Evening star., 1940-02-10
New Home Mortgage!
OFF. H. A. Double
1899 Figure
District Director Sees
Optimistic Outlook
For Capital

Despite the inclement weather, the
number of mortgages covering new
homes insured by the Federal Hous-
ing Administration in January this
year more than doubled those in
sured in the same period of 1889, it
was reported today by H. 10y Ander-
son. District director of the F. H. A.
Mr. Anderson said that last month
the local Office insured the mort
cages on 1873 single e-family dwellings,
totaling $l,031 300. This compared
with 98 last year, totaling $518,900.
This is an extremely optimistic
commentary on the outlook for the
building industry in this area dur
ing the coming year." Mr.. Anderson
said, because, with building pro-
ceeding at such rapid clip during
one of the hardest winter months
we have had in years, the likelihood
is that with better weather for con-
struction, building figures will show
even wider gains"
251 Applications.
Mr.. Anderson also reported that
the local office last month had re-
ceived PSI applications for mortgage
insurance in an amount of 81 ,480 400,
compared with 249 last year, totaling
81 ,402, TOO He pointed out, however,
that 224 of the applications this
year, totaling $1.3O3, 100, covered
properties to be built under F.. H. A.
inspection, whereas in the same
month last year only 201, in the
amount of $l,092 200. were for new
construction. Building will be
started soon, he said, on 205 prop
critics covered with mortgages total
ing $1,178, 800. on which commit
ments for insurance were issued by
the local Office last month.
Construction and sale of thou
sands of sturdily built and architec-
turally attractive modern homes will
be MADE possible this year through
the 'streamlined' financing facilities
offered by the 1910 program of the
F. H. A." Mr.. Anderson declared.
although financing facilities of the
F.. H. A. cover wide range, special
emphasis this year will be directed
more than ever toward stimulating
and facilitating the purchase of
homes by families in the lower in
come bracket.
The construction industry, build
ing material dealers and manufac-
turers, and lending institutions" Mr..
Anderson continued, ARE now unit
ing IN a concerted drive to put be-
fore the public Well-equipped home
that can be paid for at approxi-
mately S25 month or less. including
all charges. Both the house and
the price are the result of progress
made in recent years by builders and
lenders, in cooperation with the
Government, toward producing de-
Slrable commodity that is available
to large proportion of the people
in this area who have felt previously
they could not afford to own their
own homes.
Careful Planning Cited.
Careful planning, combined with
the advance made in the develop
ment of building materials. has pro-
duced houses which not only are de-
slrable from a merchandising stand
point but also are accepted by lend
ers as excellent mortgage risks, thus
making huge reservoirs of private
capital available to finance their
purchase.
Stewart Mcdonald, administrator
Of the National Housing Act, re-
Gently pointed out that the greatest
contribution of the F. H. A. is in
making home ownership available to
additional thousands of citizens who
were not able to afford more expen-
sive home financing assistance which
prevailed before passage of the Ma
tlonal Housing Act. He went on to
say, however, that good houses at