Newspapers / Watauga Democrat (Boone, N.C.) / April 11, 1963, edition 1 / Page 11
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FHA Can Now Loan I F or Play Pu*P The Farmers Home Adminis tration. under the provisions of the Consolidated Farmer* Home Administration Act of 1961, makes loans to farm families to buy, enlarge, develop and oper ate farms. This act was amended by the Food and Agriculture Act of 1961 to permit use of loan funds to finance recreation al enterprises. These loans are made to farmers and ranchers who personally manage and op erate not larger than family farms. The authorization to use loan funds for providing re creational facilities will enable these family farmers to supple ment their farm income. Techni cal management assistance will be provided with each loan. Loans are made to fanners and ranchers who are unable to obtain the credit they need from other sources on reasonable terms. Loans for shifts in land use and the development of re creational facilities are also made by the FHA to associations of farmers and rural residents. Information on such association loans may be obtained from the county office of the Farmers Home Administration. Funds for recreational enter prises may be used to develop land and water, construct build ings, and to purchase land, equipment, livestock and other related items including the pay ment of operating expenses. Re creational enterprises which may be financed on family farms, include camping grounds, swimming facilities, tennis courts, riding stables, vacation cottages and lodges, lakes and ponds fer boating and fishing, docksi nature trails, picnic grounds and hunting preserves. , Each loan is scheduled for re- i payment within a period consist ent with the borrower's ability to repay taking into account his income from farming, recreation enterprises and other income he may have. The maximum repay ment period of the loan depend on what the funds are used for and the security provided for the loan. Repayments on loans secured by real estate may not exceed 46 years. Repayments on loans for non-real estate purpos ed maf aot-eatfeed 1 year*. ? < ?The interest rate is !? perWrfP1 per year on the unpaid princi pal. A borrower has the priv ilege of making payments in advance in yean of high in come to build up a reserve that may keep the loan in good standing during yean of low income Each borrower is expected to refinance the unpaid balance of the loan when able to obtain such refinancing at reasonable rates and terms from other sources. Each loan will be adequately secured to protect the interest of the Government. Security for the loan depends on what the loan funds are used for and may consist of a mortgage on the farm, or on chattels, or on other suitable property. Long term loans will be secured by ? mortgage on the farm. To be eligible an applicant must: (1) After taking into account all his available resources, be unable to provide the needed funds himself or to obtain suf ficient credit elsewhere at rea sonable rate; and terms to fi nance his actual needs. (2> Have the background and experience or training needed to be successful in the proposed farming and recreational oper ation. (4) After the loan is made, be a tenant or owner operating not larger than a family farm and be receiving a substantial portion of his Income from farm ing. (5) Be a citizen of the United States and of legal age. About 20 per cent of North Carolina rural families cooked an wood stoves in 1960, accord ing to the U. S. Census. TERMITES SWARMING? War Orphans Eligible "v > For Education Plans Children eligible for benefit! under the War Orphan* Educa tion Program who would Uke to enter training next fall should apply to the Veteran* Admini stration in the next few months, according to Lionel Ward, Wa tauga county veterans service officer. War Orphans Education Pro gram is available to the sons and daughters of WWI, WWII, and Korean veterans who died on active duty or from condi tions caused by their military service. Children of peacetime servicemen who served after De cember 16, 1940. and who died of service-connected disabilities resulting from extra hazardous duty may qualify. Eligible children may receive up to 36 months of education in any approved institutions with the Veterans Administration paying them an allowance up to $110.00 for each month of schooling completed. It is not ? ceesary that eligible children ester college to take advawtaa* of the War Orphans Education Assistance Act. However, below college level course* must be specialized vocitmnsl training that will fit the student for a vocational goal. It is net possi ble to take a regular high school course under this law. Assistance may be obtained | from Robert F. Currence, dis trict officer, North Carolina Vet erans Commission, 202 Prye Building. Hickory, or from lir. Ward at the courthouse in Boone. ?MOW LODGE A. P. and A IT. TlJO P. m. April IS. IMS NmWALlHIDE* with NT Buy it from the Man - in the i GOLD VEST G we're an dressed up for an important occasion ... to introduce new WALLHIOE LATEX One Coat Flat Wall Paint. Wt're sporting new gold vests with all the trimmings to remind you that WALLHIDE has 'Greater Hiding Power. Come in today for a free color chart. FARMERS Hardware & Supply Co. Knig St. ? Boone, N. C PITTSBURGH PAINTS keep tha< |00|, ic,ng? $22.95 Other Carole King Dresses from $8.95 Before You Step Into The Easter Parade ; ... step Into HUNTS! Ladies Suits ano Toppers $10.95 to $22.95 Dresses By Carale King Martha Maiming Vicky Vaaghn $8.95 to $24.95 Men's New Spring Curlee Suits $34.95 $59.95 Others $19.95 up ? ? SPORT COATS $14.95 to $29.95 ? Boys' SPORT COATS $9.95 - $16.95 ? We Can Outfit 'em All ? from Tots to Teens . . . and from Head to Toe! That New Easter Car Is A Family Affair! . . . And here at Andrews it's a family affair in seeing that every customer gets the very best deal we can give him, whether he drives out in a new Chevy, Olds, or an OK used car from our choice selections. '62 Mercury 4-Dr. Mpnterey Custom, power brakes, power steering, Mereo-matie transmission. Extra clean. '62 Ford Galaxie "500" 2 Door. Radio, heater, white wall tires, standard transmission. '62 Chery II "300' 4 Door. Heater, power-glide. '61 Chevy Impala Sports Conpe. Radio, beater, white wall tires, stand '61 Olds F-8 5 Wagon 4 door. Radio, heater, white wall tires. Standard '61 Ford Galaxie 1 Star liner 2 Door. Radio, beater, white wall tires, Fordomatlc transmission. '60 Dodge Dart Pioneer 4 door. Radio, heater, white wal tires. 60 Ford Falcon 2 door. Radio, heater, itin*?il tramwlariia. '59 Mercedes-Benz 10* SL Coupe, AM-FM radio, aux. hard top, folding 59 Chevy Belair 4 door. Radio, heater, standard transmission. '57 Chevy TUT 4 door. Radio, heater, white wall tins, standard transmission. '57 Plymouth Blvd. Sport Coupe. Radio, heater, white wall tires, auto MANY OLDER MODELS ? GOOD BUYS? GOOD SERVICE Dealer License No. 1170 Nv Depot St. Boone, N. C M
Watauga Democrat (Boone, N.C.)
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April 11, 1963, edition 1
11
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