The Housing Act of 1937

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by GlennCrear
Last updated 6 years ago

Discipline:
Social Studies
Subject:
American History

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The Housing Act of 1937

The Housing Act of 1937

Provide mortgage relief to home owners, encouraged the construction of new homes and the repair of existing structures, and to increase industrial employment.

A piece of New Deal legislation that reflected the government’s recognition of adequate housing as an important societal need.

The new law established the United States Housing Authority (USHA) that provided $500 million in loans for low-cost housing projects across the country. Under the new law, the USHA acted as a loan granting agency to state and local housing authorities to build low-cost housing in both small and large urban areas.

The USHA was empowered to advance loans amounting to 90% of project costs, at low-interest and on 60-year terms. By the end of 1940, over 500 USHA projects were in progress or had been completed, with loan contracts of $691 million.

The Housing Act of 1937 was developed by Henry B. Steagall and Robert F. Wagner in the United States. It was amended by the Housing and Community Development Act of 1974.


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