Word: upkeep
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Dates: during 1950-1959
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...buyer could afford to spend only about $1,000 a year plus a tenth of his after-taxes income above $3.000 on housing. Now FHA offices will approve credit applications in which $1,000 plus a fifth of income above $3,000 is budgeted for the mortgage, utilities and upkeep. Under the old standards, a buyer with an after-taxes income of $5,000 could not expect to qualify for an FHA-insured house costing more than $10,600 unless he had more than the minimum required down payment. Now such a prospective buyer can qualify...
...annual income if a house had summer cooling. But builders say it takes no more income to maintain a house with combined winter heating and summer cooling than one with a furnace only. The extra operating expense in summer is offset by savings in cleaning, health and equipment upkeep. Henceforth, Mason ordered, anticipated operating expense of summer cooling should not disqualify buyers of houses costing $15,000 or more. In fact, "FHA should start encouraging the inclusion of air conditioning. Within a few years, any house that is not air conditioned will probably be obsolescent...
...Royal Nevada Hotel spent so much more on upkeep and entertainment to lure suckers than it made on gambling that it ran heavily into the red. On top of that, the Nevada Gaming Control Board last month accused the Royal Nevada of cheating-the first such charge against a major casino in the state's history. The board charged that a twenty-one dealer in the hotel casino had peeked at cards before dealing them, asked the State Tax Commission to suspend the hotel's gambling license. For Hotel President T. W. Richardson, it was the last straw...
Among the high-living union bosses spotlighted by the McClellan committee last summer was the Bakery and Confectionery Workers' creampuff-plump President James G. Cross, who had spent union dough lavishly for personal expenses, including upkeep of a girl friend several times convicted as a tart. After studying the testimony, theA.F.L.-C.I.O.'s rock-firm President George Meany ordered the 160,000-member union to get rid of Cross or else. Last week the Bakery Workers' Cross-bossed executive board balked at the order. Meany & Co. promptly suspended the union, sending it to join Jimmy Hoffa...
...will be stepped up by Air Force, which this year is budgeting about $3.5 billion for it (close to 20% of Air Force spending v. 10% a few years ago). Pressure will be on manufacturers to turn out more reliable, easier-to-maintain equipment because Air Force complains that upkeep per year is twice the original cost, and some complex electronics systems need three hours' maintenance for every hour of flight...