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U.S. Business and Labor Groups Subscribe $500,000 Worth of Bonds for Israel Housing

More than $500,000 worth of bonds issued by the non-profit Amun-Israeli Housing Corporation were subscribed at a luncheon meeting at the Hotel Astor, it was reported here today.

Proceeds of the $10,000,000 issue of 15-year three percent sinking fund bonds, $6,000,000 worth of which has already been taken, will finance the construction of 8,000 low-cost homes for workers and farmers in Israel. This will help relieve a critical housing shortage which has arisen as the result of heavy immigration, the manufacturers were told. The Amun-Israeli corporation is the first joint financial effort of business and labor leaders.