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Buy ttBAXCOtt for Service been revived under the new amenclments to the act. Title I provides for loans for modernization and construction of new homes up to $2500 on farms, rural areas or marginal zones surrounding large cities, where the standards estab_ lished by the Mutual Mortgage fnsurance System are not applicable. Financing for home equipment, machinery, appliances or accessories will not be resumed under the revised Title I.

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The re-enactment of Title I will be a boon to the build_ ing trades. Until the title expired by limitation in April, 7937, in Southern California alone, 115,000 loans for modernization and improvement were made, totaling 42 million dollars.

A limitation of 2000 million dollars on the amount of mortgages the Government may insure at one time is fixed in the bill with discretionary power for the president to raise the limit to 300O million dollars. In order to expand the operations, the Federal Housing Administration may use the credit of the Government up to 2000 million dollars as a revolving insurance fund.

Outstanding features of the new Housing Act are as follows:

Title II-Home Building Loans

(l) Houses designed principally for a single family residence, of which the borrower shall be the owner and occupant: Amount not to exceed $5400, and not exceed 90 per cent of the FHA appraisal; Maturity not to exceed 25 years; Mortgage insurance if accepted prior to July l, 1939, is /a per cent per annum, based on outstanding principal balances; Interest is not to exceed 5 per cent per annum on unpaid balances.

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(2) On houses of the same general property requirements as those listed above, appraised at $10,00O or less, the in_ surable limit will be 9O per cent of the appraised value up to $6000, plus 80 per cent of the appraised value betweeir $6000 and $10,000: Maturity not to exceed 20 years; Mort_ gage insurance not less than % per cent per annum, and not more than 1 per cent, based on outstanding principal balances; Interest not to exceed 5 per cent per annum on unpaid balances.

(3) A dwelling, or dwellings, designed principally for residential use for not more than four families : Amonnt not to exceed $16,000 and not exceed 80 per cent of the FHA appraisal; Mortgage insurance not more than /2 per cent per annum, based on outstanding principal balances: In_ terest not to exceed 5 per cent per annum on unpaid balances.

Title I-Modernization Loans

Authorizes loans for modernization and repair to urban, suburban or rural property. Loans up to $250O may be used for building of new structures. Title I does not per_ mit loans for installation of equipment, machinery, ap_ pliances or accessories.