Time Clock, Jul. 25, 1960

FHA POLICY CHANGE will enable individuals for first time in 26 years to invest in government-insured house mortgages yielding as much as 5 ¼%. Hitherto FHA-guaranteed mortgages have been sold only by banks, insurance companies, etc. Policy aims at attracting new money for housing, which lags this year.

ZECKENDORF HOTEL site in Manhattan will probably be sold to Uris Buildings Corp. for $9,000,000. Ballyhooed as the first major Manhattan hotel to be built in 30 years, the Zeckendorf, without enough financing, remained just a hole across from Rockefeller Center. Rockefellers wanted a hotel on the site, but Uris plans office building.

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