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,. • 1 ENGLEWOOD BETTER HOUSING PROGRAM IN COOPERATION WITH FEDERAL HOUSING ADMINISTRATION ADVISORS T. FLOYD LORENTZEN CHAIRMAN MAYOR IRVING S. REEVE HONORARY CHAIRMAN DOUGLAS G. THOMSON DAN FELLOWS PLATT JUDGE THOMAS G. HAIGHT WARREN M. 1NGALLS WINTER R. WINTER HEADQUARTERS AND EXHIBIT February 2 9,1936 CITIZENS NATIONAL BANK BLDG. I ENGLE STREET ENGLEWOOD, N. J. TEL. 3 - 4 3 7 4 Mr. Marriner S. Eccles,Governor Federal Reserve Board, Washington, D. C. Dear Mr. Eccles: Allow me to congratulate this Administration for its progressive appeal to private capital and initiative to enter the low-cost housing field. A group of persons known to me desire to cooperate and suggests settlements of single family 3 and 4 room houses to cost—house and lot—$1,998 to $2,998. All houses to conform to Federal Housing insured mortgage standards--neighborhood, construction, etc. ouch settlements are to house families in the $1,000 to $1,200 per year income group. With 80% FHA insured mortgages, monthly payments would "be approximately $16 to $24 which would include taxes, fire insurance, 5% interest, and 20 year amortization of mortgage. In other words, costs would equal about $6.00 per room per month. The need to provide this low-income group with their own homes and gardens cannot be over-estimated. Would give parents social security—take their children off the city streets. To my knowledge no such proposal has been attempted to date by private interests. What actual aid--materials, labor, and/or financing—will the Government contribute to a private corporation, or group of individuals, who have the courage to undertake to make such a proposal a reality? An immediate proposal--3,000 single family homes to cost betY/een #1,998 and $2,998 within cheap commutation distance from industrial New York City. Other settlements as warranted. Your wide experience, expert knowledge, and well known public spirit has prompted me to write to you for the above information. Thanking you in advance, I am, Very t ruly y ou rs, TFL:AM .Floyd Lo rent sen--Chairman FREE EXHIBIT COVERS THE NORTHERN VALLEY OF NEW JERSEY FULL SIZED ROOMS COMPLETELY EQUIPPED. BUILDING MATERIAL HOUSE. WORKING APPLIANCES. EDUCATIONAL DISPLAYS. FREE INFORMATION ON MORTGAGES, AND MODERNIZATION OPEN DAILY 9 A. M. TO 5 P. M. — FRIDAY AND SATURDAY LOANS. EVENINGS UNTIL 9 P. M. CENTER GARDEN. March A, 1936 Dear Mr. Lorentz.en: From what you tell me in your letter of February 29, I snould say that such a project as you have in mind might be carried out under tne provisions of the National Housing net. I would therefore suggest that you write directly to Mr. Stewart McDonald, tne Federal Housing /idministrator, cr jou might make a point of getting in touch personally with Mr. Arthur naish, the Assistant administrator, who is h resident offrewJersey and who is doubtless known to tne members of your advisory Committee. You -ask wnat actual aid in tne form of "materials, labor, and/or linancing" the Government will contribute to such a project as you have in mind, ^ince-you refer, however, to "a private corporation, or group of individuals,w I taKe it that what you huve in mind is a commercial enterprise, set up to acquire land and build nouses for sale to persons of moderate means. I do not tenow of any subsidy that would be available in a Cube like tais; but, if the sponsors to whom you refer are able to provide tne requisite equity for obtaining FHK iriourance, 1 snould tnink tnat you would have kittle difficulty in nandling the bulk of your financing either through private institutions in Uem Jersey or tnrough the Mortgage Company. bincerely yours, M. w». Secies, chairman. Mr. 1'. Floyd Loreut^en, Engiewood Better Housing Program 1 Eagle street Engiewood,fti.J. March 4, 1936 Dear Stewart: I am enclosing for y.mr information a copy of a letter which I have received from Mr. t* Floyd Lorentzen, chairman of the Englewood Better Housing Program, Englewood, l« J«, and also & copy of the answer that I have sent to Mr, Lorentaen today. Sincerely yours, M. S. Eccles Chairman Honorable Stew&rt McDonald Federal Housing Administrator Washington, D. C,
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