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Again, because of the special nature of this disaster, their needs
also require special attention. We must not permit the nightmare of
destruction which has wrecked SO many of their homes and places of
business to be followed by the equally grim spectre of bankruptcy or
ruin.
With this in mind, I shall also propose to the Congress impor- -
tant legislative action that would authorize special disaster loans
to affected homeowners and businessmen at only1 percent interest
-- and with no repayment required on the first $5,000 of the loan.
There is no quicker, more effective way of helping the people of these
stricken communities to get back on their feet and resume their normal,
productive lives than to provide them with this source of low-interest
credit for rebuilding their homes and businesses.
Finally, knowing as we do that no amount of advice and assistance
from the top can be truly effective without cooper ation and understanding
with all levels of government, I have invited some 500 Mayors, county
executives and other leaders from disaster-struck communities to attend
a special conference with Federal officials to be held in Washington
this Friday. Presiding over that conference will be [the Vice President
and] the Deputy Director of the Office of Management and Budget, Mr.
Frank Carlucci -- himself a native of one of the hardest-hit communities
in Pennsylvania, Wilkes-Barre.
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"ocrText": "-4-\nAgain, because of the special nature of this disaster, their needs\nalso require special attention. We must not permit the nightmare of\ndestruction which has wrecked SO many of their homes and places of\nbusiness to be followed by the equally grim spectre of bankruptcy or\nruin.\nWith this in mind, I shall also propose to the Congress impor- -\ntant legislative action that would authorize special disaster loans\nto affected homeowners and businessmen at only1 percent interest\n-- and with no repayment required on the first $5,000 of the loan.\nThere is no quicker, more effective way of helping the people of these\nstricken communities to get back on their feet and resume their normal,\nproductive lives than to provide them with this source of low-interest\ncredit for rebuilding their homes and businesses.\nFinally, knowing as we do that no amount of advice and assistance\nfrom the top can be truly effective without cooper ation and understanding\nwith all levels of government, I have invited some 500 Mayors, county\nexecutives and other leaders from disaster-struck communities to attend\na special conference with Federal officials to be held in Washington\nthis Friday. Presiding over that conference will be [the Vice President\nand] the Deputy Director of the Office of Management and Budget, Mr.\nFrank Carlucci -- himself a native of one of the hardest-hit communities\nin Pennsylvania, Wilkes-Barre."
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