LOS-CAI LUA,TBER COAAPANY

Development Loons Now Possible Under Housing Acr of 1959

(Courtesy of the Lumber Merchants Association of Northern California)

UNDER THE HOUSING ACT OF 1959 it is sible for authorized Federal Savings and Loans now posto lend development loans within certain limitations:

1. The Savino and Loan must have ser Saving have general reserves, rplus and undivided profits in excess of 5/o of the amount surplus undivi ts of withdrawable accounts.

2. The total loans are limited to 3% of withdrawals.

3. No loan or combination of loans to one borrower may exceed l5/o oI the maximum loanabl e \15/o of 3/o or slightly less than I of. l/o of savings).

4. No loan can exceed at any time 607o ol of the real estate securing it at the time the begins, plus 60/o of the development costs or on completion of the developments, whichever

5. Loans must be repayable within 3 years ment must begin within 6 months.

(1) the value development

(2) the value is the lesser. and develop-

THE FHA HAS ANNOUNCED that built-in kitchen appliances are now eligible for Title I loans. Kitchen cabinets, counters, sinks, flooring, etc., have been eligible and the inclusion of built-in appliances, either gas of electric, make possible the installation of a complete kitchen for the homeowner.

NEW LIBERALIZED down payments on homes are: up to $13,500, 3/o down; 913,500 to 918,000, l0/o down; over 918,000, 30% down.

luxury Lodge on Nofih Shore

A luxury all-year lodge on the north shore of Lake Tahoe will be completed in time for the forthcoming winter Olympics. To be called Tahoe Klahoya, the 40 unitl will be situated on the lakeshore in the Tihoe Vista area. three miles from Stateline, and 14 miles from Squaw Valley. The 120 units, plus dining room, cocktail-lounge, swimming pool and private beach, will represent an estimated $800,000 by the Oakland investors.

Philippine Veneer Plqnt Complered

__Manila, Philippines-Bislig Bay Lumber Company of the Philippines has completed the installation of i $1;000,000 veneer plant as part of an expansion program to increase and diversify its production, reports Colonel Andres Soriano, chairman of the board. The greater part of the output of the new plant will be sold to United States Plywood Corporation, he said.

Bislig Bay Lumber Company has been in operation since 1950. Its exclusive sales agent is American-International Hardwood Company, San Francisco, of which William A. Howe is sales manager.

Your hardwood

lumher yard!

We mointoin-properly seosoned ond stored-the lorgest voriety ond volume of hordwoods wesl of Chicogo. Coll us for prompt delivery of ony quontity.

HARDW0(IDS . S(lFTW(l(lDS . Pltwoods . Kiln-Drying o

Herbert Hoover on Chority

One Fall, a number of years ago, when the Community Chest drives were being conducted throughout the nation, Herbert }foover made one of the greatest arguments in favor of private charity, in which he said in part:

"The world is in the grip of a death struggle between the philosophy of Christ and that of Hege and Marx. The philosophy of Christ is a philosophy of compassion. The outstanding spiritual distinction of our philosophy from others is compassion. With us, it is the noblest expression of man. Those who serve receive an untold spiritual benefit. The day we decide that the government is our brother's keeper, that day the spirit of compassion will have been lost.

"If we abandon private charity, we will have lost some-