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PAGE 6 TERRACE BAY NEWS COMMENTS FROM YOUR NORTHERN AFFAIRS OFFICER Central Mortgage & Housing Corporation re- cently announced a new Program under the Nat- ional Housing Act. One Program of interest is - the "Assisted Home Ownership Program." This program is aimed at helping lower in- come families with one or more dependent children to become owners of new or existing housing. The program involves loans and grants by CMHC. Assistance is provided in accordance with a graduated scale of adjusted family incomes. As family income decreases in the income scale, assistance increases pro- gressively. Following interest rate adjust- ment down to CMHC's lowest rate, a maximum grant of $300.00 per annum is available to make further reductions in monthly charges. The object is to enable families to own a house without spending more than 25% of their gross income in meeting the monthly cost of mortgage loan repayments and municipal taxes. Regular home-owner housing, housing built on leased land or condominium forms of housing all qualify under the program. ' The CMHC loan will be 95% of lending value, plus the mortgage insurance fee, and will re- quire a minimum down payment of 5% of lending value, which may be in the form of cash, land, labour, provincial grant or any combination of the four. Generally the program will serve families in the income range of $6,000 to $II,000 per annum. Each family will be given only one oppor- SPORTS CORNER WHEN THE NEW YORK YANKEES DECIDED CHARLES FINLEY WANTED T00 MU 7 4 NEW YORK TEAM THEN NAMED WILLIAM C. SIL! VIRDON TO MANAGE - JHE YANKEES FOR THE 974 SEASON. VIRDON SPENT His | lhc ove ira SHE LOUIS CARDINALS AND AITISBURGH PIRATES (SPORTING NEWS ROOKIE OF THE YEAR 1955). HIT .267 IN 1583 GAMES , WAS BRILLIANT CENTERFIELDPER. / VIRDON REPLACED DANNY B MURTALGH AS PIRATE MANAGER IN 1972, WON DIVISION CHAMPIONSHIP WITH RECORD OF 96-59. PIRATES FIREDP HIM SEPTEMBER OF LAST SEASON WITH BUCS TWO GAMES OUT OF FIRST PLACE VIRDON HAD SIGNED TO MANAGE DENVER CLUB OF THE PACIFIC COAST LEAGUE UNDER CONTRACT GUARANTEEING RELEASE IF HE WAS OFFERED MAJOR. LEAGUE PasT. AS YANKEE MANAGER, HE 'LL RECEIVE ESTIMATED 1] $40,000 . FEBRUARY 6, 1974 INCOME TAX - EVEN IF YOU DON'T PAY INCOME TAX YOU SHOULD STILL FILE A RETURN Get your fair share-of Ontario's New Tax Credits, and here.is how they work: I. PEOPLE WHO OWN OR RENT (INCLUDING ROOMERS AND BOARDERS) MAY SHARE IN THE PROPERTY TAX CREDIT. 2. PEOPLE WHO. FILE A RETURN MAY SHARE IN THE SALES TAX CREDIT 3. PEOPLE OVER 65 MAY SHARE IN THE PENSION TAX CREDIT FOR PERSONAL TAX PREPARATION CALL: C.K. BURGESS 81 HUDSON DRIVE TERRACE BAY 825-3370 tunity to buy under the assisted home ownershig program. A family that sells a house purchas- ed under the program will not be eligible for 'a second loan. However, CMHC may enter into an agmeement with the new purchaser should he be eligible under the program. : For further information contact your North- ern Affairs Officer, J.B. Young, Peninsula Building, Marathon, Ontario. ANNOUNCEMENT John McParland, son of Reeve and Mrs. Harold McParland, Schreiber, received his Masters of Arts Degree in Education from the University of Minnesota. j Mr. McParland is also a graduate of Lake- head Teachers' College and Lakehead University} He is employed with Lakehead Separate School Board, Thunder Bay. Mr. McParland is married to the former Paula Bellon and has one son. All Shook Up! Do things get you all shook up -- like trying to decide which checkout line at the supermarket to stand in?