The Bismarck tribune., 1935-04-30
e. ON TIN u e n
from page one.
Builders Hear Benefits
Of u. s. Housing Act

However, It WIS explained both By
Putnam and 0lotzbach that there 4
q wide range Of work possible under
Title l, including purchase Of tho
following moderntzation equipment:
plumbing, individual lighting plants,
incinerators, non-detachable heating
systems (coal, wood, oil, gas or elec-
tr1city), domestic water heating. oil
burners, heating control devices. light
ing fixtures, wells and cisterns, In
dividual sewage disposal systems, air.
conditioning, forced heat circulating,
humidifying, fire escapes, sprinkler
systems, kitchen units, gas ranges and
water heaters, electric ranges, built
In refrigerators. automatic refrigera-
ton, fitted storm doors and sash built
for porches and windows, new doors
and windows, automatic garage door
openers, weather stripping, awning
and other sun protection, coal chutes,
wall and floor tiles, grading and land
scaping, sidewalks, curbs, driveways,
demolition Of old buildings, new gar
ages, outbuildings and similar items.
Loans ON Character
Putnam explained that the loans
made by his organization are "char.
acter" loans, and as such are approved
or rejected by the local bankers (F1rst
National Bank, in this iastance) after
q study Of the applicants credit, In
come and character report.
He said 1t Is not impossible for an
applicant to apply at dealers estab-
lishment for an item covered under
Title and secure 1t the same day or
evening, contrary to the general i'm
preston sof "red tape" entertained by
citizens Of some localities.
In such q case, he said, the dealer
can fill out all forms necessary In the
transaction and complete the deal,
depending on his judgment that the
bankers will approve the grant.
Putnam explained to the builders
In detail the method Of securing such
loans under the set.up.
He explained that the Bancredit
organization discounts IS per hund-
red when the loan Is made, which
covers interest and all costs. Loans are
retired on the monthly payment plan
(similar to other financing programs.
except that the interest and handling
charges are not so large, the speaker
said) and retirement payments may
be extended over q period ranging
from IL to 50 months, dependent upon
the applicants choice.
Warns Against 'Overburdening'
Putnam warned both dealers and
bankers against ''overburdening' the
applicant with payments and explain
ed that the monthly payments cam
not exceed one-fifth Of his income.
He supplied each person at the
meeting with q full set Of papers re-
quired in the transactions proposed,
revealing the simplicity Of the pro-
gram.
Applicants for loans are requested to
make applications through the build
ers and direct to the bank only in
special cases. They need no collateral
but must be able to qualify under the
i schedule or requirements set up by
the First Bancredit Corporation.
The governments guarantee Of 20
per cent behind these loans Is more
than adequate" Putnam explained,
declaring that during the last five
years the corporations experience
with loans of q similar character
showed g loss Of less than las per
cent. All loans made by the First
Bank Stock Corporation banks are
made through the Bancroft organi-
zation, which gives the institution .
blanket guarantee Of 20 per cent on
the total amount involved.
Five Requirements Listed
In addition to being . person Of
good character, the borrower must
satisfy the following five require
mentS:
/. The taxes must be paid up to
date.
2. The mortgage must be In good
standing.
3. The applicants monthly pay
ments on all installment contracts
and mortgage requirements. including
taxes, must not exceed 301s Of his
gross income.
I. The maker Of the note must not
be seasonably employed, and must
have IN income Of at least five times
the amount Of the annual requirement
Of the note. He must have been EN-.
ploycd for six months or longer by his
present employer.
5. His principal income must not
be dependent on farming.
s. He must have no judgments Of
suits pending. and must be paying his
bills In q satisfactory manner.
Out Of the meeting came Increased
enthusiasm from the builders, who
soon may launch an active campaign
in encouragement Of work to b done
under Title I.
Men from outside the city who at-
tended the session included q. H.
Leick, Q. A. Heupel. v. I. Wilson
william Engelter and Theodore Roth
all Of Hebron: John g. Fischer, Alvin
Klick, Adam Berger and John Eugen
all of Glen Ullin; and Fred l.. Lewil
and A. i. Rolten Of Lennon, 8. D.