The impasse between the Alberta government and the financial institutions was not broken until 1944, when the long awaited National Housing Act came into force.
Compounding the situation was the Alberta government's proposed Alberta Housing Association Limited, mooted in the fall of 1944 as an alternative to the National Housing Act.
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.
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.
One year later, the National Housing Act
of 1934 created the Federal Housing Administration (FHA) and its government-backed insurance program, standardizing loan requirements and enabling lenders to increase liquidity by selling pools of loans to investors, such as life insurance companies.