Last week Reconstruction Finance Corp. announced its first loan for slum-eradication. To Hillside Housing Corp. in New York's Bronx went $3,957,000. Pending was a similar loan of $800,000 to a Brooklyn group. Since New York is so far the only State with laws and a commission to regulate rents, profits, capital structures, interest charges and methods of operation of housing corporations, it alone is eligible for R. F. C. housing help.
The Hillside development, for which ground was to be broken instanter, will provide 5,378 rooms for 1,581 families at an average...
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