Images de page
PDF
ePub
[ocr errors]

Statement of—Continued

Page

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

New York

831

Jewett, John, vice president, Prudential Insurance Co.

465

Johnson, Earl M., treasurer, American Hotel Association.

507

Jones, Hon. Robert, a Representative in Congress from the State of

Alabama

836

Kahn, Efrem A., Jamaica, N. Y

877

Kaul, Ralph, consultant, Trailer Coach Association.

783

Kennedy, Miles, legislative director, American Legion..

677

King, T. B., Acting Assistant Deputy Administrator (Loan Guar-

anty) Department of Veterans' Benefits, Veterans' Administration. 215

Lantaff, Hon. William C., a Representative in Congress from the
State of Florida.

846

Levitt, William, president, Levitt & Sons, builders.

631

Mason, Norman P., representing the Chamber of Commerce of the

United States.

339

Massey, Maurice R., Jr., president, Peoples Bond & Mortgage Co.,

Philadelphia, Pa.

405, 446

McAllister, Walter W., Chairman, Home Loan Bank Board

145
McCord, Col. Hal, Air Force..

253
McCormick, Pat, general counsel, Trailer Coach Association

783
McLeaish, Hon. R. B., Administrator, Farmers Home Administra-
tion, Department of Agriculture...

855
Mitchell, John W.

253
Mobile Homes Manufacturers Association, Chicago, Ill.

824
Moore, John H., executive director, United Community Defense
Service, Inc.

886

Murphy, M. K. M., past president, United States Savings and Loan

League

516

Murray, William E., representing Florida Sun Deck Homes Co.,
Leisure City, Fla.

871

National Council of Jewish Women, New York, N. Y.

821

Neal, Sam, general counsel, Mortgage Bankers Association of America. 405

Northup, H. R., executive vice president, National Retail Lumber

Dealers Association.

543

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

Catholic Charities.

642

O'Malley, James J., president, First Federal Savings & Loan Asso-

ciation, Wilkes-Barre, Pa., representing the National Savings and

Loan League..

450

Painter, A. Lee, president, Mobilehome Dealers National Association. 822

Patton, James G., president, National Farmers Union.

812

Paul, Lt. Gen. Willard S. (retired), assistant to the Director for Non-
military Defense, Office of Defense Mobilization

869

Rafsky, William L., housing coordinator, city of Philadelphia, Pa. 878

Raider, David L., attorney, New York City

305

Reilly, John A., representing the American Bankers Association

379

Robbins, Ira S., president, National Housing Conference-

554

Robbins, Paul H., executive director, National Society of Professional

Engineers

818

Rouse, James W., Baltimore, Md., on behalf of Mortgage Bankers
Association of America

422
Searles, J hn, chairman, Redevelopment Section, District of Columbia
Redevelopment Land Agency

317
Shanks, Carrol M., president, Prudential Insurance Company of
America, representing Life Insurance Association of America

465

Shaw, E. R., representing the Trailer Coach Association, Los Angeles,

Calif..

783

Shishkin, Boris, secretary of the housing committee, American Federa-
tion of Labor

267

Slusser, Charles E., Public Housing Commissioner.

145

Smith, Henry C., Deputy Administrator, Farmers' Home Adminis-

tration.

855

Staal, B. J., treasurer, Holland Furnace Co., Holland, Mich.

805

Summer, Alexander, Newark, X. J., past president, National Associa-

tion of Real Estate Boards, and member, the President's Advisory

Committee on Housing

715

Statement of-Continued

Page
Trump, Fred, president, Redevelopment Builders of New York

819
Vieser, M. A., vice president, Mutual Benefit Life Insurance Co.,
Newark, N.J...

465
Waltemade, Henry G., chairman, realtors' Washington committee,
National Association of Real Estate Boards..

715
Watts, Hon. John C., a Representative in Congress from the State of
Kentucky

847

Weitzer, Bernard, national legislative director, Jewish War Veterans

of the United States of America.

703

Wellman, Charles A., executive vice president, Glendale Federal
Savings & Loan Association....

652

Whiteman, Lewis, executive director, Associated Builders of Greater

New York..

304, 315

Winston, Oliver C., president, National Association of Housing and
Redevelopment Officials.

317

Additional data submitted to the committee:

A Preliminary Estimate of Housing Needs, 1955–70—By Dr. William

Wheaton, University of Pennsylvania, for National Housing Con-

ference..

556

Average Federal subsidy for public housing, submitted by AFL.. 283

Characteristics of residents of public housing for low-income families. 154

Comparative Costs of a Standard House, article from Insured Mort-

gage Portfolio, 1953, by Curt C. Mack, FHA Assistant Commis-
sioner.

327

Composition of Wherry housing completed or under construction at

February 28, 1954.

265

Cost of interest charges under proposed section 221 program, sub-
mitted by AFL.

