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\MW\ H 1I A»S-Vl rtliK-silaVuml I liilt;lt;*“lt;•- Oak I'arlt A llivrr I'«irr%lt;I S \l 7-BfMMI VI »-■/.» I.»Harriman To Talk At W. Side Auto Show Day-BelowNorthwest JournalVOL. 9 NO. 194047 W. NORTH AVE. - AR *4)322The Tent MakersWEDNESDAY, FEBRUARY 7, 1968ns lssu« Consists of Two Sections — 28 pagesBy Mail J6J0 « year At Newsstands 15c • copyAllot $5 Million to FinanceHumboldt Pk. Area HousingJoe Diaz 13, 3340 LeMoyne, stitches up ridge Troop 1315 discovered work bench 50 inches seam of tent while Edward Herring, 12, 105 wide and 15 feet long would fee nsefts* for S. Central (left) and George Boles, 12, 11 N. tent-making project, but settled for available Long, keep more than seven square yards of six-by-thirteen foot space on floor. See story material tnnvinv across table. Bov Scouts of on Page 3.Mayor Richard J. Daley announced yesterday that the Metropolitan Life Insurance rn hgc made available $5,000,000 to finance housing in East and West Garfield Park, Humboldt Park a n d Austin areas under the billion-dollar life insurance company program.This sum is in addition to the $3,500,000 which was recently made available by Metropolitan Life to the Chicago Dwelling association.The funds are available through Great Lakes Mortgage Corp., the Chicago mortgage correspondent for Metropolitan Life, and may be used for FHA loans to purchase homes, refinance contracts, bnild new homes or rehabilitate or repair existing properties.William N. Melzer, vice president of Great Lakes Mortgage Corp., stated the money should help stabilize real estate values, in the neighborhoods and reduce the necessity of relying on contract purchases popular in areas lacking adequate mortgage funds.The program is expected to help buyers and sellers by reducing the discount on the mortgage loan that has become a sore point with property owners. There have been reports that sellers have had to settle for 10 to 15 per cent less t o complete the sale.This will be cut to between '5 and 7 per cent under the program provided by the , $5,600,000 fund.Melzer said mortgages will be made umiei federal housing administration (FHA) provisions for terms up to 30 years with 6 per cent interest plus one-half per cent mortgage insurance. As an example, he said that a property appraised at $18,000 might qualify for a $17,200 mortgage.Great Lakes has engaged in similar programs in several South Side neighborhoods, Melzer stated, and has been satisfied with the results.Harriman to TalkMayor Daley said the $5,000,000 commitment was hirer evidence that the Metropolitan Life Insurance Co. had faith* . fc.kivrt Ifo+xonoli.tan has now committed $8,500,000 to finance Chicago housing in the last few months.This commitment together with those made by Aetna Insurance and Casualty Co. and Prudential Life Insurance Co. makes mortgage financing available in most Chicago areas where it was formerly difficult to obtain financing, said the Mayor.The Austin neighborhood service center is located at 9 N. Cicero. The service center covering East Garfield Park is at 3014 W. Madison, and the West Garfield Park service center is■ _ r f A___at 1 N. Pulaski. Great Lakesnlnrn- trt OrUYF/linntp ltd ftffOTtS
Newspaper Details
Northwest Journal
Chicago, Illinois, US
Wed, Feb 07, 1968
Page 1
Full Page
Clipped by
Lisa L.
USA 21 Dec 2023
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