Page 6-B Report From Sen. Morgan The first session of the 95th Congress has finished, except for energy legislation and other measures now being worked on by con ference committees. Other legislative matters will be taken up when we convene to start the second session in January. Just before the members left Washington, I in troduced the “Home Ownership Program Act of 1977” in the Senate. Senator Hubert Humphrey, an ex pert in the housing field, co sponsored the bill. Senator Humphrey and I fed that this bill would open the door for young people whose income is in the ten to sixteen thousand dollar range, to be able to buy a home. It would also put a lot of unemployed people to work building those homes and making the materials that would be needed in those homes. I have long held two very definite ideas about housing. One is that every. American family should have the opportunity to own at least one home during their lifetime, and the other is that the country cannot have a really good economic climate unless the housing industry is healthy and busy. This bill is designed to benefit both of those prin ciples: 1. To allow people who have no hope of buying a home under present cir cumstances to buy their first home. 2. To stimulate the economy by the increase in home building. This is how the {dan would work: The Secretary of Agriculture, working through the Farmers Home Administration, would start a pilot program in states and counties selected by the Secretary. He would designate lending in sinuations, such as Savings and Loans, Credit Unions or other mortgage lenders, to participate in the program. Credit would be extended to the designated lenders at a rate of four precent and the money would be earmarked for housing construction loans to low and moderate income families. These loans would be made at an interest rate of six percent. These families would then be required to pay back the money, using about 25 percent of their monthly income to cover interest, principal, taxes and in surance. The program is in no sense a giveaway program, as the funds are loaned, not given, to the lenders. Such costs as are involved could very well offset by in creased tax revenues and lowered unemployment compensation payments to out-of-work construction workers. We will be taking a careful look at the economics of the program as the bill is considered in committee. Let me say that the plan has been studied by Arthur Burns, Chairman of the Federal Reserve Board, and while the Board has no direct association with housing, we hope to get some help on economic matters from Mr. Burns when the bill goes to com mittee. If the pilot program which the Secretary of Agriculture would start under the bill is successful, then it could be extended to other areas. It would cease after five years unless Congress chose to extend it. I hope that we can con vince enough people in Washington that it is a good /{dan - far better, I believe, than a huge public works program to stimulate the economy. Stop itching fast of external vaginal, rectal, and other skin conditions. Doctors'find even severe itching can be treated with a special drug. You can now get thie anti-itch drug ingredient with no prescription in BiCOZENE* Use only as directed. The medically proven 53SJ' 0 ' BICOZENE & HONEY r-i BIC I • PRICES GOOD FRIDAY & V SSS - . NOV. 25TH & 26TH M ■ DISPOSABLE 1 • i/sys SSISit \ HI a I TO UMIT QUANTITIES AVAHABU AT AUtMNNOOOC STORES OR CAU.WMKNXM SHAVER ' ADVBmSMQ DEPT. 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