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HOUSING RESOURCES .CONAITTISE
Room 120), City Holl
October 2, 1967
Memorandun To: Mr. Cecil Ae Alexander, Chairmen
Housing Resources Cammittese
Parsvant to your recuest, I visited today the office of Farmors Hone
Aéministration, Department of Agriculture, toa 256 Peachtree-Seventh Building
and talked with Mr. Se Le VanLandingham, State Director end Mr. David BD. Glappy,
Chicf, Real Ustate Loans. Tho -armers Home Administration has no regional
organization.
I learned that their prorram operates only in noneurban oriented rural arcase
They do have a 0 unit rental development, "County Line Comunity”, under way in
ieXald County near the renry County line, in a rural oricnted area. ‘The project is
being developed by Lincoln Jones. Units in this or other rural areas cannot be
rented to urbanites.
7"
ne prorsram hag a phenomenal record of success. The Atlanta office has
‘
lost less than ¢100 and has had only one foreclosure.
An Atlanta family may be able to build’a home in a rursl area under this
program, which is linited to only low and pocerate income faniliesy which cannot
quality for conventional loans throush local: lending institutions.
There is no statutory limitation on size or cost of the homes to be built.
However from a practical standpoint such homes do not usually excced about
1,00 square feat of living space and maxinun mortzaces are about /y,CG00. Hones
are generally within the $10,000-:12,000 range. There is no desisn criteria
specified. Interest is 55 straights; 33 year mortrage, which may be as high
as 1004 of appraised fair value. Loans are insured by the s‘armers Home:
Administration. There is no cown payment requirede However purchaser must
pay for title certificate and recordins feese Hortrace limitations are based
on family income, with maximum income considered $7,000. Payments are on an
annual basis, although mortgacgors with incomes of less than about $5,000 per year
are required to mako monthly payments.
The Farmers Hione Adninistration is willing to accept applications from
Atlanta residents who qualify and wish to build a lowcost home in a rural areae
“
Mr. Cecil A. Alexander
Page 2
October 2), 1967
Malcolm D. Jones
Supervisor of Inspection Services
MDJ/slc |
Enel: Pamphlet PA+l;}76, Rural Housing Lodns, U. S. Department of Agriculture,
Farmers Home Adwinistration.
cc: Mr. Dan E. Sweat
Mayor Allen