National Housing Administrator Addresses Los Angeles Meeting

Over 1000 civic, industrial and building leaders attended the luncheon at the Biltmore hotel, Los Angeles, on Thursday noon, January 31, to wel'come James A. Moffett, national federal housing administrator to Los Angeles and to laun'ch the "Los Angeles Plan" which calls for the immediate initiation of a constru'ction program in the Los Angeles metropolitan area of $100,000,@0. The Plan is sponsored by the "Committee of One l{undred", a representative group of business men.

Mr. Mofiett told the gathering that over the nation, 12,ffiO financial institutions representing 90 per cent of the financial resources of the country are cooperating in making better housing loans. There are over 4,000 community modernization campaigns in operation, he said, and 1,700 cities and towns, including more than two score in Southern California, are making house-to-house canvasses to revive the construction industry.

"We figure, and it is a conservative estimate, that since we btgan the program, modernization jobs under Title 1 of the Act have been created amounting to more than $230,000,000 and pledges for an additional $180,000,000 have been secured, a grand total of $410,000,000 of new business," Mr. Moffett de'clared. Applications for loans under Title II of the Act, which only recently became effective, totals $19O,000,000, he said. Mr. Moffett prophesied that $500,000,000 in insured loans would be made before the end of 1935.

Henry S. MacKay, general chairman of the Los Angeles New and Better Housing Program, presided at the meeti.tg. Ife announced to the assembly the approval by the government of the first four loans 'completed in Southern California for new construction under Title II of the Housing Act. The four loans totaled $42,500; two were for nelv homes in Los Angeles, the other two for residences in Santa Barbara. In discussing the loans, Mr. MacKay again explained the procedure required of a prospective home builder in making appli,cation for a federal housing loan under Title II.

"The borrower must own his property free of encum- brances," he explained. "Then he should apply directly to his banker or the manager of whatever financial institution through which he intends to obtain the loan.

"The loan is made by the institution for an amount up to 80 per'cent of the total value of the lot and the house to be constructed.

"The government enters the picture only when the banker or building and loan manager takes the loan to the federal housing administration to have it insured under the housing act.

"Repayment of the amount borrowed may be made in regular installments over a period of 20 years."

Other speakers were Alfred B. Swinerton of San Francisco, regional director for Region 12, FHA, who introduced Mr. Mofiett; Fred W. Marlow, district director for Southern California, FHA; W. J. Braunschweiger, president of the Los Angeles Chamber of Commer'ce; Douglas lloung, chairman of the San Diego Housing Committee, and Charles S. Jones, president of the California Oil and Gas Association.

Appointcd Gener.l Manager

J. Walter Kelly, well known San Francisco lumber executive, has resigned his position with the Chas. R. McCormick Lumber Co., San Francisco, and effective February 15 will become general manager of the Consolidated Lumber Co., Wilmington and Los Angeles, succeeding Hal Baly, who recently resigned owing to ill health'

Western Pine Annual Feb. 20

The annual meeting of the directors of the Western Pine Association will be held in the Portland Hotel, Portland, Ore., on February 20. All members of the Western Pine Division are invited to attend. 'fhe meeting will be continued on the 21st if it is found necessary.