Realtors Find Public
Is 'Confused' by
Home Credit Curbs
The Washington Real Estate
Board has found that many pros
pective home buyers are “con
fused” over the new credit regula
tions governing home purchases.
In a statement today, J. Gar
rett Beitzell, president of the
board, pointed out the new curbs
do not apply to existing houses
or to houses started before noon
of August 3.
He supplied a statement on the
subject, which follows:
“Regulation ‘X’. which was
made effective by the Federal Re
serve Board as of October 12,
1950, applies to loans upon resi
dential real estate—one and two
family houses—and also to the
amount of money the prospective
purchaser will be required to have
as a down payment if govern
mental credit will be required or
the house was started after noon
of August 3, 1950.
"Where commitments for loans
were made prior to October 12,
1950, it does not apply to usual
financing conditions.
“ ‘Governmental credit’ means
that if an insured loan is obtained
from the Federal Housing Admin
istration, or is in effect and a
new loan is made, then Regula
tion ‘X’ is applicable. Loans guar
anteed by the Veterans Adminis
tration are also subject to-credit
resti ictions.
“All houses are not covered by
the new credit rules and a pur-;
chaser of a house which was com
pleted prior to noon of August 3.
1950. may make whatever terms
the buyer agrees to accept, if a
conventional loan is to be placed
on the property.
“A conventional loan means the
rsual type loan made by banks
and trust companies, building and
loan associations, mortgage loan
correspondents, life insurance i
companies and other private lend
ing sources.
“This means, again, that an
owner of an older house, which is I
to be financed through the regu-1
larly-established financing chan-!
nels, may sell it under any terms1
or conditions which the buyer will
accept and market conditions
justify. It also means that new
one and two-family residences ■
which were completed prior to
August 3, 1950, may also be sold
under the usual terms.
"Where a non-veteran desires
to buy a house being sold for $15,-1
Firm's Sale Brings End to Low-Rent Housing Experiment Here
(Continued From Page B-l.)
North Capitol and Third streets
N.W.
The transaction has more than
usual interest because:
1. It brings to an end an his
toric experiment to house low-in
come families which has been
widely hailed as an example of
what private enterprise can do
for such groups without Govern
ment aid.
2. It will contribute to the re
duction of the already-dwindling
total of low-rent dwellings avail
able for both white and colored
occupancy.
3. It will change the occupancy
characteristic in a number of
streets. '
The transaction involved pur
chase of about 100.000 shares of
stock of the Washington Sanitary
Improvement Co. for about $3,
200,000 by three real estate men,
Nathaniel Taube, Nathan Levin
and James B. Evans.
For this amount, plus expenses,
the three investors acquired 866
dwelling units built by the Wash
ington Sanitary Improvement Co.
over a period of nearly 40 years
to house low-income families. The
buyers’ average coet per unit,
therefore, was somewhat 1n excess
of $3,700.
me sanitary improvement co.
was formed in 1897 by a promi
nent group of public-spirited
Washingtonians,-with the support
of the Washington Board of
Trade.
Their purpose was to build de
cent low-rent housing that would
provide a relatively low rate of
return to the investors.
Among leaders of the move
ment were the late Surgeon Gen
eral George M. Sternberg, the late
John Joy Edson, a prominent
Washington banker; the late S.
Walter Woodward, a founder of
Woodward & Lothrop; the late
Crosby S. Noyes, a founder of The
Star, and others.
The new owners — Nathaniel
Taube, Nathan Levin and James
B. Evans, who are associated in
the Colonial Investment Co., a
real estate firm—acquired owner
009, which comes under the new
credit rules, he would be required
to make a cash payment of $4,
300.00 with 20 years in which to
pay off the monthly installments
of $70.59. A veteran would have
to make a down payment of
S3,550 on a $15,000 house with
monthly payments of approxi
mately $69.39.”
I
I
i
I
i CHEVERLY, MD.—§18,950
t £ ■' IlilHllllliiillii m I
6002 Euclid St.—A Real Value
On deep level lot this 3-year-old home has center hall, living room with
fireplace, large dining room and kitchen and bedroom with lavatory all
on first floor. Second floor has 2 large bedrooms, tiled bath. Full
basement, A.C. heot. Purchaser can assume $12,000 G.l. loon at 4%
interest.
Open Sunday, 1 to 5 P.M.
