National Housing Act


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National Housing Act

Legislation in the United States, passed in 1934, that established the Federal Housing Administration and the Federal Savings and Loan Insurance Corporation. The FHA provides mortgages to those who otherwise may not be able to afford them. The FSLIC gave insurance to savings and loan corporations, which reduced the likelihood that savings and loans would go bankrupt and therefore made it less risky for them to make mortgage loans. Both aspects of the Act were intended to increase American homeownership. It was part of the New Deal.
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Nebraska officials concluded that in these older cases, Congress did authorize state taxation of military housing involving private developers under the Military Leasing Act of 1947 or the National Housing Act of 1949 (a.k.a.
In March 1945, the Alberta government further facilitated the granting of loans under the federal National Housing Act by passing the National Housing Loans Act.
(28) In Part II of The National Housing Act, provision was made for loans to be granted to housing authorities for construction of homes to be leased to low income earners.
With the passage of the National Housing Act, the government committed itself to insuring mortgages running for as long as 20 years, at 6 percent interest, and with as little as 20 percent down.
In this case, revisiting the 1987 National Housing Act "manifesto" makes it clear that the act sought to address the special needs of all elderly homeowners--as a class, that is, as opposed to addressing the needs of only some elderly homeowners.
3173) would revise the National Housing Act to allow FHA to offer a zero-down-payment product by eliminating the current provision requiring the borrower to provide minimum cash investment.
The legislation would amend the National Housing Act to change the factors for determining the maximum single-family mortgage amounts insurable by FHA, while allowing FHA to insure up to the full median house price in the area, as opposed to 95 percent of the median house price.
2597, although it would like to see additional changes to the National Housing Act that would empower FHA with a funding mechanism to improve its technology and to better manage its human resources.
5121 would, among other things, seek to "modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers," according to the bill.
The new law amended Section 203(k) of the National Housing Act and not only committed HUD's Federal Housing Administration (FHA) to insuring rehabilitation mortgages but also created the moniker by which the program is known today: the 203(k) program.
Congress placed the program in FHA's General Insurance fund, as opposed to the self-sustaining Mutual Mortgage Insurance fund that covers FHA's regular loans authorized under Section 203(b) of the National Housing Act. It did this out of recognition that 203(k) loans would be higher-risk and the program was expected to be subsidized.
Thus, in 1949 the National Housing Act declared its goal to provide a decent home for every American family.
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