Community Homes Development in San Semando Valley: A Promising Opportunity for Families and Investors, 1947-01-01 - 1947-12-31

Item — Box: 48, Folder: 9

Identifier: CAC_CC_014_3.2_48_9_0005

Staff Only

Community Homes in San Semando Valley consists of 284 families, including 13 neglected families, living on raw and unrestricted land. The city planning approach is being led by Gregory Aim, an architect, with a budget of $3,000,000. Seven banks are willing to lend money for the project, pending approval from the Federal National Administration. Foley from the FHA is offering a mortgage rate of 6.50 per square foot. Community Home Inc. has 80 families, with 50% being beneficiaries and 3 neglected families. They are applying for an FHA mortgage and are awaiting approval from the bank. Bernal is the contact person for the project located at 6272 Yucca St. Raymour's Don't is the financial representative for the project, with plans in place for sub-dividing the land that has been approved by the city Planning Commission. Johnson is the regional consultant involved in the project.