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Senate Hopes for $1 Billion Federal Home Loan Plan
Washington senators debated a proposed 1 billion dollar Federal home loan program. The Banking Committee moved the measure to the full committee, while opposition doubts the bill's chances this session. Proponents expect a later section could authorize about 1.003 billion in direct loans to cooperatives and non profits to spur affordable, privately owned homes with 3 percent interest for four years. Other provisions aim to raise FHA mortgage authority for economy homes and adjust ceilings for two, three, and four bedroom houses with higher down payments and ceilings.
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Washington— Senate
Senate Banking Locomcntiee
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Cooperathivs
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Congress
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