TORONTO (Nov. 19)
Samuel Bronfman, president of Canada-Israel Development Limited, jointly with Mr. D. Lou Harris, chairman of the Mortgage Loan Fund Committee of the Zionist Organization of Canada, announced today the establishment of a $500, 000 Loan Fund to provide long-term, low rate mortgages on homes in Israel for Canadians settled there, and for those who are planning their Aliyah. Such mortgages Have not been available through existing channels in Israel.
The National Housing Act of Canada as administered by the Central Mortgage and Housing Corporation has been used as a model in preparing this new instrument for Canadian Zionist help to settlers in Israel who have come from Canada. This will be the first time that an instrument of this kind has been provided on this basis by any Zionist community in the world on behalf of its settlers in Israel.
The fund will be administered through the General Mortgage Bank of Israel, an affiliate of the Bank Leumi, the largest bank in Israel, with the cooperation of the Association of Canadians and Americans in Israel. Dr. Y. Foerder, the chairman of the board of directors of the bank, expressed his complete satisfaction at the establishment of this long-needed instrument on behalf of Canadian Aliyah and hoped that Zionist communities in other parts of the world would take similar action on behalf of their settlers.
This program results from years of study by the Committee on Aliyah of the Zionist Organization of Canada as to what would be the best way of helping Canadians who settled in Israel to be properly integrated and thus able to make a maximal contribution to the economy of the country.
John Devor, chairman of the Aliyah Committee, said that the $500,000 mortgage loan fund would come from the sale of $5,000, 000 in securities, the total capitalization of Canada Israel Development, Ltd., and urged all Canadian Zionists to purchase stock “in recognition of the tremendous Zionist significance of this program.”