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$20,000,000 Corporation Formed to Provide Housing in Israel; Backed by Unions

The Amun-Israeli Housing Corporation, a company to finance $20,000,000 worth of low cost housing in the Jewish state, has been organized here, it was announced yesterday. The corporation is sponsored on a non-sectarian basis by labor unions and American businessmen.

The Securities and Exchange Commission has approved plans for the floating of a $10,000,000 bond issue which will pay three percent interest and will be amortized over a 15-year period. The Israel Government will guarantee that at least 10 percent of the investment will be repaid in dollars. The corporation plans to build 8,000 homes in the $2,500-$3,000 class.

Among the sponsors of the project are officials of the International Ladies Garment Workers Union, Hotel and Restaurant Workers Union, William Green, president of the A.F.L., and Philip Murray, president of the C.I.O. Among the businessmen associated with the corporation are Nelson Rockefeller, Beardsley Ruml, and Charles Silver, president of the American Woolon Company. The I.L.G.W.U. has pledged the purchase of $1,000,000 worth of the bonds which will be sold in denominations of $100 to $1,000.

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