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HEARINGS

BEFORE A

le 'L. SUBCOMMITTEE OF THE
Chun COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

EIGHTY-FIRST CONGRESS

SECOND SESSION

worth DIVISION

ON

AMENDMENTS TO S. 2246, TO AMEND THE NATIONAL

HOUSING ACT, AS AMENDED, AND

FOR OTHER PURPOSES

JANUARY 12, 13, 16, 17, AND 18, 1950

Printed for the use of the Committee on Banking and Currency

50-60194

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1950

60838

COMMITTEE ON BANKING AND CURRENCY

BURNET R. MAYBANK, South Carolina, Chairman GLEN H. TAYLOR, Idaho

CHARLES W. TOBEY, New Hampshire J. W. FULBRIGHT, Arkansas

HOMER E. CAPEHART, Indiana A. WILLIS ROBERTSON, Virginia

RALPH E. FLANDERS, Vermont JOHN SPARKMAN, Alabama

JOHN W. BRICKER, Ohio
J. ALLEN FREAR, JR., Delaware

IRVING M. IVES, New York
PAUL H. DOUGLAS, Illinois
RUSSELL B. LONG, Louisiana

A. LEE PARSONS, Clerk
Jos. P. MCMURRAY, Staff Director

SUBCOMMITTEE ON HOUSING AND RENTS

JOHN SPARKMAN, Alabama, Chairman
BURNET R. MAYBANK, South Carolina RALPH E. FLANDERS, Vermont
PAUL H. DOUGLAS, Illinois

JOHN W. BRICKER, Ohio
RUSSELL B. LONG, Louisiana

IRVING M. IVES, New York
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Maybank amendments to S. 2246_

S. 2570---

Statement of-

Barger, Harry S., National Economic Council.

Brown, Edgar, director, National Negro Council.

Bryant, Drayton S., housing consultant, on behalf of the Los Angeles

Housing Corporation --

Clarke, William A., Mortgage Bankers Association..

Dinger, Robert S., assistant to the director, National Economic Com-

mission of the American Legion --

Foley, Raymond M., Housing and Home Finance Administrator..

Gray, Richard J., president, Building and Trades Department, Amer-

ican Federation of Labor -

Greene, Walter L., First Assistant Commissioner, Federal Housing

Administration -

Held, Harry, vice president, Bowery Savings Bank, New York, on

behalf of National Association of Mutual Savings Banks---

Javits, Jacob K., a Representative in Congress from the State of New

York.

Karsten, Frank M., a Representative in Congress from the State of

Missouri.

Kreutz, Oscar R., executive manager, National Savings and Loan

League.

Krooth, David L., National Housing Conference, Inc.

Lincoln, Murray D., president, Cooperative League of the United

States of America_

Lockwood, Rodney M., president, National Association of Home

Builders.

Miller, Rear Adm. Thornton C., Chaplain Corps, United States

Navy-

Monson, Donald, Schoolcraft Gardens, Detroit, Mich.

O'Grady, Rt. Rev. Msgr. John, secretary, National Conference of

Catholic Charities.

Reckman, William A., American Bankers Association.

Reuther, Walter P., chairman, National CIO housing committee

Russell, Horace, United States Savings and Loan League--

Silk, Dr. Leonard S., assistant professor of economics, Simmons

College---

Thompson, John C., National Association of Real Estate Boards.

Weitzer, Bernard, Jewish War Veterans -

Williamson, John C., assistant director, National Legislative Service,

Veterans of Foreign Wars -

Wilson, Leo B., battalion chief, Washington Fire Department.

Letters, statements, exhibits, charts, etc., submitted for the record by-

American Institute of Architects: Statement -

American Life Convention and Life Insurance Association of America:

Statement.

American Social Workers National Public Social Policies Committee,

Philip Schiff, chairman: Statement.-
Brown, Edgar, director, National Negro Council: Statement-
Chamber of Commerce of United States: Letter from C. R. Miles

enclosing statement-
Clarke, William A., Mortgage Bankers Association: Exhibits to testi-

mony-

Epter, Lawrence A., president, Mortgage Bankers Association of

New York:

Telegram

Statement-

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Letters, statements, exhibits, charts, etc.—Continued

Foley, Raymond M., Housing and Home Finance Administrator:

Probable rates for financing of cooperative housing projects --

Proposed amendment to S. 2246_

Table: Distribution by total money income level for families of

2 or more

Table: Comparison of estimated gross monthly rental on $8,000

house under cooperative and privately owned projects---

Table: Estimated monthly gross and shelter rent and debt

service for nonprofit organization -

Letter on veterans' housing under S. 2246_

Letter and statement from Veterans' Administration on avail-

ability of GI 4 percent loans.

