National Housing Act of 1934
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The National Act of 1934, hr Template:Replace, Pub. L. Template:Trim/Template:Trim Template:Trim–Template:Trim, 48 Stat. 1246, enacted Template:Dts, also called the Better Housing Program,[1] was part of the New Deal passed during the Great Depression in order to make housing and home mortgages more affordable.[2] It created the Federal Housing Administration (FHA)[3] and the Federal Savings and Loan Insurance Corporation (FSLIC).[4]
The Act was designed to stop the tide of bank foreclosures on family homes during the Great Depression. With this, President Franklin D. Roosevelt used this act to fulfill his goal towards a government program funded by private investments, avoiding the reliance on taxpayer funds.[5] The passing of the bill alleviated unemployment by making credit more accessible through banks and lending organizations. [6] Both the FHA and the FSLIC became the main federal agencies[7] that worked to create the backbone of the mortgage and home building industries, until the 1980s.[8] The FHA's guarantee against losses for mortgage lenders allowed for a system of regular monthly mortgage payments. [9] The FHA mortgage insurance program became an effective strategy for increasing investment in the mortgage market and still continues to be. [10] Template:Crossref
These policies had disparate impacts on Americans along segregated lines Template:Crossref:
Author Richard Rothstein says the housing programs begun under the New Deal were tantamount to a "state-sponsored system of segregation."Template:Pb The government's efforts were "primarily designed to provide housing to white, middle-class, lower-middle-class families," he says. African-Americans and other people of color were left out of the new suburban communities — and pushed instead into urban housing projects.[11][12]
The Housing Act of 1937 built on this legislation.
References
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Further reading
- Larsen, Kristin. "Planning and Public–Private Partnerships: Essential Links in Early Federal Housing Policy." Journal of Planning History 15.1 (2016): 68-81.
- Pommer, Richard. "The architecture of urban housing in the United States during the early 1930s." Journal of the Society of Architectural Historians 37.4 (1978): 235-264.
- Radford, Gail. Modern housing for America: Policy struggles in the New Deal era (University of Chicago Press, 1996). online
- Straus, Michael W., and Talbot Wegg, Housing comes of age (1938) online
- Von Hoffman, Alexander. "High ambitions: The past and future of American low‐income housing policy." Housing policy debate 7.3 (1996): 423-446. online
External links
- National Housing Act as amended (PDF/details) in the GPO Statute Compilations collection
- Public Law 73-479, 73d Congress, H.R. 9620, National Housing Act of 1934
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