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Sallade Proposes Down Payment Aid

Sallade Proposes Down Payment Aid image
Parent Issue
Day
24
Month
October
Year
1968
Copyright
Copyright Protected
Rights Held By
Donated by the Ann Arbor News. © The Ann Arbor News.
OCR Text

George W. Salladei D-Ann Ar- bor, says that if he is electedl Nov. 5 to the state House ofl Representatives he will workl for a plan which would providel h o u s i n g down payments for I needy persons. Sallade, commenting at a re-J ception this week, proposed al Residential Building Fund 1 to make the down payments available. The corporation would be financed by the state through a revenue bond sysItem. The down payments would be in the form of loans. "The down payment loans would be in the nature of promissory notes and would not interfere with the mortgage seIcurity arrangements which are Irequired in the existing governImental plans," Sallade said. He also commented that the Icorporation would be empowlered to make use of private capital from banks "and whatlever private sources might be lavailable."