'7'aaildry^.. B;Ad

FOR BETTER AND 'NORE PROFITABTE BUIt.DING looking for a lorv-cost home is usually also looking for a home which he can purhase with the smallest possible initial outlay of cash.

Under today's unrealistic appraisals such a home is increasingly difficult to find. FHA loans, veterans loans and banking loans can hardly be effective in serving the people and stimulating building if the appraisals for such loans are based on a hypothetical value of the home under consideration, rather than upon the actual cost of the home in today's market.

For instance, a homeseeker may want to build a home costing about $10,000, which will fill his housing requirements. Upon applying for the loan of some 80/o, which he has been told is available, he discovers that the loan is only BO/o of an $8000 appraisal value of the home, and he r'vill have to pay the remaining $360O as a down paymentIn many cases, the homeseeker is forced at this point to give up hopes o{ purchasing a home until later, and continue to live in his present quarters.

Today we are faced with a public housing bill that may make it increasingly difficult for the Ameican people to obtain homes and which may slow down the unprecedented construction rate of the industry.

The public housing bill is an omnibus bill providing for grants to municipalities for slum clearance, Federal subsidy of public housing units, provisions for a program of technical research to be conducted by the Housing and Home Finance Agency and aid to farmers for housing and farm buildings.

The over-all cost of this one piece of legislation, if it should become a law, would amount to some $105 in additional taxes for every man, woman and child in the United States.

Of course, this additional tax may not show upon your individual income tax returns, but it,will become apparent in the continued inflation of the cost of living and the price of every commodity purchased on the retail market.

This might be a pardonable fact if the proposed bill would actually increase the number of houses available, or if the houses would actually house the lower income groups, or if the cost of these houses would really be lower than those being built by private industry, but none of these things is true.

Our government is not now and has never been in a position to build one single house over and above the number that the private building industry is building with the avail- able labor force and material supply. The government has no secret supply of materials or labor cached away for the purpose of building public housing when this bill is passed. It can only take the materials and labor presently being utilized by the private building industry to build privately financed homes and divert them into federal-financed public housing.

When Senator Bricker attempted to amend the proposed bill so that an income ceiling of $1500 would be set for occupants of the proposed 810,000 public housing units, this amendment was defeated by a vote of 9 to 2. The reason for this action is clear. In many areas where there are now public housing units they have been used as political plums and many of the occupants have incomes in the $4,000 bracket.

A Congressional committee recently reported that on the average the proportion of truly low-income or destitute families living in government public housing units is less than l5/o.

The 12.3 billion dollars asked for by public housing averages out at over $15,000 for every housing unit presently planned, just for subsidy of amortization payments. This can hardly be called low-cost housing when the private building industry built homes and sold them in 1948 at an average price of less than $8,50G-or less than half the proposed public housing unit subsidy cost, exclusive of land, architect's fees, construction costs and administrative expenses.

Under th epublic housing program now being considered in Congress 'w'e will meet the payroll of 17,000 government building agency employees; we will pay for maintenance of the buildings, grounds, and ofifices of our government housing agencies; and we will pay the operating expense of the public housing itself.

And if any public housing units are actually constructed, we will pay again, for the actual construction costs of these units will be paid by floating a local bond issue-after we've already paid tax-money to cover the bill for government planning and supervision.

This is the situation we face in spite of the fact that the building industry constructed last year more homes than ever before. The right steps are being taken to adequately house the American people and we will continue to take such steps, but if government interference in the realm of public housing becomes an actuality, it may become increasingly difficult for the American people to own homes.

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