Evening star., 1948-10-12

one year old or
100 years old,
must be pre- %=:
preserved . d 100
protected. Par
ticularly at this Mr.. Frent...
time, when the need for housing Is
q community problem. 1t is Of para
mount Importance that all existing
dwellings be kept in good condition
by reconditioning and repair. New
homes must be maintained, old ones
repaired.
In carrying out this Job, the FILA
does not invite or encourage unwise
spending on needless improvements
The luxury type of improvements
q should be deferred at this time and
only the essential work done. BY
this we mean repairs necessary to
p preserve the property in sound
condition &hcih some call the stitch
In time saves nine" type of repair.
Next comes fuel conservation OF
winterizing work and then altera-
tions and conversions to provide
additional living units. Any one o1
these three types of work is an in
vestment in good living and will
actually produce dividends that will
pay the cost in few short years.
Repairing a Big Business.
While most of us think Of repairs
and Improvements as a little paint
Z here or cleaning there, few realize
the big business 1t really IS. e It is
estimated that over $55,000,000 will
be expended this year in the Metro
politan area on residential additions
alterations. repairs and maintenance
A large percentage of this work
will be paid for in cash or on an
open account basis. The remainder
will be financed in many ways, one
of which may be by a low rate
Title property improvement loan
obtained through any one of II
local banks, building, savings and
loan associations and finance COM
panies.
During the past year over $500
property owners in Washington and
nearby counties have obtained i'm
provement loans from local quail
fed financial institutions. The total
amount borrowed was over $4,500,-
900, or an average of about $500 per
loan. Since 1884, when FILA started
its insurance program. over $4,000
repair loans amounting to $34 ,00o,-
900 have been made to improve
property in the Washington area.
Frequently we are asked questions
about FILA repair and improvement
loans.
Here are typical questions and
answers that may be helpful to you:
@. Who may obtain an FILA prop
erty improvement loan?
A. Any owner or long term lessee
Of the property to be improved who
has a good credit record, whose in
come will enable him to pay back
the loan conveniently and who is
otherwise approved by the lending
institution.
@. Who loans the money?
A. Banks, building and loan assoc
CldOlOllc NOAAAEScA4AANC cAAN
other financial institutions approved
by the Federal Housing Administra-
ton. The money is not loaned by
the Government It is all loaned
by private concerns. However, be-
cause of the Government insurance
plan, these concerns are able to
lend larger amounts and at lower
rates and for longer periods, than
otherwise would be possible.
Where Application Is Made.
@. Where does the borrower ap-
ply?
A. To his local approved bank
building and loan association, Of
other financial institution; or. II he
prefers, to the contractor whom he
employs to do the work, or to the
dealer or company from whom he
buvs his material.
@. For what may loan be used?
A. To repair. alter. or improve O
home. farm. store, church, school
apartment house, hotel, or any other
tyne Of property.
EXAMPLES are:
WEATHERPROO Shutters
storm doors andswindows. weather
stripping, caulking. insulation
waterproofing Easements.
PAINTINGS: exterior walls and
trim: interior walls, floors, ceiling,
and trim.
DECORATING: New wallpaper
and other wall coverings; plaster
ing; refiniAhipg floors, stairs. and
other woodwork; new hardware.
ROOFING: Cutters, downspouts
roof sheathing, flashing, tile, shin
giles.
MASONRY-CONCRETE: Walks
drives, exterior walls, basement
foundations. chimney, fireplace hue
PLUMBING, HEATING: Repairs
and requirements for bathroom
kitchen, laundry; heating plant;
hot-water system.
WIRING: Lighting fixtures; more
outlets. rewriting for adequacy, con-
venience. safety.
LANDSCAPING: Trees, shrubs
grading, planting.
PEMODELING: Homes: apart.
ments: commercial structures tt
provide added living accommoda.
tons.
O. How large may the loan be?
A. A loan may be for any amount
up to $4,000 except that loans tc
finance the cost of a new structure
such as a garage or a service build.
ing, may be $1,000, or If the Job Il
to alter or repair a structure foi
two or more families, such as ar
apartment house, the loan may be
rs much as $4,000.
@. For how long may the loan be
made?
A. Three years and 80 days is the
maximum maturity for most loans
Longer terms up to seven years may
be obtained on the $4,000 type oi
loans. Longer terms are also avail.
able to farmers. 1t is to the Dor!
rower's advantage not to borrow
for a longer period than is neces-
sary. The shorter the period the
mere economical the loan.