Making the System Work

T a time when there is much clamor within our industry for the government to "do something" to provide more money for the depressed housing industry, it is refreshing to see the initiative being taken by an association of private businessmen.

As a result of a great deal of work by the Arizona Lumber and Builders Supply Assn., the Arizona State Legislature currently has before it a package of four bills whose effect would be to provide additional money for building.

Briefly, they would (l) allow state retirement funds to be invested in savings and loansl (2) authorize the State of Arizona to issue revenue bonds to raise money that would be used to help the public buy both new and used housingl (3) encourage deposits in savings and loans by a tax exemption of $500 on s&l earnings: and (4) increase bond amounts so that savings and loans would be covered under Arizona statutes so that state monies could legally be placed in those institutions.

The Ar2ona association has appointed a special legislative task force from its membership to lobby for the bills and every member is being urged to do whatever he can to help insure passage of this important legislation.

Frank Davis, exec. v.p. of the association, in his column in our last month's issue set out the particulars of the four bills in greater detail. If you haven't yet read it, we urge you to do so now.

Too many have been involved in this important project for us to mention here, but among those who deserve a great deal of credit are Frank Davis and the Housing Action Committee chairman Dean Drake, who heads up the O'Malley Company retail operations.

By their own resolve and with a commendable initiative, not to mention plain old sweat, the leaders of the industry in Ar2ona are making the system work. We wish them every success.

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