Direction*• From Peace Cross in Bladensburg drive out Defense High
way to Cheverly, right on Cheverly Ave. to Euclid St., right to home. j
Exclusive Agent DE. 4444
■ ~ ~~~ ~ .. "" .———====^====^==^==i j
Ill CHEVY CHASE, D. C. I
3322 McKinley Street
Located 1 block from LAFAYETTE SCHOOL, this attractive Co
lonial brick home is immaculate. 1st fl. has a full center hall,
large cheery liv. rm. with firepl., large din. rm., COZY DEN,
equipped kit, large side porch. 2nd fl., 3 EXCELLENT BEDRMS., 2
TILE BATHS. 3rd fl., attractive maid's room and full bath. Det.
2-car gar. Lovely large corner lot. Price, $29,950.
$20,000 1st Trust, 4 Vi percent, $127 per mo.
$9,950 cash required
Open Sat., 3 to 6; Sun., 1 to dark
Directions: Out Conn. Ave. almost to circle, ritht on McKinley to property.
W. B. WRIGHT—Exclusive
REALTOR-BUILDER
3400 Conn. Ave. EM. 5600 |
ship of the company several
months ago.
A spokesman for the new own
ers said today they intended to
sell the units to individuals.
Already, said the spokesman,
more than 400 units have been
sold to colored families.
The spokesman said that almost
all had been sold within a week’s
time with down payments rang
ing, in most cases, from $100 to
$250, and the balance financed
by first trust notes at 5 per cent
and second trust notes at 6 per
cent, amortized on a monthly
basis.
Almost all of the 400 units in
the group so far offered for sale
are now occupied by white tenants,
the owners said.
These tenants were informed of
the owners’ intention to sell to
colored families. So far as is
known, no effort to evict present
occupants has as yet been made.
Under the District Rent Act, pur
chasers have legal rights to seek
possession of a house bought for
their own use and occupancy.
.In connection with possession,
a group of present tenants has
formed a “Tenants Committee to
Protest Eviction” and has em
ployed an attorney to represent
them.
The attorney, Leon L. Sclawy,
said today that the tenants “at
the present time are in a period of
watchful waiting and they in
tend to resist any steps of evic
tion."
Virtually all units offered for
sale so far are “flats”—in this
case, homes on either the first
or second floor of row-type houses,
with a separate entrance for each
home.
The bulk are of one bedroom
and do not have central heating.
They have relatively large rooms.
The houses are of brick.
The units so far offered for sale
are mainly located on Bates
street between North Capitol and
Third streets N.W.; on Third
street between P and Q streets
N.W.; on Q street, between Sec
ond and Third -streets N.W., and
on P street between Second and
Third streets N.W.
Other units not yet offered for
sale are located in northeast
and southwest Washington. The
dwellings yet to be offered are oc
cupied by both white and colored
families, depending on the original
purpose for which they were built.
Prices of the flats in the recent
■ . i.—
sale ranged from $5,750 to $8,000
each, with the average price
somewhat under $7,000, the
spokesman said. Monthly pay
ments average about $60, said the
spokesman, depending on the
amount of the down payment.
Present rents for the units so
far offered for sale average be
tween $22.50 and $25 a month,
the new owners' spokesman said.
They are subject to rent control'
so long as they continue to be
rented.
Walter S. Pratt, jr„ president of
the Equitable Co-operative Build
ing Association, who was vice
president and secretary of' the
Washington Sanitary Improve
ment Co., before it was sold, said
the new owners acquired the com
pany after making an offer of
$32 a share for the 100,000 shares
of stock outstanding.
He said the original company
was successful in achieving its
aim of providing decent housing
for low-income families and that
he had hoped other groups would
undertake developments with the
same general purpose.
He explained that while some
of the stockholders did not favor
the sale, the bulk agreed to the
offer and the transaction was
concluded.
Several years after formation
of the Washington Sanitary Im
provement Co., many of the same
directors and investors in this
company set up another corpora
tion to provide housing at some
what lower rents and with an
even lower rate of return. This
new company was called the
Washington Sanitary Housing Co.
It is now headed by a retired
architect, Appleton P. Clark, Jr.
Mr. Clark said today this com
pany owns about 400 units of low
rent housing and is hoping to
build more at some future date,
thus continuing the work for
which it was established.
No offer has been made for the
stock of this company, he said.
The company established earlier
—the improvement company
completed its first units in 1900
and its last units in 1939.
