AHA, Largest Mortgage Lender in
Territory, Has Bigger 1951 Plans
A new name in the construe- f
tion industry has entered the
Alaska building scene. As a new
source of financing for private
builders the Alaska Housing Au
thority has compiled an enviable
record during its first nine months
of mortgage operations, officers
said this week. ‘‘We now have j
outstanding loan commitments j
totaling $4,500,000 for new resi
dential construction, and over:
$2,000,000 in commercial loans for
purchase of building materials,”
announced E. Glen Wilder, execu
tive director of Alaska Housing
Authority. The Authority has now
IjGCome in this short period the
largest mortgage lender in the
Territory.
Larger Program
The present plans of the Au- i
thority call for an even larger |
program next year. Residential j
builders are rapidly becoming i
more aware of the facilities of the j
Act. Many Stateside contracting j
firms have entered the Alaskan j
building scene as housing sponsors j
during the last year. However, in j
all cases financing on reasonable j
terms from private lending in
stitutions must be unavailable j
before the Authority can assist in j
its financing.
Realizing that to interst build-!
ers in residential construction in j
Alaska liberalized construction j
financing would have to be made ;
available, the Congress passed the ,
Alaska Housing Act creating a
revolving fund of fifteen million
dollars and amending the National
Housing Act to permit the Federal
Housing Administration to insure
loans in Alaska for one-third more
than in the States. The Congress
also approved the AHA as a
mgrtgagee and mortgagor for all
purposes under the National
Housing Act and provided for lib
eralized underwriting of all loans
where the Authority was the
mortgagee or mortgagor.
Broad 1951 Plans
The Authority has broad plans
for this new program for 1951 as
inquiries have been made from
as far north as Kotzebue, and as |
far south as Saxman. With the j
international scene growing worse
each day, this new program of
the Authority takes on added im
portance. While the program is
not directly related to the Mili
tary, the benefits to the National
Security Program are many, for
only by the maximum civilian
development of the Territory can
the Military complete its vast pro
gram of new defense installations,
tions.
SOIL CONSERVATION
MEN FLY TO HOMER
Charles Wilson, territorial con
servationist, and Frank Linn,
chairman of the Alaska Soil Con
servation board, flew to Homer
this week on business. They left
here Wednesday for Homer where
they attended the first meeting
of the soil conservation sub-dis
trict there with plans to return
on Thursday.
Coffey Insures Everything—
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