275

Default status of FHA-insured mortgages as of December 31, 1953,

(table)-.

62

"Easy Money” Comes Back-Dollars Abundant, but Borrowing

Slow, article from U. S. News & World Report, of February
26, 1954.

684

Effect of increased interest rates on average Wherry housing mortgage

of $8,100.

261

Elapsed time in processing loan applications, statement from Veterans'

Administration...

113, 232

Farm housing program data, from inception of program through
December 31, 1953 (table)..

60
Higley, H. V., Administrator, Veterans' Administration, letter of
December 22, 1953, to Hon. Albert M. Cole.

219

Housing for America, statement of James G. Thimmes, member, the

President's Advisory Committee on Housing -

291

Housing units (nonfarm), under $7,000.-

105
Hughes, Rowland, Deputy Director, Bureau of the Budget, letter of
February 26, 1954, to Hon. Albert M. Cole...

34
Incomes of families already residents of public housing, calendar year
1952..

153
Life Insurance Association of America, letter of March 18, 1954, to
Hon. Jesse P. Wolcott (data requested.by Mr. Merrill) -

493

Mortgage Bankers Association of America:

Comparative digest of Association policy and the President's

Advisory Committee Report

426

Recommendations made by the President's Advisory Committee

to which the proposed housing legislation does not address

itself..

432

National Association of Home Builders:

Suggested amendments..

610

Support to the economy represented by residential construction. 613

Prospective FNMA operations (charts):

How FXMA operates now

616

Proposed FNMA changeover-Government supervised-

Government financed in 10 years to Government super-

vised-privately financed.

617

Five years later

617

Ten years later

618

Pago

591

Additional data submitted to the committee-Continued

National Association of Home Builders-Continued

Prospective FNMA operations (charts)-Continued

Results and benefits of Government supervision, private

capital

Consumer expenditures for housing, food, and autos.

Cost of money for housing, and for autos, and other con-

sumer durables

Size of owner-occupied housing by years built-

Percent of bedroom needs met

Housing needs to 1960.-

Dependence on FNMA by States

Use of FHA by States

National Housing Conference, letter of March 19, 1954, signed Edward

F. Barry, in answer to questions asked by members of the committee
during the hearing--

National policy on housing and mortgage lending -a statement of

life-insurance company views.--

Open-end mortgage provisions and forms.

Outline of steps taken to construct public housing -

President's Advisory Committee on Government Housing Policies

and Programs.

Proposed and current schedules for maximum mortgage amounts for

1- to 4-family home mortgages insured under FHA section 203

(table)

Prospective level of residential construction and availability of

mortgage money, 1954-58.

Savings and Loan savings accounts grouped according to size.

Selected statistics on housing in 168 standard metropolitan areas,

1950 (table)

States and Territories having legislation authorizing slum clearance

and urban redevelopment projects.
Status of low-rent program initiated under the Housing Act of 1949,

as of December 31, 1953.-

Suspension of builders, statement from Veterans' Administration.-.

The open-end mortgage, excerpt from the September 1953 issue of

Legal Bulletin, published by the United States Savings and Loan

League..

Trailer Coach Association:

Proposed amendments to include mobile dwellings in the Na-

tional Housing Act.

Summary outline proposal to include trailer coach mobile homes

137

143

238

and parks in National Housing Act--

Basic facts on trailer coach mobile home industry and market

Questions and answers concerning proposed legislation for mobile

dwellings.---

Treasury Department, statement of, to Hon. Wright Patman.
United States Savings and Loan League-Amendments recommended.
$7,000 homes built in 1953, by geographic areas

787

787

791

227
522
163

HOUSING ACT OF 1954

TUESDAY, MARCH 2, 1954

HOUSE OF REPRESENTATIVES,
COMMITTEE ON BANKING AND CURRENCY,

Washington, D. C. The committee met at 10 a. m., Hon. Jesse P. Wolcott (chairman) presiding

Present: Chairman Wolcott (presiding), Messrs. Talle, Kilburn, McDonough, Widnall, Betts, George, Mumma, McVey, Oakman, Hiestand, Stringfellow, Van Pelt, Spence, Brown, Patman, Multer, Deane, O'Brien, Addonizio, Dollinger, Bolling, Barrett, and O'Hara.

The CHAIRMAN. The committee will come to order.

We have met this morning to begin hearings on H. R. 7839, a bill to aid in the provision and improvement of housing, the elimination and prevention of slums, and the conservation and development of urban communities. (The bill is as follows:)

[H. R. 7839, 83d Cong., 2d sess.) A BILL To aid in the provision and improvement of housing, the elimination and prevention

of slums, and the conservation and development of urban communities Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That this Act may be cited as the “Housing Act of 1954".

