HOUSING FINANCE

Wanganui Herald, Volume LIII, Issue 160799, 5 November 1920, Page 9

HOUSING FINANCE

(By Telegraph—Special to “Herald”)*. V WELLINGTON, November 5._ An amendment has been made in the Housing , BilL which, materially improves the position of public utility societies* They are' authorised to secure advances up to 75 per cent, of the value of the land tp be utilised for housing schemes. The amendment extends the advance to 75 per cent, value Of - land and improvements. Another amendment agreed to by Parliament, enables State Advances Department to grant loans to Harbour Boards for -housing. ' “I don’t know whether they, will be able, to borrow much,” remarked the Minister of Labour, “It all depends on what is their security.”When the Housing' Bill was before the House much criticism'was heard of the £IO,OOO annual limit imposed on housing loans to local bodied. The Minister of Labour^ had.promised to consider the matter. He reported to-day that it was not necessary to alter the law to extend the limit of borrowing, as this had been imposed, by the lending Departments of the State. If local bodies wanted more they must convince the Minister of Finance.’ ' Mr Luhe.‘ “He is about as _dimcult as you are.” .