Word: low-interest
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...encourage the renovation and repopulation of the city's dying neighborhoods, he instituted a "sweat equity" homesteading program, offering abandoned buildings to urban pioneers for $ 1 if they would promise to inhabit and improve the property. To sweeten the deal, Schaefer's administration provided low-interest home-improvement loans. Incentives for commercial development have been equally unorthodox. In 1976 he created the Baltimore Economic Development Corporation (BEDCO), an efficient, privately operated agency that acts as a one-stop clearinghouse for businesses seeking building sites and financing in Baltimore...
Another continuing problem that may flare up is the Cambridge option plan, a low-interest mortgage subsidy provided to faculty who agree to live in the city. The mortgages contain a clause allowing Harvard to purchase the homes should owners sell them, and some city councilors have pointed out in recent weeks that, even with an expansion ordinance in place, the homes will give the University a foothold in many Cambridge neighborhoods...
That urgency seems undercut, however, by some Administration proposals. As part of its budget reductions, the White House wants to slash $600 million out of the $5 billion lending authority for the Export-Import Bank, which provides low-interest loans to foreign buyers of U.S. goods. Such credits are often a key factor in determining which company will win an export contract. Countries like France and Japan offer attractive loans if a foreign company agrees to buy their products. American firms may now be at a disadvantage in competing with those exporters...
Banks and savings institutions have undoubtedly been hurt by the money funds, since their cheapest source of funds is deposits in checking accounts and low-interest passbook accounts. Saddled with billions of dollars' worth of unprofitable old low-interest mortgages, some thrift institutions are tottering on the edge of bankruptcy. Last week the U.S. League of Savings Associations urged the Government to impose sharp restrictions on the money market funds and asked the Federal Savings and Loan Insurance Corporation to pledge up to $7 billion in low-cost loans. Says Carroll Melton, league economist: "The money market funds...
...G.S.L. is a troublemaker. Abuses are growing, and I'm sure most administrators would agree it needs to be tightened up." The loans also provide some funds that even the colleges think a student's family should be capable of providing. Tales abound of families borrowing more low-interest G.S.L. money than they actually need for tuition and using some of it for other investments. The Reagan Administration says it wants to cut the program to provide for only the "truly needy...