anacostia exactly suited
IckeS' purpose and it was claimed to-
day that he sent a special P. w. A.
investigator to inquire into the prof.
ect. So closely guarded we're the
Housing officials negotiations for the
% acres, it was explained, that the
special investigator was unaware the
purchase had been made until he read
1ckes' public announcement of the
AnacaStia Terrace project in the
press.
The Hollywood Park development
is said to represent a progressive step
forward in methods of economy in
providing houses for low -salaried
workers. The group will buy ma
terialS at wholesale prices plus very
small dealers commission. Each in
dividual stockholder is given a ques-
tionnaire to fill out which specifies
the kind of materials he wishes.
The houses will be amortized over q
period of 20 years, by monthly pay
mentS, varying from $45 to $50. This
is considerably more than P. w. A..
payments over longer amortization
period, but again it was pointed out
that the Hollywood purchasers are in
better financial position to purchase
higher-priced homes of their own
choice and design.
F. H. A. Insure Loans.
The Federal Housing Administra-
tion, which came to the rescue of the
group, will insure up to 80 per cent
of the loan, depending on the credit
standing of the individual and the
amount of his outstanding obliga-
tions. Not all of the stockholders
will be able to derive the full advan-
tage of 80 per cent Government in
surance, the directors explained. and
these will be required to make larger
down payments on properties.
About one-third of the stockholders,
however, have indicated willingness
to make substantial initial payments
for in this manner they can reduce
considerably the monthly amortiza-
| ton payments.
Complete air conditioning arrange
ments for Winter or Summer, hot
water heating and boilers equipped