Mr. Pratt gave the following in
formation as to location, date of
construction and number of build
ings for all the properties owned
by the improvement company at
the time of its recent purchase:
1501-1551 Third street N.W.,
1904, 24 buildings.
| YOUR FUTURE IS HERE
nr » --... • r«waW|.!M10Kf-. "
6817 RANDOLPH ST.
$13,600, GI—$1,000 Down-$67 Per Mo.
' * Fall dlninr roam. * Landscaped extra aroand.
tr Eanipped kitchen—Bendix * Radiant heat.
* Lovely screened porch. * Expandable attic.
Open House—Saturday and Sunday—1 to 6 P.M.
TO REACH: Bladensburg Rd. to Peace Cross, right on Route 5D <Annapolis
Rd.) about A miles to 72nd Ate. right about S blocks to Shepherd, right S
blocks to dath St., left one block* to house and open sign.
1520 K St. N.W. NA. 5005
RAMBLERS
| OPEN SATURDAY AND SUNDAY P.M.
124-230 Q street N.W., 1905, 24!
buildings.
201-231 P street N.W., 1905, 16
buildings.
14-42 O street N.W., 1901, 15
buildings.
14- 28 Bates street N.W., 1905,
eight buildings.
30-94 Bates street N.W., 1900, 25
buildings.
15- 77 Bates street N.W., 1900, 32
buildings.
119-229 Bates street N.W., 1905,
26 buildings.
200-230 Bates street N.W., 1905,
16 buildings.
416-441 Warner street N.W.,
1902, 13 buildings.
57-81 L street N.E., 1902, 13
buildings.
1200- 1256 Half street S.W., 1909,
29 buildings.
1201- 1257 and 1202-1258 Car-!
rollsburg place S.W., 1910, 58
buildings.
1207-1249 South Capitol street,
1914, 22 buildings.
7 N street S.W., 1914, one build
ing.
1201 South Capitol street, 1910,
one building.
2-4 M street S.W., 1910, one
building.
8-10 M street S.W., 1910, two
Buildings.
1401-1421 Half street S.W., 34
38 O street S.W., and 35-39 P
street S.W., 1939, 10 apartment
buildings.
215-229 O street 6.W., 1939,
three buildings.
1706-1710 Trinidad avenue N.E.,
1232-1280 Raum street N.E., 1231
1281 Sims street N.E., 1935, 22
buildings.
1820 Kendall street N.E., pur
chased in 1935, one building.
Open Sat. 1-5, Sun. 11-5
American University
Park
4221 Van Ness St. N.W.
7 rooms (4 bedrooms),
3 baths, library with
fireplace, maid's room
and bath, $34,500.
3420 WO.
Conn. 7900
FACING t
CHEVY CHASE ♦
CLUB |
125 West Bradley Lane £
Imposing Colonial brick; ♦
30-ft. living room, 20-ft. dining *
room; library; DOWNSTAIRS ♦
BEDROOM AND BATH; 5 ♦
bedrooms, 2 baths on 2nd 4
floor; 2 maid’s rooms, storage ♦
room on 3rd floor. Large $
kitchen, separate dinette. De- 4
tached brick garage; circular ♦
driveway to front entrance, i
Large lot. House faces south, 4
overlooking golf course. ♦
REASONABLE PRICE AND
TERMS.
OPEN
Sat., 2-6; Sun., 11-6
DIRECTIONS: Oo out Connecticut
Ave. and turn left (or go out Wit- 1
const it Ave. and turn right) on I
Bradley Lane to OPEN sign, j
Exclusive.
• James L. Dixon & Co.
1022 17th Street N.W.
ST. 7200 Eve*., WI. 7611
Bethesda
# Edgemoor District
6721 Fairfax Road
f
Open Sunday, 11 to 6
Attractive, well-built home less than 3 years old in a particularly
attractive location, convenient to schools, transportation and shopping.
Center entrance home with large living room with fireplace, attractive
dining room with corner china cabinets. Modern kitchen, first floor
lavatory. Second floor has three lovely rooms and both. Full base
ment has excellent space for recreation room, air-conditioned heat
ing ond laundry facilities. The delightful screened porch is on the
garden side of the house and has an appealing brick terrace adjoining,
both have an exceptionally fine outlook and the garden space is large
and has been well started.
Owner leaving Washington has placed a reasonable price on the
property.
