Evening star., 1935-10-25
FEDERAL GRANTS
. HIT BY REALTORS
Funds for LoW-Cost Income
Groups Termed "0b-
noxiouS."
BY JAMES Y. NEWTON,
seq corresnondent of Tn, Star.

StAn correspondent Va ~ S1ot'
ATLANTIC CITY, NJ, october Is.
Government subsidization of hous-
ing projects for low-income groups
was termed obnoxious" in resolu-
ton adopted by the National Asso-
citation of Real Estate Boards here
today. It declared housing ills can be
rectifled by private enterprise with
Government encouragement designed
to lower construction costs.
The association, however, admitted
housing and construction costs are TOO
high In relation to the earning capa-
city Of the average citizen, and asked
Government help in three fields to help
correct this dislocation.
It requested comprehensive research
and experimentation in the building
field to secure improvement of con-
struction methods, terming present
ways Of building homes archaic" 1t
asked relief in real estate taxes, which
'penalize home ownership" and re-
quested establishment of a national
mortgage bank which would lower in
terest rate on mortgage money and
make DullQlng cheaper.
Session Near End.
The annual convention of the As
sociation was drawing to a close
this afternoon after delegates from
throughout the country had assisted
In laying the foundation for a broad
national business policy to protect
their interests and the public during
the construction revival which realtors
say already has started.
Far-reaching accomplishments in
every phase of the real estate bust
ness were recorded in the general
convention sessions and the meetings
OF the numerous groups affiliated with
the association. The new National
Mortgage Board established its guild
ing policies and intrenched its posi-
tion for cooperation with the Secur-
tiles and Exchange Commission in
protecting the investor of the future
from certain practices that character
lied the mortgage investment field OF
the last decade. A tight check on
investment brokers will be maintained
kCuAtOAo cdyB W dNO1o q 4CIu1 CIlNS
Of the market crash, which resulted
in q loss to mortgage investors OF
billions of dollars.
Catlett Is Speaker.
The convention this morning heard
Fred w. Catlett of Washington, men,
Der Of the Federal Home Loan Bank
Board, outline the Governments steps
to make building money available.
Speakers at this afternoon session
included Harry A. Guthrie of Wash
ington, chief of the exhibition unit
r. H. A., who discussed a plan fol
o new type of home show.
The associations Nominating Com
mittee announced that Walter w
Rose of Orlando, Fla, was its candi-
date to succeed Walter S. Schmidt
OF Cincinnati as national president
for the next year. Selection by the
Nominating Committee is tantamount
to election. The actual voting on
association officers was slated for
late today. ~
Taylor Is Nominated.
Mark Levy Of Chicago, present
treasurer, was renominated for the
ofice. Waverly Taylor of Washing
ton was named for election to the
Board OF Directors. Six regional vice
presidents were selected, with Joseph
w. Catherine of Brooklyn slated to
represent the region including Wash
1ngton.
Glenn Frank, president of the Uni
versity Of Wisconsin. and Gov. Harold
G. Hoffman of New Jersey supplied
the highlights of the convention with
sharp attacks on New Deal policies
yesterday. DR.. Frank warned the con-
vention continued centralization OF
Government powers would end in
tyranny.