Evening star., 1948-02-25

#E4{&#a now III 1tS tnlrl
day.
3. Milton J. Brock. while
Edward r. Carr OF Washington
today relinquished the post Of as
sociation president to Milton !
Brock, Los Angeles. &
Other officials chosen last nigh
were Rodney M. Lockwood, Detroit
reelected vice president; Nichola
r., Molnar. Cleveland, who sue
ceeds Mr.. Brock as treasurer, an.
Thomas p. Coogan, Miami, secre
tary.
Baltimore Man Elected.
Robert Bready. Baltimore, wa.
elected regional vice president.
Two Washington men were re
elected national directors and thre
others were elected for the first time
raising Washington's representation
on the board.
Mr.. Carr was chosen permanen
director. Reelected were D. L
Chamberlin and Waverly Taylor
Chosen for the first time were Clar
ence w. Gosnell and William
Banks, president and vice president
respectively, Of the Washington
Home Builders Association.
Alternate directors elected wer
Clarke Daniel and A. Milton Talbert
Under the low-costt veterans hous
ing plan, which will be presented t.
the Washington association sool
after delegates return home, an,
later to veterans groups, certain re
laxations of curb, gutter and roa,
requirements would be sought from
Metropolitan area authorities.
Help of Counties Needed.
This low-cost housing which i
needed now just cannot be built un
less we have cooperation of nearby
counties" one official said.
THE bard truth is that nearb,
counties have not wanted low-cos
housing because it does not assure
. high enough tax income he ex.
plained.f "If this attitude is modi-
fed, then we are more convinced
nov than ever that we can GO
ahead with hundreds or thousands
Of low-cost dwellings"
Under the plan talked Of here,
Washington builders would com
bine" to build the low-cost units,
each builder taking over a part OF
each project started.
I'VE are very anxious to enlist
the help of veterans groups on this
idea, with the hope of getting sew
eral projects under way as soon as
possible" Clarence w. Gisnell, presi-
dent of the Washington Association
said.
Richards Backs Extension.
Yesterday Franklin D. Richards
commissioner of the Federal Hous-
ing Administration, said he would
support a plea to Congress for q
one-year extension of the Govern
nent's emergency mortgage insur-
ance program for veterans housing
with provision for $4,000, 900 900 ir
additional mortgage insurance
ton during panel discussion as tt
whether he would favor So ,000,.
600 900 one-year extension of ths
program.
He said he believed $4,000, ,000, ,00t
in mortgage insurance was "all thai
could be utilized" during the period
A balance of only about 1851 ,000, ,00(
remains of the recent insurance
amount authorized by Congress.
Housing costs must be brought
down if builders want to continue
to sell to veterans, the convention
was warned by Thomas B. King
director Of the Veterans! Admins
tration's loan guaranty service.
He said already IAN undue pro-
portion" of new homes are being
sold to nonveterans owing to inabil-
ity Of the veteran family to pay
present prices. >
Loans Seen Problem.
I "The bottom of the barrel is being
reached" he said, explaining that
the median income of veteran fam
lilies is about $4,000, and only 6 per
cent of veteran families have in
comes of $4,000 a year Or more.
THE average veteran family can
afford home with a price tag OF
Isonly about $780," he said, and
added that only 10 per cent of all
VETERANS could afford a $12.500 house
Concerned over difficulties of OBJ
Itaining loans in some areas OF the
country, builders had an opportunity
lyesterday to talk over the financing
Iproblem with mortgage loan repre-
Isenatives and bankers.
John G. Thompson, president OF
1.-THE Mortgage Bankers Association
lltold builders the country must
I|strecognize the need for a higher
interest return"
III Previously speakers said bankers
Min some areas were refusing to
|Itlend money on mortgages at the 4
l|Iper cent rate specific under the GI
'IIBill of Rights.
II Rollin Genge, Detroit banker, OBJ
Injected to present long-term mort
sages, contending they increased
1.-THE cost Of housing.
iIII This brought a sharp rejoinder
Ilfrom Joseph e. Meyerhoff Of Balti-
lEmore, past president of the asso-
\ citation, who said FILA long-term
4 mortgages had q favorable effect on
mortgage banking practices.
HI He also strongly opposed an in
Icrease in interest rates, declaring
llhe could not see any justification
lIfor 1t.
iiI Mortgage bankers always say the
llanterest rates ought to be higher" )"
he said.
HI Horace Russell, general counsel
''lfor the United States Savings and
loan League, urged builders to op-
lpose further Government controls
over lending institutions, and said
there was adequate private capi-
tai" TO finance 10000, 900 homes over
the next 10 years.