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This page provides a brief summary of the federal government's interest in housing.
Federal Home Loan Bank System Created 12 regional banks in 1932, supervised by the Federal Home Loan Bank Board. Provides short-term credit to savings and loans.
Home Owners' Loan Corporation (HOLC) Created 1933. Refinanced residential mortgages in areas of economic distress.
Housing Act of 1934 Created the Federal Housing Administration (FHA), to insure private mortgage loans on residential property and, by thus protecting lenders against loss, encourages the use of long-term mortgages with high loan-to-value ratios.
Housing Act of 1937 Created the United States Housing Authority (renamed the Federal Public Housing Administration in 1942, then Public Housing Administration in 1947). Subsidizes building of low-rent public housing by local authorities.
Federal National Mortgage Association (FNMA, or "Fannie May") Provides a secondary market for FHA and VA mortgage loans by standing ready to purchase loans from financial institutions.
Servicemen's Readjustment Act of 1944 (the GI "Bill of Rights") Established the V A loan program guaranteeing home mortgage loans extended to veterans.
Farmers Home Administration Makes loans and grants for construction and repair of farm homes and assists rural self-help housing groups.
Housing Act of 1949 Created the Urban Redevelopment Agency and gave it the authority to subsidize three fourths of the cost of local slum clearance and urban renewal .
Housing Act of 1954 Modified urban redevelopment and renewal by requiring communities engaged in such activities to adopt code enforcement, relocation, and other measures that would prevent the further spread of urban blight.
Housing Act of 1964 Liberalized FHA procedures to speed the processing of FHA-insured mortgages.
Housing and Urban Development Act of 1965 Established the Cabinet-level Department of Housing and Urban Development.
Demonstration Cities and Metropolitan Development Act of 1966 Created the Model Cities Program authorizing grants to plan the coordination of health, education, welfare, housing, and employment programs for revitalizing selected districts in urban areas.
Housing and Urban Development Act of 1968 Created the Government National Mortgage Association (GNMA, or "Ginny May") taking over certain FHA mortgage functions from the FNMA.
Housing and Urban Development Act of 1970 Authorized greater outlays for housing subsidy programs and rent supplements to moderate-income households.
Emergency Home Finance Act of 1970 Authorized the Home Loan Bank System to reduce interest rates on home mortgages by means of a federal subsidy.
Community Reinvestment Act of 1977 The Community Reinvestment Act (CRA) is a federal law requiring banks to use affirmative action in lending to "help meet the credit needs of their entire community, including low-and moderate-income neighborhoods."
The Homesteading and Neighborhood Restoration Act of 1995 provided grants to organizations that help facilitate the development of self-help home ownership opportunities .
Home Mortgage Disclosure Act (HMDA) requires lenders to report data to the government contained in all mortgage applications whether approved or denied.
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