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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD ADMINISTRATOR November 17, 1939 Honorable Marriner S. Eccles Chairman of the Board Federal Reserve System Washington, D. C. Dear Marriner: You will observe that even without the help of the so-called Housing Division of the Department of Commerce the FHA are already building homes for $2500 or less. However, we do our work the old-fashioned way with labor, materials, hammers and nails on the site and not with typewriters, mimeographs, radios, newspapers, personal biographies, selfpublicizing articles, etc. cerely yours, StevJarTfMcDo' Administrator dwellings Costing $2,500 or Under Financed Through Title I Loans The recently amended FHA regulations governing newhome loans under Title I have opened a new, profitable field to lending institutions. A few of the many homes constructed through such loans are illustrated here fmm California has proved a fertile field for Title I, Class 3 (newhome) loans, since the climate facilitates building of homes within the $2,500 loan maximum This Chicago home was financed through a $1,475 Title I loan, the borrower himself doing the installation work on plumbing, wiring, and the interior finish Burbank, Calif., is the site of this attractive small home, financed through a Title I loan 10 \ A $1,600 Title I loan financed the E v e r e t t , Wash., home shown above; a $2,400 loan the Spokane property shown at upper right; and a $2,500 loan the Kansas City, Kans., residence shown at the right Two other C a l i f o r n i a homes financed through Title I loans are shown at right and lower right. The home shown below, in Chicago, was financed with a $1,555 loan, the owner installing plumbing, wiring and fixtures, and the interior finishing JL
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