Truman Signs, Condemns, Ne*" Housing Law

WASHINGTON, D.C.-President Truman signed the housing bill into law today with a blast at the Republicancontrolled Congress for "deliberate neglect" of people most in need of adequate living quarters.

Mr. Truman said the measure falls "far short of the legislation which could and should have been enacted." He said in a statement that he was signing the bill because it would be "of some help" in meeting the critical housing shortage.

The President accused the House Republican leaders of blocking consideration of another bill rvhich would have provided "decent housing" for millions of families.

What Act Provides

For the family interested in buying or renting, at relatively low cost, the bill would do these things :

1. Permit the Federal Housing Administration to guarantee loans for states, municipalities and non-profit corporations which are building rental housing.

2. A:uthorize the F. H. A. to insure an additional $800.000,000 worth of mortgage loans on large-scale rental units where the cost for a family unit is not more than $9000.

3. Make it somewhat easier for builders of prefabricated houses to obtain government loans.

4. Permit builders to obtain 88 per cent insured mortgage loans on projects of at least 25 homes with a unit value of $7500 or less.

5. Authorize 95 per cent buyers' loans and 9O per cent builders'loans on houses costing $6300 or less.

6. Permit government loans on veterans' co-operatives and increase the allowable,cost from $1350 a room to a total of $8100 a unit. Where the federal housing officials find that large-size families make this limitation impractical, there is an alternate ceiling of $1800 a room.

7. Authorize 90 per cent loans on non-veteran co-operatives.

8. Permit 10 per cent loans on construction, principally in rural and semi-rural areas, of homes which do not cost more than $4500, as compared with a present ceiling of $3000. The bill carries a $35,000,000 increase in authorization for such loans.

9. Permit banks to sell on government secondary markets as much as 50 per cent of their GI and F.H.A. insured mortgages acquired after April 30, 1948. The past limit has been 25 per cent.

Ecst Bcy Hoo-Hoo Club Meets At Claremont Hotel, Sept. 13

The first dinner meeting of East Bay Hoo-Hoo Club No. 39, after the summer vacation period, will be held on Monday evening, September 13 at the Claremont Hotel. President Everett Lewis will preside.

Tom Hogan, chairman of the nominating committee will present the committee's selections, and the new officers will be elected and installed. There will also be an entertainment program.

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