HOUSING LOAN.

Press, Volume LXIII, Issue 19141, 26 October 1927, Page 11

HOUSING LOAN.

33 . ADVANCES APPROVED. Approval was given by the City Council last evening to tho Housing Committee's decision to make advances to 33 applicants for loans for the erection of dwellings.

The Housing Committee reported as follows:—"Although tho formal procedure of passing a special order in connexion with raising the sum of £25,000 for the above purpose (which lias been authorised by the Local Government Loans Board) has not yet been completed, the committee has considered all applications for advances at present in hand, and has decided to make advances to 33 of these applicants, subject to the conditions governing loans previously granted. "It has also been decided that the applicants.sha.il be required to.pay interest -and sinking fund charges on their advances as from February Ist, 1928, it being necessary to fix a definite date to avoid confusion with regard to the date upon which loans shall commence. The committee will, howover, make advances prior to that date, and charge the workers interest at the rate of 6.-percent, on such advances until February Ist. The object of this is to enable the'workers to proceed with the erection of their dwellings in order that they may be as far advanced as possible by, February Ist, when the fortnightly payments commence." The clause was adopted.