TITLE I-FEDERAL HOUSING ADMINISTRATION

AMENDMENTS OF TITLE I OF NATIONAL HOUSING ACT

SEC. 101. Section 2 (b) of the National Housing Act, as amended, is hereby amended

(1) by striking out clause numbered (1) and inserting the following: “(1) if the amount of such loan, advance of credit, or purchase exceeds $3,000";

(2) by striking out of clause numbered (2) the words “three years" and inserting “five years”; and

(3) by striking out of the first proviso "$10,000 and having a maturity not in excess of seven years” and inserting “$10,000 or $1,500 per family unit,

whichever is the greater, and having a maturity not in excess of ten years". SEC. 102. Section 2 (f) of said Act, as amended, is hereby amended by adding the following at the end thereof : "The account heretofore established in conDection with insurance operations under this section and identified in the accounting records of the Federal Housing Administration as the Title I Claims Account shall be terminated as of June 30, 1954, at which time all of the remaining assets of such account, together with deposits therein for the account of obligors, shall be transferred to and merged with the account established pursuant to this subsection. Moneys in the account established pursuant to this subsection not needed for the current operations of the Federal Housing Administration may be invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States."

Sec. 103. Section 8 of said Act, as amended, is hereby amended by striking the period at the end of subsection (a) and inserting a colon and the following: "And

1

provided further, That no mortgage shall be insured under this section after the effective date of the Housing Act of 1954, except pursuant to a commitment to insure issued on or before such date."

AMENDMENTS OF TITLE II OF NATIONAL HOUSING ACT

SEC. 104. Section 203 (b) (2) of said Act, as amended, is hereby amended to read as follows:

“(2) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Commissioner shall approve) in an amount not to exceed $20,000 in the case of property upon which there is located a dwelling designed principally for a one- or two-family residence; or $27,500 in the case of a three-family residence; or $35,000 in the case of a four-family residence; and not to exceed an amount equal to the sum of (i) 95 per centum of $8,000 of the appraised value (as of the date the mortgage is accepted for insurance), and (ii) 75 per centum of such value in excess of $8,000 : Provided, That the mortgagor shall have paid on account of the property at least 5 per centum (or such larger amount as the Commissioner may determine) of the Commissioner's estimate of the cost of acquisition in cash or its equivalent: And provided further, That such mortgage shall not involve a principal obligation exceeding the maximum amount prescribed by the provisions of this section 203 in effect prior to the effective date of the Housing Act of 1954, unless the President, pursuant to section 201 of the Housing Act of 1954 has authorized a greater maximum amount, in which event such principal obligation shall not exceed such greater maximum amount."

Sec. 105. Section 203 (b) (3) of said Act, as amended, is hereby amended to read as follows:

“(3) Have a maturity satisfactory to the Commissioner, but not to exceed, in any event, thirty years from the date of the insurance of the mortgage: Provided, That the maturity of any such mortgage shall not exceed the maximum maturity prescribed therefor by the provisions of this section 203 in effect prior to the effective date of the Housing Act of 1954, unless the President, pursuant to section 201 of the Housing Act of 1954, has authorized a greater maturity, in which event the maturity of such mortgage shall not exceed such greater maturity."

SEC. 106. Section 203 (b) (5) of said Act, as amended, is hereby amended to read as follows:

“(5) Bear interest (exclusive of premium charges for insurance, and service charges if any) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time, or not to exceed such per centum per annum not in excess of 6 per centum as the Commissioner finds necessary to meet the mortgage market.”

SEC. 107. Section 203 (c) of said Act, as amended, is amended by striking out of the second sentence the word “Provided" and inserting: "Provided, That debentures presented in payment of premium charges shall represent obligations of the particular insurance fund to which such premium charges are to be credited: Provided further."

SEC. 108. Section 203 (d) of said Act, as amended, is hereby amended by striking the period at the end thereof and inserting a colon and the following: "And provided further, That no mortgage shall be insured pursuant to this subsection after the effective date of the Housing Act of 1954, except pursuant to a commitment to insure issued on or before such date."

SEC. 103. Subsections (f) and (s) of section 203 of said Act, as amended, are hereby repealed.

Sec. 110. Section 203 of said Act, as amended, is hereby further amended by adding the following new subsection at the end thereof:

“(h) Notwithstanding any other provision of this section, the Commissioner is authorized to insure any mortgage which does not involve a principal obligation in excess of $7,000 or in excess of 100 per centum of the appraised value of a property upon which there is located a dwelling designed principally for a single-family residence, where the mortgagor is the owner and occupant and establishes (to the satisfaction of the Commissioner) that his home which he occupied as an owner or as a tenant was destroyed or damaged to such an extent that reconstruction is required as a result of a flood, fire, hurricane, earthquake, storm, or other catastrophe which the President, pursuant to section 2 (a) of the Act entitled 'An Act to authorize Federal assistance to States and local governments in major disasters and for other purposes' (Public Law 875, Eightyfirst Congress, approved September 30, 1950), as amended, has determined to be a major disaster."

« PrécédentContinuer »