Building a Neighborhood on Easy Terms
A local firm introduces a development plan for the city's north side to help residents build their own homes.
Fred R. Reed & Co. are promoting a new plan to assist those with limited means in acquiring housing. They are offering lots in the northern part of the city, with the condition that buyers build a house costing at least $650. The firm provides a loan for 60 percent of the valuation at 8 percent interest over three years, framing the mortgage payments as comparable to or cheaper than standard rentals.
“A little figuring will convince those desirous of building that by taking advantage of this offer the difference between the interest and the usual rentals will help very materially in paying off the mortgage.”
This 1892 promotion highlights the era's townsite building and the early efforts to turn renters into homeowners in Yakima. It reflects the constant struggle for affordable housing that remains a central issue in the city today.
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