U.S. Agency Grants $575, 000 Loan to Finance Housing for Jewish Aged

Two housing developments for the aged, one of them financed by a $575, 000 loan from the United States Housing and Home Finance Agency, will be erected in different parts of New York City, it was announced here today.

The $575, 000 loan went to the Educational Alliance, a noted East Side institution founded 73 years ago. The project will include a 10-story building, the upper eight floors of which will provide a 40-apartment residence for persons over 62. The lower two floors will house Educational Alliance facilities, including special geriatric services. Residents at the project will be selected from the East Side, and will represent a cross-section of the area’s ethnic, cultural and income groups.

The second project, in suburban Queens, will have facilities for 225 residents, over the age of 60. Helping finance this project will be the Fellowship Fund, an organization in charge of masterless” funds which once belonged to victims of Nazism. The Flushing YMHA, located in the area, will provide special program facilities for the aged at this project.

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