HOUSING LOAN.

Press, Volume LXI, Issue 18571, 22 December 1925, Page 12

HOUSING LOAN.

£15,000 TO BE RAISED The City Council last night decided to raise a loan of £15,000 from the State Fire Insurance Department for housing purposes. The Housing Committee reported as follows:—With reference to the loan to be obtained from the State Fire Insurance Department, the committee has t«r report that the Department has agreed to the smaller loan, viz., £ 15,000 on the usual condition that all insurances in connexion with the scheme are to be effected with the State Fire Office. The Department has agreed to advance the money in three instalments of £SOOO with an interval of four months between each instalment, the interest to commence when money is advanced. The loan is to be for a period of thirty years, interest 6\ per cent., with,a sinking fund of If per cent. At a special meeting last night, the Council passed a resolution making the special order to raise the loan. It was reported that advances for dwellings had been granted to sixteen applicants, subject to the usual conditions being complied with, the advances amounting to £11,380. The applicants had been notified that the money would be available on March Ist next, and that interest on the full amount of the loan would cbninience as from that date. It was also reported that the Department had been advised that the first instalment would be required on March Ist, 1926.