August 31, 1932

RECONSTRUCTION FINANCE CORPORATION

WASHINGTON

(Immediate Release) (P-57)

Darwin R. James, Chairman of the New York State Board of Housing, and Carl S. Stern, of counsel for that Board, conferred this afternoon with Mr. Harvey Couch, a director of the Reconstruction Finance Corporation, and members of the Corporation's Advisory Board of Engineers and members of the Corporation's legal staff, relative to the procedure to be followed by applicants for loans under paragraph (2) of Section 201 (a) of the Emergency Relief and Construction Act.
That section authorizes the Reconstruction Finance Corporation to make loans to corporations formed wholly for the purpose of providing housing for families of low income, or for reconstruction of slum areas, which are regulated by State or municipal law as to rents, charges, capital structure, rate of return, and areas and methods of operation, to aid in financing projects undertaken by such corporations which are self-liquidating in character.