NEW YORK (Apr. 19)
The Palestine Economic Corporation, American development company operating in Israel, today announced plans to launch a housing program to help relieve the critical shortage of living units in the new state.
The sum of $500,000 has been appropriated by the corporation to start the work, Julius Simon, president, reported. The P.E.C., he added, has hopes of interesting other investors to put up additional funds so that the program can be expanded at once. “Construction,” Simon said, “will be undertaken on a section of the 1,400-acre tract owned by the Bayside Land Corporation, a wholly-owned P.E.C. subsidiary, at Haifa Bay.”