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March 15, 1938

Honorable Marriner S. Bccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.
Dear Marriner:

At the time we had the numerous meetings in reference
to launching W.P.A. workers on a home-building program, I suggested that if they wanted to put these men in the "building
field, they might possibly use them to repair and modernize the
76,000 odd properties now owned by the H.Q.L.C. and such additional ones as may be acquired in the near future.
If the new residential construction program reaches a
large volume, it will make it very difficult to sell these
H.O.L.C. foreclosed properties unless they are completely
renovated and modernized.
Perhaps it mould be much easier to sell them as "MODERNIZED
HOMES" instead of foreclosed homes. To some extent this would also
appear as a self-liquidating program.

Sytlferely yours,