BUYING HOMES.

Auckland Star, Volume LXVIII, Issue 3, 5 January 1937, Page 3

BUYING HOMES.

NEW OPPORTUNITY. LOCAL BODY FINANCE. i STATE HOUSING DEPARTMENT. (By Telegraph.—Own Correspondent.) WELLINGTON, this day. Municipal efforts to cope with housing shortages in New Zealand ha' e not so far been a success, consequently the new State Housing Department may j not expect its proposals for building by local authorities to be taken up with j enthusiasm. However, finance at 3 per cent is an improvement on past financial arrangements, and there is another important phase of tho new scheme which does not seem to be generally appreciated. While a larg£ number of working . men without capital will be looking for State or municipal houses which they can rent, others will prefer to invest some savings with the prospect of eventually owning the dwelling. Both classes are provided for in the new scheme, but it 'is not so generally understood that local bodies are empowered to take advantage of the millions of housing finance and to give their own residents the opportunity of buying their own homes through municipal agency. The system provides for a table mortgage and a comparatively small deposit by the intending occupant. There is such a demand for houses in the larger centres that it will only be through the medium of local body cooperation that much progress can be made immediately to overtake any shortage in the smaller towns. However, when the more acute situation is overcome, the Housing Department intends to operate wherever there is a shortage which municipal endeavour has not attempted to meet.