MONEY FOR HOUSING

Wanganui Chronicle, Volume 79, Issue 242, 13 October 1936, Page 8

MONEY FOR HOUSING

SPENDING £5,000,000 PROPORTION FOR LOCAL AUTHORITIES AVAILABLE AT 3 PER CENT. [Per Press Association] AUCKLAND, Oct. 12. An announcement that of the £5.000,000 which the Government proposes to borrow for housing £1,500,000 will be made available to locat authorities during the next 12 months at 3 per cent per annum, was made by the Minister of Finance, Hon. W. Nash. The loans mentioned, Mr Nash added, would be for terms of years to be arranged. Moreover, the Housing Department, under the charge of the Hon. J. A. Lee, was working out details of a scheme that would ensure that every possible facility was available to local authorities undertaking schemes so as to enable them to obtain full advantages of the Government’s housing proposals. A further statement with regard to the matter would be issued oy Mr Lee at an early date. Respecting the £3,500,000 which would be the Government’s portion oi the £5,000,000 about to be raised, Mr Nash said that an endeavour would be made to spend it in the next 12 months, and plans had been drawn up with that purpose in view. The Government did not intend to make a profit out of housing, but it was confident that the charges would be met, that there would be no lack of occupants for the houses comprised in the present plan, and that the rents would be considerably below those now charged for equivalent modern dwellings. The proposed system of housing loans to local authorities would enable the latter to proceed rapidly with approved building schemes in their areas, and it was hoped that they would participate fully in the task.