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Spurn·§ Building By BILL JORDAN The Housing and Urban Development Act of 1963, or "Omnibus housing law, has bee n referred to as a Marshall Plan for housing. Some title or other of the 300-, and passed oh fo partner-buildplus page bill gets in -the news ers. . Under Title IU, the act pro,almost daily as another industry is ,touched in some way, and it vides for FHA .to insure -home !has been said by ,I.hose with au- improvement loans or loans to · thori,ty ,that :the bill is, .without finance additions to multi-family . doubt, the most comprehensive rental projects .that are ·already housing program in American financed with FHA mortgages, 1history. Loans are limited to 90 per cent of FHA's estimate of the value · · ( In addition to providing hous- of the improvements and .to an lng for low-income famili es , the amount not ,to exceed the ..iotal bill provides for some profit- mortgage limitation when ·added making oppor,tunities for r eal ,to the mor,tgage balance. estate men. And, ,as National Real Estate Board President EASIER TERMS Lyn E. Davis has pointed out, While providing a means to there are a ·number of sections improve older areas of the nadesigned .to aid middle-income tion's cities, this ,title also wi ll families ·a cross the country by stimulate business in the con: easing ,the stringency in the struction a nd home improvemor:tgage market. ment business. Easier terms provide an added incentive to NOT BY LOB BY home owners ,to make improveDavis said Jast week -that ments. The top amount on home these provisions did not result improvement Joans has been from lobbying effor,ts, but "from raised from $3,500 to $5,000 . the rca]jza.tion by ·sena1lors and Payoff ,time has been ex.tended 1"epresentatives ,t ha t .~he severe to 7 years and 32 da ys . tigh te ning in ,the mortgage market In ]966 ,3ffeoted more .thari The act should result in inthose who wanted ,to buy or sell creased activity in .the construea house-it had a dam pe ning ef- ~lOn of ?ondon:1nium-type housfect on the entire economy and mg, as 1t specifies that a down created hardships on an exten- ' payment of only 20 per cent of sive Sp€ctrum of ,the economy." th~ amount of th~ purc~ase As to profit making, ,the bill r_nce over $20,000 is_ req uired. open s up a whole new m arket '1 he percenta ge requJred down for build ers, developers, inves of , _he amount und er $20,000 retors and broke rs as it offers an ma tns the same. opportunity for home ownership NO LTMIT The act provid es for mort~ to a segme>nt of ,the population that could neve r before afford to gages .to be mane available by own homes. federal sa vi ngs and loan assoln a copyrighted arlicle, ,the cia tions for mobile homes for Institute for Business Planning the first ,t(rne~ f ~ n o limit recen tly outlined some of ,the as.1£Y.rice on these mortgages. new incentives for the private All the incentives are too nusector. merous ,to mention but run all NEW CORPORATION t he way from governmentUnder Title IX of ,the iact, a backed property insurance in ,new nationa l housing corpora- high-risk areas to fin ancing aid tion that is not a federal agency for college building programs. was treated. The corporation Lyn Davis summed Lt up with will work with private investors t his statement: ' 'With .the imin a partnership arrangement. prove mcn,t in the mortgage The partnership · will subscribe market, the innovations created . up ito 25 per cent of in itial equ i,ty by ,the 1968 Hou sing Act, the investryients in the developm ent growth in ;the economy and the of low and moderate housing de- many o.Lhe,r optimistic s igns , invelopments. In adp.~tion large creased availabil ity and accessidiscounts will be obtained by the bilit.y of homes for Americans j,3 corporaitio.n ,through a mass na- like-ly to be the most important tional group purchasing pool aspect of housing in 1969." l • ! '- .- �