The National Housing Act paved the way for the creation of the Federal Housing Authority (FHA) and the Federal Savings and Loan Insurance Corp. (FSLIC), which helped low-income families buy homes. The FSLIC insured mortgages, making it possible for federally chartered lenders to give out long-term loans. The purpose of the law was to “encourage improvement in housing standards and conditions, to provide a system of mutual mortgage insurance, and for other purposes. ” The law created the Federal Housing Administration (FHA) and the Federal Savings and Loan Insurance Corporation (FSLIC) . The American Housing Act of 1949 (P. L. 81-171) was a landmark, sweeping expansion of the federal role in mortgage insurance and issuance and the construction of public housing. It was part of President Harry Truman's program of domestic legislation, the Fair Deal. L. 75–412, 50 Stat. 888, enacted September 1, 1937), formally the "United States Housing Act of 1937" and sometimes called the Wagner–Steagall Act, provided for subsidies to be paid from the U. S. government to local public housing agencies (LHAs) to improve living conditions for low-income families. Today, the FHA continues to work to improve housing standards and conditions, provide adequate home financing through mortgage loans, and to stabilize the mortgage market. The FHA is part of the Department of Housing and Urban Development and is the only government agency that is completely self-funded.
The Fair Housing Act (FHA) (42 U. S. Code § § 3601-3619 and 3631) protects tenants (and home buyers) against housing discrimination. As a federal law, the FHA applies across the country, including all 50 states and Washington, D. C., as well as all U. S. territories and possessions.
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family homes, multifamily properties, residential care facilities, and hospitals.
That is meant to protect renters and sellers from discriminating based on number of children in a family. Currently the Fair Housing Act protects against discrimination of race, color, national origin, religion, sex, familial status, and disability.
Here are the main types of FHA loans available. Fixed rate. Fixed-rate mortgages are the most common type of FHA loan. Adjustable rate. Reverse (Home Equity Conversion Mortgage) Section 245(a) — Graduated Payment Mortgage or Growing Equity Mortgage. Energy-efficient mortgage program. Other types of FHA loans.
The FHA's primary function was to insure home mortgage loans made by banks and other private lenders, thereby encouraging them to make more loans to prospective home buyers.
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
Section 8 of the Housing Act of 1937 (42 U. S. C. § 1437f), often called Section 8, as repeatedly amended, authorizes the payment of rental housing assistance to private landlords on behalf of low-income households in the United States.
Without debate, the Senate followed the House in its passage of the Act, which President Johnson then signed into law.
The Federal Housing Administration: What Record of Success? Less known is that the Federal Housing Administration (FHA) needed an infusion of $2 billion in taxpayer money in 2013. Created in 1934, the FHA is a federal agency responsible for several mortgage insurance programs.
HOPE VI is a program of the United States Department of Housing and Urban Development. It is intended to revitalize the worst public housing projects in the United States into mixed-income developments. Its philosophy is largely based on New Urbanism and the concept of defensible space.
Established in the Housing Act of 1959, Section 202: Supportive Housing for the Elderly, is a Housing and Urban Development (HUD) program that provides capital advances to private, nonprofit sponsors to finance the development of housing for elderly residents.