000 eaery YIry t P fo, Purpose

FHA lssues Regulations Covering Insurance of Loans Under Section 609, Title Vl

Washington, D.C., August 2.---The Federal Housing Administration announced today the issuance of regulations governing insurance of loans made by private lending institutions to manufacturers of prefabricated housing under the new Section 609, Titl" VI, National Housing Act, recently enacted by Congress and signed by President Truman.

This is a new field to which FHA insurance has been extended, it was explained, and is in addition to FHA's insurance of home mortgage and property improvement loans. Applications for Section 6@ loans will be processed at Washington FHA headquarters, and all necessary forms may be obtained from that office.

Rules and regulations covering insurance of Section 609 loans were made to carry out the purpose of the section which is to assist in relieving the acute shortage of housing and to promote the production of housing for veterans of World War II at moderate prices or rentals through the application of modern industrial processes.

Loans insured under Section ffi9 may be made by any private lending institution approved by FHA.

Under the Administrative Rules, the proceeds of a Section 609 loan shall be used for the purpose of financing the cost of manufacturing houses meeting such requirements of sound quality, durability, livability, and safety as may be prescribed by the Commissioner. The loans may not be in excess ot90/o of the Commissioner's estimate of the cost of manufacturing houses, exclusive of profit. The maximum term is one year, and the maximum interest rate is 4/o a year, plus a mortgage insurance premium of l/o of the original principal amount of the loan.

Wcnt Big Class of Kittens

J. W. Fitzpatrick, chairman of the Membership Committee of the Los Angeles Hoo-Hoo Club, and the memtrers of his committee, have started an active campaign to round up a big class of Kittens for the next concat which will be helf this fall. And "Filz" says he rvants to see a large number of the "Old Cats," who are not identified with the Order now, to reinstate and get back in the fold again.

Membership and Reinstatement blanks can be obtained from J. W. Fitzpatrick, San Pedro Lumber Co., Los Angeles-Rlchmond 1141, and Secretary Earl Galbraith, T. M. Cobb Co., Los Angeles-ADams 11117'