Page 2 The Chronicle, Saturday, Jane 2, 19^
Housing
RALEIGH - The average North Carolina
worker has beerf priced almost
completely out of the market for the
average new single-family home, according
to N.C. Labor Commissioner
John C. Brooks following a review of
monthly building permits issued in
February by 38 North Carolina cities of
more than 10,000 population.
> - "The average estimated construction
_ ii> i f f inj|1i fiinili iinn in iiiiii',i i "1
in -JEebcuary was $37,738, up 22.6
? ary ' i ^
average cost was $30,775," said Brooks.
"This^ information tells us that the
cost of baconinrg^4he> owner of in "
"but "of reach of the majority of North
Carolina'? 1 icu\ u -1 J
- *,vw^?,UVA/ WUlftCD. VttlU
Brooks.
VBAV
4' r
Speaker
Earl T.Shinbotter [above]
regional director of the
NAACP, will be the featured
speaker daring the
Annual Freedom Day
Dinner at the local branch
of the N^ACP Friday, Jane
ft m* tk? D._? ^ 41
v m*. uiv uvuuid vonvennon
Center. Tickets may be
purchased at the NAACP
office In the Jetway Shopp- "
Ing Center.
Neal
to
Questions
Project
WASHINGTON RepJ,
Stephen L. Neal, D-N.C., is
considering an attempt to
block the U.S. ExportImport
Bank's proposed additional
financing of the
Inga Shaba power project in
the Central African nation
of Zaire.
- The- Eximbank hasan? =
uvuiiwu pmns to OOOSX IIS ? ?
Mnga-Shaba commitments
by $93 million to a total of
$397.8 million so that the
project can be finished.
If the project is not
completed, Zaire will not be
able to increase its produc
tion of copper and cobalt ~
enough to revive the nation's
economy, and the
Eximbank will have little
chance of collecting on its
earlier loans, guarantees
and insurance.
The Inga-Shaba project,
which would transmit power
from western Zaire to
the Shaba copperbelt in
southeastern Zaire, 1,100
miles away, was first
scheduled to be completed ;
in 1977, but the new target
date is 1982.
It has been delayed by
civil war (including *he
1978 invasion by rebels
from neighboring Angola),
by construction prob- 'J?||
lems and by shortages of f?||
materials. '
Neal, chairman of the ff|l
House Banking Subcom- v v
mittee on International ; .J
Trade, which oversees the
Eximbank. raised Questions
about the Zaire project* ; s f??|
during subcommittee ?. SB
hearings on the bank's SB
export financing activities. X- IIB
Neal suggested that the
Eximbank, which already r.
has committed more than , iS
$300 million to the project,
perhaps should "put a stop mm
to this now to cut your
potential losses...instead of :0m
throwing good money after Mb
The $93 million in new
commitments to Zaire (half ||||j
direct gyarantees)
would finance the MV
purchase of America^
goods and services for com- rffll
pletion of the power line. ||
#
i
Costs Skyi
"If the old rule-of-thumb is still
working, which says that a family
should able to afford a home that
costs to-and-a-half times its annual
income, a family would have to earn an
annual income of approximately 520,000
in order to buy an 'average' home in
today's market," he added.
Yet the average annual wage of our
largest single group of workers, the
---more than 800,000 'factory production least
two adult wage earners in many
- North Carolina families seeking to own?
~ T
In other housing-related news, a
leading home builder told Congress that
U
The answer is, c
To some, it's the
having to write a che<
To others, it's ju
of not having to go in
Whenvc
J
/
c?
f
rocket |
tax exempt mortgage revenue bonds BP
represent the last opportunity for many
moderate income families to purchase a
home.
Herman J. Smith of Ft. Worth, Tex.,
vice president of the National Associa- L
tion of Home Builders, testified last M
week against a proposal to remove the .
tax exempt status from earnings drawn'
from the bonds. W*
? Pond Jjiiaraing one of thc.&leps 5^ being
promoted in North Carolina to ,
fiE ttrcrfBtT
uicvjiTic nousing. ^ 1 ne iNortn Carolina
Association of Minority Public Officials
earlier Oris yearJaudieil ViicII homing
?bondfr. LmJtl offiuilA lime ?liu luuhi.il at
enabling legislation that would allow
the city of Winston-Salem to float,
housing revenue bonds.
toy are soi
sine Wach
'hen the bi
.onvenience. Teller II is t
: convenience of not machine for peq
zk. - machines. It can
st the convenience any banking serv
side the bank lobby. Quickly, easily ai
xi bank at Wcichovia
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rrinMr Wu
Procope, New York Amsterdam Newt;
Alfred L. Morris, Philadelphia Tribune;
and John H. Sengstacke, Chicago
manypeoj
ovia Teller
uikisojpe
Tuly the banking . So, when yc
pie who don't like after hours, or on
i handle just about by all means use 7
'ice you may need, that you can use it
rid conveniently. as well. Give it a t
.you can always use
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Induitriva mmuHvm tn dliMM wh?*
the South9 largest' firm It doing for
mlnorfltieft ^ s
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?u have banking to do }
weekends or hoi idays,
eller II. But don't forget \
: during banking hours
ry, this week.
Teller II.
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