New Type Housing Loans
Available to Peninsula
Towns, Says FHA Authority
A. Q. Stine of Palmer, Alaska state supervisor for the Farm
ers Home Administration, told the Soldatna Chamber of Commerce
Saturday that approximately 90 days ago the FHA was authorized to
extend loans for financing construction of non-farm homes under the
new rural development program as well as to carry on its w'ork of
making the customary loans to farmers.
since this ruling, sune said his
office has received hundreds of
applications from Alaskan com
munities and is prepared to han
dle many more hundreds. There
is nearly an unlimited amount of
money available for this purpose,
he said.
Stine advised Peninsula resi
dents to take advantage of this
opportunity to provide adequate
housing at a minimum interest
rate on loans obtained for this
purpose.
“Housing loans for non-farm
homes in rural communities of
less than 2,500 persons are avail
able to individuals who do not
have adequate housing and only
fiv the use of the individual him
sell and his family. These loans '
cannot be secured for building
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duplexes or other rental units,”
Stine said.
“Dimensions of the house for
which a loan is sought usually
must not exceed 1,400 sq. ft. and
amortization of the loan is not
to exceed 33 years. Amortization
period depends upon the financial
condition and requirements of the
person. Interest at 4 per cent is
charged. Persons desiring a loan
must have a deed or patent for
the land upon which the building
is to be erected.” he added.
FHA also will make loans to
repair and modernize existing
homes, such as adding cupboards,
installing a bathroom or putting
on a new roof.
If the loan does not exceed
§1.500 and the applicant has a
good credit rating, the money can
be loaned upon the borrower’s per
sonal note. Mortgages on other
real or personal property may
be used on loans up to §2,500 if
desired and in some instances
FHA will accept a second mort
gage, Stine said. Any loan over
§2,500, however, must be secured
by a real estate mortgage on the
property involved.
A committee of three men has
been appointed in the Kenai Pen
insula to investigate ami certify
loan applications, the FHA state
supervisor said. They are Larry
Lancashire, Ridgeway; Vein
Mutch, Homer, and John Clabo,
Anchor Point.
’The Area Redevelopment Act
was started by the Dept, of Ag.
’ f«*n<3vC smp'fSd Oift §>artlwby
tht‘ Dept, of Voir, mere* and in
part by the Dept, of Agriculture.
FHA is an agency of the Dept,
of Air. and is authorized to make
various rural loans as w-ell as
these new non-farm rural com
munity loans, Stine explained.
ARA is the over-all planning
group for cities, towns and rural
areas and in Alaska the state
extension service has been given
responsibility in organization for
area development. An agricultur
al technical panel has been estab
lish*? 1 to give advice on problems
that may- arise.
Here in Alaska, Stine said, the
FHA loans made and insured in
fiscal 3 961 totaled §433,263, com
pared with $392,965 the preceding
year. These loans were used to
pay for equipment, livestock, seed
or feed, fertilizer, to enlarge, de
velop or buy farms not larger
than family farms, to develop
water supply systems for irriga
tion, household use and livestock,
cairy out. soil conservation meas
ures, to construct and repair
homes and essential farm build
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LEGAL NOTICE
CALL FOR NOMINATIONS
AND NOTICE OF
ELECTION
NOMINATIONS for candidates
to till two vacancies on the Kenai
Kasilof Soil Conservation Sub
district Board of Supervisors will
be accepted until November 22,
I'.MU, by the undersigned Secre
tary of said Board.
NOTICE is also given that an
election to fill two vacancies on
the Kenai-Kasilof Soil Conserva
tion Subdistrict Board of Super
visors will be held in December
of 1961. The deadline date for re
turn of ballots will be 5:00 p.m.,
December 22, 1961. Ballots will
be mailed to all persons having
cooperative agreements with the
Kenai-Kasilof Soil Conservation
Subd;strict. Other bonafide land
holders may obtain ballots by
contacting the undersigned Secre
tary of the Kenai-Kasilof Soil
Conservation Subdistrict, the loc
al Soil Conservation Work Unit
office, or the District Extension
Agent’s office located in Homer.
E. E. MEYER, Secretary.
Kenai-Kasilof Seal Conservation
Subdistrict.
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