Evening star., 1936-02-22
1000 MORTGAGES
ACCEPTEDByF.H
IN YEAR LOCALLY.
$5,769,OO0 Valuation Re-
markable Showing, Says
Director Rowland.
OUTLOOK FOR THIS
YEAR BRIGHT, HE SAYS
13l Operative Builders Co-operat-
ing and Public Interest Is
Found Increasing.
BY JAMES Y. NEWTON.


During the first year of operation
under title of the national housing
act the Federal Housing Administra-
ton accepted for insurance in Wash
ington approximately 1000 mortgages
having Valuation of $5,769,000,
Henry Rowland, director of the District
Office, reported today.
This is rather remarkable showing
in view of the fact that considerable
portion of 1885 was used in organizing
the Office and in educating home own
ers, prospective home owners and
operative builders in the F. H. A. plan
of home financing. The outlook for
the current year is bright, as Rowland
points out that cooperation has been
obtained from 131 operative builders
of this section. The list includes
virtually all of the larger building
firms. In addition, the public of
Washington has shown increasing in
terest in mutual mortgage insurance.
At the present time RoWland's Office
Is engaged in contracting the builders
who have co-operated with him to de-
termine the number of homes they
expect to build during 1886. The %
stated they plan to build total of
$50 dwellings this year. The price
range of these homes is from $4,000
to $22 800, with majority of them in
the range from $4,000 to $4,000.
Prospects for Year.
Judging from the progress of his
survey, Rowland estimates that ap-
proXimately $500 one and two fam
lily homes will be built here this year.
He believes the estimate is conserva-
tive However, it represents about
a 40 per cent increase over 1885,
when the city underwent mild
boom in small-home construction.
In the peak year for erection of
one and two family dwellings-1925-
4,601 were built in the city. The
low year of the last two decades was
1888, with only 525 homes of this
type built.
Rowland says he is experiencing no
difficulty in getting financial institu-
tions to take insured mortgages on
Washington property. Most of the
banks and mortgage associations are
cooperating to the fullest extent,
while the large insurance companies
have been purchasing large blocks of
the mortgages.
The decision of the r. F. c. Mort
gage Co. to purchase without recourse
F. H. A. insured mortgages on new
reconstructed homes is expected to
assist materially in marketing this
type of mortgage. About a third of
all mortgages insured to date by the
administration has been for new con-
struction. However, a more ready
market is needed for mortgages on
reflnanced property, which comprises
the bulk of business so far transact
ed by F. H. A.
Business in Nearby.
Rowland is going into nearby Vir-
ginia and Maryland to get business
for the administration. The direc-
tor and several others from the agency
addressed an enthusiastic gathering |
of business men at the Alexandria |
Chamber of Commerce dinner this
week. He stated he has already re-
ceived more than a half hundred in
quiries as a result of the meeting.
He is now planning five meetings, to
be held in Maryland during March.
These are to take place at Rock
Vile, Takoma Park, Upper Marlboro
and Leonardtown. Rowland invites |
any one interested in the F. H. A. |
home-financing plan to call at his
Office on Vermont avenue.
In regard to Title ! of the housing
act, the section dealing with in
surance of loans for modernization,
q total of 4,057 notes, having a val
uation of $2,022,017, were insured
through the District office during the
past year. While devoting most at
tention to mortgage insurance, the
District Office has spent considerable
time with its modernization program.