# LCMS Convention Proceedings_St. Louis Missouri_1959_S147
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

SEMINARIES AND COLLEGES 147

of Control. Such assistance shall at no time exceed one half (4%)
of his annual salary. Details pertaining to repayments, possible
resale of such properties, utility allowances, and other safeguards
shall be worked out by the Boards of Control in conjunction with
the Board for Higher Education;

5. The purchaser should have enough income to make regular
payments on the loan, so it can be paid off within twelve to twenty
years and call for no more than one fifth of the monthly salary;

6. The regular income of the purchaser should be the chief
determinant of the purchase price of the property;

7. A rule of thumb sometimes used to determine the amount
to be spent for a home, generally speaking, is: “You can afford
a home equal to 2% times your gross annual income.” This would
require 25% of the take-home pay and is only an estimate, since
there are many modifying features.

8. A housing loan should be one which permits prepayment
or payment in advance of the due date. Because a long-term
loan requires smaller monthly payment than a short-term one, it
is usually best to secure a relatively long-term loan which permits
prepayments. If the loan is paid off as quickly as possible, interest
costs will be saved, and an equity in the property can be built
up faster. Payments should be based on a systematic loan-reduc-
tion plan or the constant monthly payment plans.

9. To protect their mortgage loan on the investment, lending
agencies require the purchaser to carry fire, wind, and other
insurance on the property. The policy should also provide enough
insurance to protect the purchaser’s equity.

Action: This resolution was adopted.

Freshman High School Year at Concordia College,
Portland, Oreg.
RESOLUTION 42, COMMITTEE 1

Memorial 143, page 193, Reports and Memorials

WueErEAS, At the present time Concordia College, Portland,
Oreg., has no freshman high school year; and

Wuereas, We believe that it would be more feasible to recruit
young men to attend our Concordia if the freshman high school
year were re-established; and

Wuereas, There are only three of our schools in the Northwest
District that have a ninth grade; and

Wuereas, There is no community Lutheran high school to
which the students of the District may go; therefore be it