"Broke but Happy"

Administrator Nathan Straus of the U. S. Housing Authority, which has been granted $800,000,000 from Congress for slum clearance since its organization 13 months ago, last week slammed his books shut, announced that the Authority was "broke but happy.'' Although there were only 46 local housing authorities when USHA set up shop, there are now 221 (in 31 States) qualified to take advantage of USHA's bargain terms--90% of the cost in longterm, low-interest loans--for slum clearance and low-rental housing programs. Not actually broke, USHA has signed $291,656,000 worth of contracts, earmarked $355,919,000 more, will keep the rest of its nest egg as a "safety margin" until fresh funds are forthcoming. Without directly asking for any, Administrator Straus broadly hinted: "This agency could easily earmark $500,000,000 more if it had it."

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