The newly-formed Israel Corporation of America — organized by leading American Zionists to further the economic upbuilding of Israel through a vast program of housing and the promotion of essential industries — has entered into a partnership agreement with the Jewish Agency for the first large-scale housing projects to be built in the Jewish state, it was announced today by Jacob M. Alkow, secretary of the corporation.
The partnership agreement calls for the joint undertaking by the corporation and the Agency of huge housing developments in order to provide accommodations for the great waves of immigrants now arriving in Israel. Under the terms of the agreement, the investments of the corporation in the building of new housing in Israel will be secured by the Jewish Agency through a first mortgage to the full principal amount of its investment. These investments are assured a minimum yield of five percent interest in United States dollars, amortization of the principal in 15 1/2 years, as well as opportunities for capital appreciation.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
