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The Dominion Housing Act Now Applies Here This modern governmentâ€"approved home can be built in Timmins for approximately $4,250, according to an estiâ€" mate of local contractors. If it were erected on a $750 lot the whole project could be financed with a down payment of $1000 and monthly payments of $42.21 for ten years. This figure includes princival with interest at 5 per cent. This is the first of a series of homes approved by the government for construction under the Dominion Housing Acet which The Advance will publish. Each will be accompanied by a local estimate of the cost and terms for finâ€" ancing. POMINION + HOVSING + ACT YOU CAN OWN THIS FINE HOME FOR $45 A MONTH BUILT TO ORDER You‘ve always wanted your own home and here is your chance to have it built. Come‘in and let us explain the details of this government housing plan. We will show you how the low interest rate and generous terms make it as easy to own your own home as to pay rent ... and you‘ll really have something. The Governmentâ€"sponsored Dominion Housing Act is now applicable to Timmins and district. You may have a home built to your order with no down payment if you own a lot worth 20% of the combined value of the land with the house on it when completed. Or if you have no lot but have cash equal to 20% of the cost of the house and lot combined you may arrange a mortgage for ‘the 80% balance. The interest rate is just 5% and is paid along with the principal in monthly instalments over a period of ten years. It is just like paying rent except that in ten years you own the house clear and have nothing further to pay. 86 PINE ST . SOT HLLL â€"CLARK â€"FRANCIS LTD. WE ARE EXPERIENCED IN BUILDING TO THE HI1GH STANDARDS OF CONSTRUCâ€" TICN DEMANDED BY THE GOVERNMENT IN THE D.H.A. We have always recommended to our customers the substantial type of construction which the government has made compulsory for homes built and financed under the Dominiqn Housing Act. This means no hardship on the home owner but instead assures him a nouse carefully designed and well built so that no costly repairs will be needed later. We can guarantee complete satisfaction. barrin~g o# wis Mousk arkrv Purcunasen ay Tne: Feor ree Akceeipacrs; Armo a CotPiare SA8r Comsisring or 4 on Bive Pein~rs Ano 4 Dortmmion ousin»ng Sprcisrcrrions /70 B« N ay Tw£ PBumokA) MA#y bars Purcn=usico Fok Surt os P10. 00 eW ssnopm T3gopj ‘L3\y DWIsNnOL[ NOIWIWOG] Orozk* aAay MurmsEA FRom :â€" z20 5r Limn Myea C Toromre. Ort e orsey es Bteeie uC ut 0. 0 4R #Aâ€"* MWow 31 G Morsin»:s yree»er Or Darmrrroemnr Oof Orrewss. Qe»nrm4iqg. * Comfortable English Without materially altering the appearance this house provides a choice of living accommodation. Plan 1 has a goodâ€"sized kitchen which provides dining space ‘and features a large master bedroom. Plan 2 being two feet longer includes a dinette conveniently lacated between the kitchen and large living ‘room. Note the bright fireplace and plentiful closet space. Plans and specifications for this charmâ€" ing home and many others may be secured through Hillâ€"Clarkâ€"Francis CHOICE OF TWO FLOOR PLANS PLAN I How the D. H. Act VVorksm Official explanation of the Dominâ€" ion Housing Act which now applies to Timmins and district may be sumâ€" marizzcd as follows:â€" Purpose of the Act The Dominion Housing Act of 1985 is twoâ€"fold in purpaose. It is designed to stimulate construction, thus relievâ€" ing unemployment, and to enable Canâ€" adian familics, particulariy those of simall or mederate means, to own homes of their own. It establishes the machinery and forâ€" miullates the econditions which make it possible to give immediate financial asâ€" sistance to those who wish to build homes. Many psople hope that some day they will own a home of their own. A home built to their own . individual needs with the modern conveniences and ideas that they have been forced to forego in their present abode; those little things that make the difference between a house and a home. How Accomplished The Dominion Hcusing Act makes this possible by providing generous finâ€" ancing and a plan for moderate monthly payments comparable with monthly rentals. Purpose and Provisions of the Dominion â€" Housing Act This new plan of financing involves a first mortgage up to 80 per cent. of the cost or appraised value of the proâ€" perty, thus eliminating the necessity of a second mortgage which is always costly and undsr present conditions alâ€" most impossible to secure. The mortâ€" gsage morrover is for 10 years and bears a low rate of interest. Thess di»sirable chjectives are accomplished by the Doâ€" minion of Canada entering into agreeâ€" ments with approved lending