The US Agency for International Development (AID) has agreed in principle to underwrite an additional $100 million for housing loans in Israel, it was learned here today. The agency guaranteed $50 million in housing loans two months ago.
Sources at Tefahot, Israel’s Central Mortgage Bank, disclosed the new agreement on the occasion of the visit of Stanley Baruch, head of the AID Housing Division.
The American official is here to observe how the first $25 million of the guaranteed $50 million loan is being used. The balance of the loan will be available at the end of the present fiscal year (June 30) according to Moshe Mann, manager of Tehafot. The money has been supplied by the Federal Home Loan banks of New York and Boston.
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