12 MONTH
CERTIFICATE

6.009 ,6

INTEREST RATE

6.13

0/0

60 MONTH
CERTIFICATE

6.25'

6.39 •N

INTEREST RATE

A.P.Y./*

The client/agency team of
Franklin Bank and Solomon
Friedman Advertising of
Bloomfield Hills won a presti-
gious EFFIE award from the
American Marketing Association
in New York. The EFFIE cele-
brates advertising creativity and
effectiveness, in this case for an
ad campaign that made a mea-
surable difference to Franklin
Bank's success in the communi-
ty.

ment securities firm of Roney &
Co. as assistant vice president for
corporate finance. Zwas previ-
ously served as senior consultant
in the corporate finance group of
Ernst & Ything LLP. ❑

e*S0'

Jerold Zwas of Southfield has
joined the Detroit-based invest-

New Home Owners
Build Their Own

These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage Yield.

FIRST SECURITY

SAVINqS BANk

"First in Service"

EALL (810)338-7700 or (810)352-7700

L

Main Office 2600 Telegraph Rd. Bloomfield hills, Mi 48302

*Annual percentage yield when compounded quarterly. Rate is accurate as of 7/14/95. Penalty for early withdrawal from certificate accounts may be assessed.

'Oa • ,8ta4

adazi

etustom Ctotbier

Custom Made Suits From $495
Custom Made Shirts

•Benchmade Suits • Custom Made Suits •
• • Custom Alterations • Accessories •

Detroit's Premiere Custom Clothier Since 1949

Appointments in Your Office or Our Showroom

Gary Wettenstein and Sheila Blum

(810) 646-0535

Over 30 Years Combined Experience

271 MERRILL • BIRMINGHAM

TRUST YOUR NEXT CATERED AFFAIR TO THE FINEST KOSHER CATERER

We Cater At
Most
Synagogues,
Temples,
Hotels
and the Hails
Of Your
Choice

Approved by Council of Orthodox Rabbis

I

PHILIP TEWEL

Food and Beverage Director

Rochelle ['fiber's

Knit, Knit, Knit

855-2114

Accents In
Needlepoint

Contemporary Designs

CLASSIC CUISINE

4b

FOR THE BEST IN
KNITTING & NEEDLEPOINT

(810) 661-4050

Farmington Mills, Michigan

626-3042

In Orchard Mall • West Bloomfield

Israel's build-your-own-apartment program offers
discounted housing in desirable areas for-first-time
home owners.

GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS

I

sraelis in search of a first
home can make a good real es-
tate investment by purchas-
ing property through the
build-your-own-apartment pro-
gram, which offers apartments
at a 20-30 percent discount.
Surprisingly, few people have
heard of the program, which was
introduced last year to provide
housing for the needy, especially
residents of caravan (mobile
home) sites, but can provide
housing solutions for young cou-
ples and others who do not own
a home.
The program is operated by
the Housing Ministry in part-
nership with local councils and
the Israel Lands Development
Company. The government has
already approved construction of
10,000 build-your-own apart-
ments in all areas of the country.
Under the program, the Hous-
ing Ministry and local councils
locate land for the program and
plan its development. To lower
the cost of housing, the council
publishes a tender inviting
builders to submit bids for con-
struction of the apartments. In
this way, buyers do not pay de-
velopers' costs, but only for build-
ing and land costs.
In Rosh Ha'ayin and Holon,
apartments available through
the program were sold at 27 per-
cent below the market price,
while in Rishon Lezion, apart-
ments were sold at a 20 percent
reduction.
Uziel Regev, who heads the

program for the ministry, says
the biggest reductions are avail-
able in areas where the cost of
housing is very high.
In Ramat Hasharon, the price
of a three-room apartment will
be about $117,000 - $121,000, a
three-and-a-half room apartment
about $126,000, and four-room
apartments approximately
$134,000. The prices are very
cheap considering the fact that
the average price of a room in Ra-
mat Hasharon reaches about
$70,000 - $80,000, or $210,000 for
a three-room apartment.
While the Ramat Hasharon
program involves construction of
72 apartments in Morasha, one
of the city's less desirable neigh-
borhoods, in other towns the pro-
gram provides housing in areas
of high demand.
Why aren't people rushing to
buy? The reason is that not
everyone is eligible to participate
in the program, and those who
are must win the right in a raf-
fle.
The program is for individuals
and couples who have a certifi-
cate of eligibility (teudat zakaut).
The document is issued by the
ministry through the mortgage
banks, and defines individuals'
rights to government housing as-
sistance, according to age and
size of family.
The program discriminates
against eligible candidates who
are not from the town which is of-
fering the program. A local resi-
dent is defined as someone