Table: FNMA nonfarm home-financing activity -

Table: Type of institution originating and holding all home

mortgages --

Table: Type of institution purchasing and selling all home

mortgages --

Table: Type of institution originating and holding all rental-

project mortgages--

Vacancy losses in cooperative housing projects--

Estimates of operating expenses of section 608 projects-

Savings in debt service, etc., under section 608.-

Excerpts from report of Bureau of Labor Statistics..

Table: Distribution of monthly rentals in section 608 veterans'

projects by commitments issued..

Table: Distribution of section 608 veterans' projects by number of

rooms per unit.

Table: Net effective family income for new home mortgages

insured under section 203_.

Johnson, Lyndon B., a United States Senator from the State of
Texas:
Letter to Senator Maybank enclosing letter from C. W. Murchi-

son, Dallas, Tex...
Letter in reply from Senator Maybank.

Letter to Senator Maybank on sec. 601, S. 2246-
Lockwood, Rodney M., president, National Association of Home
Builders:

Average characteristics by mortgagor's monthly income, etc.--.
Rooms by property valuation---

Distribution of monthly rentals in sec. 608 VEH housing projects.

Maguire, B. J., Washington, D. C.: Letter on Hollywood Park Co-

operative

Monson, Donald, Schoolcraft Gardens, Detroit, Mich.:

Statement of Governor Williams of Michigan.

Statement of Mr. Allan, secretary, Detroit Building Trades

Council.-

Statement of Mr. Reuther, educational director, UAW-CIO.

Schoolcraft Gardens brochure..

National Retail Lumber Dealers Association, H. R. Northup, execu-

tive vice president: Letter to Senator Maybank.

Sparkman, John J., a United States Senator from the State of Alabama:

Cost-value comparisons based on house cost only--

News item from New York Times.-

Thompson, John C., National Association of Real Estate Boards:

Present residential vacancy and comparison with 1939.-

Williamson, John C., assistant director, National Legislative Service,

Veterans of Foreign Wars: Resolution..

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MIDDLE-INCOME HOUSING

THURSDAY, JANUARY 12, 1950

UNITED STATES SENATE,
SUBCOMMITTEE ON HOUSING AND RENTS
OF THE COMMITTEE ON BANKING AND CURRENCY,

Washington, D. C. The subcommittee met, pursuant to notice, at 11 o'clock a. m., in Room 301, Senate Office Building, Senator John J. Sparkman, presiding.

Present: Senators Sparkman, Maybank, Robertson, Douglas, Long, Cain, and Bricker.

Senator SPARKMAN. The subcommittee will come to order.

The purpose of these hearings is to consider certain pending amendments to S. 2246.

(The amendments referred to follow:)

[S. 2246, 81st Cong., 2d sess.] AMENDMENTS Intended to be proposed by Mr. MAYBANK to the bill (S.

2246) to amend the National Housing Act, as amended, and for other purposes, viz, as follows:

1. By striking out the words "Housing Amendments of 1949” wherever they appear therein and inserting in lieu thereof the words "Housing Act of 1950”;

2. By striking out lines 22 through 25, inclusive, on page 63, all of pages 64 through 82, inclusive, and lines 1 through 15, inclusive, on page 83, and inserting in lieu thereof the following:

"Sec. 301. The purpose of this title is to provide a means whereby housing of sound standards of design, construction, livability, and size for adequate family life, in well-planned, integrated residential neighborhoods can be produced and made available for families of moderate income: (1) By furnishing technical and other assistance to cooperative ownership or other nonprofit corporations authorized to provide housing; (2) by making financial assistance available to such corporations for housing which is of such design and construction as will promote economies, both in construction and in operation and maintenance, which will be fully reflected in reduced rents or charges; and (3) by facilitating the investment of private capital in the development of such housing. The provisions of this title relating to encouraging and assisting nonprofit cooperative ownership housing corporations shall be administered in a manner which will encourage and assist (1) families of moderate income in acquiring (subject to the right of the cooperative to repurchase) ownership of their individual dwellings where such dwellings are free standing, and (2) the association of persons into such cooperatives who (by reason of their like interests, association together in other fields, or otherwise) will contribute to the sound integral character and success of such cooperatives, provide necessary leadership therein, involve democratic voting principles, and avoid any speculative use of such cooperatives.

"TECHNICAL AID TO COOPERATIVES "SEC. 302. To assist in achieving the purposes of this title, the Administrator is authorized and directed to furnish technical advice and assistance in the organization of nonprofit cooperative ownership housing corporations and nonprofit corporations of the character described in section 315 (a) hereof, in the planning, financing, development, construction, acquisition, and operation and management

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