instituâ€" tions or local housing authoriti»s, whereby the Government makes an adâ€" vance, at an exceptionally low rate of interest, of 20 per cent. of the cost or appraised value of the property, over and above the loan of 50 per cent. to 60 per cent. which would ordinarily be mad> by a private lending institution. In other words, the plan makes posâ€" sible a low rate of imterest, a high perâ€" centage mortgage, and the privilege of monthly repayments over a term of 10 years. In order to be eli der the Dominion owner must have a In order to be elizible to borrow unâ€" der the Dominion Housing Act, the owner must have a certain amount of "ecquity." That is to say, he must be abhle to make an investment from his awn resources equal to the difference between the cost of the new house and tm proceeds of the first mortgage. This equity may be in the form of a building lot, available cash, or both. In addition to this, if his application is to be considered favourably by an apâ€" proved lending institution, the borrowâ€" ottage Style: Requirements PLANX $ Loans may ‘be made to an owner building house for his own Ooccuâ€" pancy. gara Terms of Mortgage Loans will made in the normal case on the basis of 80 per cent. of the actual cost of construction or apâ€" praised value of the property, whichâ€" ever is lesser.. The cost of conâ€" struction includes the cost of the land, building, legal expenses, architect‘s fees, and the cost of all permanent improvements to the property. The beautiful colours and blends of nature are captured and reproâ€" duced in Toronto Asphalt Shingles. _ Briar, Sunset and Clover blends are outstanding in their charm and will greatly enhance the appearâ€" ance of any home. ' FIRE RESISTING AND LASTING FToronto Asphalt Shingles are surfaced with fireproof granules. They give vital fire protection from chimney sparks and flying embers. With Toronto Asphalt Shingles your home has double protectionâ€"protecâ€" tion fram fire and protection from the most severe weather condiâ€" tions. They give years and years of satisfactory service. Call in and let us show you samples of this exceptionally fine roofing. Estiâ€" mates gladly given. They may be financed under the Home Improveâ€" ment Plan. ' FELDMAN TIMBER CO. Head Office Schumacher, Phone 708 , must be for In other words under the Act mmercial proâ€" rse, the house STOCKED BY OUR OUR LOCAL DEALERS In some cases the owner may be able and willing to provide more than 20 pre»r cont. equity or the lending instituâ€" tion may not be willing to share in a mortgage loan as high as 80 per cent. because of the location or character of the property. Provision is therefore made forâ€"70 per cent. or 75 per cent. cans as well as for 80 per cent. loans. Thus, it will ‘be necessary for a borâ€" rower to have an equity of 20 per cent., 25 per cent. or 30 per cent. The mortzage is for ten years and the interest paid by the borrower is limited to 5 per cent. per annum. Method of Repayment The mortgage provides for monthly paymnts to cover the interest on the loan, the repayment of ‘the principal, and the estimated taxes on the proâ€" perty. Thes> monthly payments do not commence until after the house is completed. The monthly payments of principal and interest are so calculated as to pay off the mortgage in 10 years, or the borrower may arrange to pay it off at a hisher rate, or at any time after three years to pay it off in full upon payment of a bonus equalling three months‘ interest on the amount of the lcan then outstanding. Minimum Standards of Construction Plans and specifications for the new house are required to be submitted with any application for a loan. The Minister of Finance has issued Miniâ€" mum Standards of Construction which lay down MINIMUM rn»quirements to wlhich plans for all houses must conâ€" form before an application for a loan will be approved, and also Memoranâ€" dum Specifications which make it easy for the prospective homeâ€"owner to deâ€" cide upon the type of materials and thr> mthod of construction which will give him the best value for the inâ€" ‘estment he wishes to make, and also make it possible for the architect or builder to comply readily with the reâ€" quirement that specifications must be The institutions, whil> not assuming any responsibility for archiâ€" tectural supervision on behalf of the owner, have agreed, in order to proâ€" tect their own interests and that of the Government, to »xercise periodical inspection of the construction of the (Continued on Page Eight submitted. If the house is constructâ€" ed according to thess Stardards and the Memorandum â€" Specifications, the owner should have a wellâ€"built house. Mill Office Timmins, Phone 709 THUrspAY. JUNE 23RD , 1938