This is a historical newspaper article. It appeared in the Chicago Defender on October 27, 1934. It describes how the Chicago Better Housing Program, made possible by the National Housing Act, now allows for home improvement loans to be made. While the article makes it seem easy for African Americans to get loans to improve their houses, the opposite was actually true. Beryl Satter's book "Family Properties:Race, Real Estate, and the Exploitation of Black Urban America" makes it clear that attaining a home improvement loan was a difficult process indeed. The article advises prospective borrowers how to get proper advice on attaining a loan, the amount one may borrow, the usual terms for such loans, and what collateral one must have to be eligible for a loan. The reluctancy of the FHA to grant such loans to African Americans is hinted at under the heading "Amount One May Borrow". When discussing how long the terms of a note may be, and therefore how much interest one would have to pay, the article quotes, " The term of the note depends entirely on the discretion of the financial institution, which may at its option require loans to be repaid over such lesser periods as justified by the amount you can reasonably afford to pay each month".
Chicago Defender (National Edition). October 27, 1934. Chicago, Illinois. pg 12
Housing Facts. 1934. The Chicago Defender (National edition) (1921-1967), October 27, http://www.proquest.com/ (accessed October 12, 2010)
Unknown, “Housing Facts,” Inbetween Peoples, accessed September 24, 2020, https://as205.omeka.net/items/show/82.