To reach: Out Wisconsfn Avenue to Edaemoor Lane (at tnfrrjection 0/ East
West Highway*. left on Edgemoor Lane f blocks to Fairfax Road, left on
Fairfax Road IVt blocks to house.
James E. Schwab
5522 Conn. Ave. Realtor ORdway 5800
AURORA HILLS-OAK CREST
2612 SOUTH JOYCE ST.
OPEN SUNDAY, 2 TO DARK
PRICED TO SELL NOW
This solid brick custom-built Colonial type center entrance home
in excellent condition is ideally situated for children. Walled and
fenced front yard. Dead end street. The lot is beautifully land
scaped.
Large living room with fireplace and built-in bookshelves. Good
dining room. Large kitchen with breakfast room. Side and rear
screened porches.
Three bedrooms, two baths and excellent closet space on 2nd floor.
Stairs to floored storage attic. Large attic fan.
Wonderful ground-level recreation room with built-in bar and
bath. Attached garage. Oil. vapor heat. Recessed radiators. Slate
roof. Copper plumbing, guttering and down spouts.
TO REACH: From traffic light at South Arlington Ridge Rd.
and iffrd St., turn east one block down 'iSrd St. to Fort
Scott Drive: angle right to second street on right: turn
right one very short block and a half to ‘OPEN" sign.
Holden & Company, Inc.
106 No. Saint Asaph St. AL. 2200
If No Answer, Call
TE. 3775, OV. 1497 or TE. 7807
4 BEDROOMS—2 BATHS
s15,950
5118 T ST. S.E.
' This lovely detached brick home convenient to schools, transportation and
stores is beinc offered for the first time this Snnday.
FEATURES:
FEATURES:
! • Two bedrooms on first floor.
• Living room with fireplace.
• Separate dining roonf.
• Complete kitchen.
• Foil bath on first floor.
• Two bedrooms on second floor with
full bath.
• Full basement with outside
entrance.
• Gas heat.
UrtN SUN DAT UNLT, NUUN IIL DARK.
Mr. Wells (Wl. 6690) on Premises
TO REACH: Out Pennsylvania Ave. to Alabama Ave.. left on Alabama E/10
mile to Burns St., Tight on Burns to "T" St., left on “T" St.
to house and oven sign.
nctunvi AO fury
IgHnBMffilMiff
1520 K St. N.W. ' NA. 6005
| ———<■■ ■-Tim-t
!>IT. PLEASA1VT
1855 INGLESIDE TERRACE, N. W.
A substantial brick residence in an area close to Rock Creek,
Park. Six excellent rooms; three bedrooms and bath. Front
porch, first floor screened porch at rear and glass-enclosed,
second floor porch. Built-in garage; oil hot-water heat; vadknt.
Open Sunday, I to 5:30 P.M.
DIRECTIONS: 16th St. N.W. to Newton St., left on Newton to 13th and
right to Ingleside Terrace, and around circle to ,ri$55’*
and our “Open" sign.
BOSS & PHELPS, INC.
exclusive
1417 K Street N.W. NA. 9300
I!
jliHLILJ-J-i!-!— -»
beautiful Peberlp 2>ills §
rmrin—————■'im MMim—i———iiirifTi — ka
1 403 TENNESSEE AVENUE
OPEN SATURDAY AND SUNDAY, 1 to 5
A most delightful, 2-bedroom, prewar home situ- |
ated on a beautiful, level, shaded lot. 2 screened |
porches (1 real large). 1-car garage. Slate roof. %
Property in excellent condition. Close to buses, |
schools and shopping. §
Price: $16,950
Directions: Arlington Ridge Road through Arlandria Showing Center, R
bear right on Executive Avenue, right on Glebe Road. left, on Old Dominion B
Drive, then left on Tennessee Avenue to house and our sign. w
•J. WESLEY HI CIIAYAY £
Realtor—Builder §
Radio Bldg., Arlington JA. 4-1155 g
| - — -_-.—,
!.....
3 _ ag&ffgigissL_ asg
L QUALITY CONSTRUCTION 1
| 5117 LINNEAN AVE. N.W. \
I $28,500 |
1 4 BEDROOMS—2 BATHS 1
OPEN DAILY, NOON TILL DARK
% Out Conn. Ave. to Ellicott St., right to Linnean Ave., left g
to S100 block. 3
i i %
1 Kooleyffros. jj
| ^ "BUILDER^O^ETTERMOMES" |
Continental Bldg. Dl. 1481