The Wilmington morning star., 1947-02-13
CHANGE in Viii
TERMS REVEALED
Time For Down Payment
OF Five Per Cent Ex-
tended By FPHA

A change in contract terms be-
tween the Federal Public Housing
Authority and Veterans Homes
Incorporated whereby the five per
cent down payment for the 584
Lake Forest masonry units viii.
not be required until IL months
after the signing of the contract
was disclosed last night by Ker
Noble, VIII president.
A. R. Hanson, assistant direc
tor for Real Estate and DISPOSE
ton of the Regional FPHA office
in Atlanta, notified Noble of the
alteration yesterday and said de
tails of the new regulations were
cue to arrive in Wilmington thi:
week.
The change. directed by the
Washington, D. C. office of the
FPHA, calls for the Veterans Co
operative group to take over &C.
tive management of the Lake
Forest project not later than Marcf
Z, next assuming that by that date
the Cooperation has entered into
a sales contract with the Govern.
ment calling for transfer of the
project, its dwelling units, utilities
property, and recreation building
for the sum of 81, 1877, 900.
The sales contract will be sign.
ed as quickly as VIII enrolls mem
bers equivalent to 81 PEI cent O.
the 584 dwelling units or in nc
event later than March Z, he point
ed out.
Under terms of the sales con
tract, Hanson informed Noble
yesterday, the Veterans Coopera'
tive will be required to make the
3 per cent down payment on the
property within IL months of the
date of signing of the contract, O.
approximately by March l, 194o.
This arrangement differs slight
ly from the previously-approvec
sales contract which called for the
Veterans Cooperative to make the
) per cent down payment - ap'
p-oximately 500, 900 - upon tax
ing control of the project.
THE revised terms of the con
tract offered us by the Govern.
ment means that veterans may
sign up for membership in VII
and be eligible to purchase a home
in the project without the neces,
sity of an immediate down pay
ment," Noble said last night.
He added that under the prev.
ious tentative contract for vet
Grams, they we're required to make
a $50 deposit toward their dowr
payment and the balance of thei,
Gown payment - equivalent to {
per cent of the total purchase
price of their specific unit - al
the time the veteran took poses.
sion of a dwelling unit.
I'VE are waiting full particular.
OF this change from Mr.. Hanson.
Office" Noble said 1T appears
however, that the changed provi
! in our sales contract with thu
Government will permit elegiblt
veterans to acquire a unit in the
project without the necessity O
an. Immediate down payment. Tit
down payment must be made il
full. however, before March l
ls4o, Or possibly at an earlier date
than that Noble said.
VIII offices at 24O Princess stree
are expected to have detailed in
formation O nthe change some
time today.
World War Ii veterans will hav.
until 4 p. m. Monday. February II
to excise their preferential priorit,
for Lake Forest units. After tina
date and until S p. m. Saturday
February %, World War ] veteran
or their widows who meet VII
membership requirements, will
have a priority. The third class O
priority or preference will go Il
non-veteran te~ants living i
masonry units at J.a'1e Forest. an
if any vacancies in the full mem
bership of VIII remain after e.
piration of the February % dead
line for Lake Forest, tenants G
the project will be open to othe
citizens ro* "adeuuate1v housed,