U.S. HOUSING SCANDAL
“WINDFALL” PROFITS Y ALLEGED
(Rec. 8 p.m.) WASHINGTON, June 12. The Federal Housing chief. Mr Albert Cole, yesterday made public a report charging that former top housing officials “aided and guided builders of blocks of flats in collecting more than 40,000,000 dollars in “windfall” profits. The accusations were levelled in an interim report on Federal housing administration which listed the names of 70 projects and more than 200 corporations which had received the profits All 70 cases have been sent to the Justice Department for possible criminal prosecution, the report said. According to the report, builders pocketed the difference between their Government insured loans and their lower actual construction costs. They claimed money as ‘‘windfall” profits which are subject to lower tax rates.
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Press, Volume XC, Issue 27375, 14 June 1954, Page 9
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126U.S. HOUSING SCANDAL Press, Volume XC, Issue 27375, 14 June 1954, Page 9
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