lif A. SUBCOMMITTEE OF THE UNITED STATES SENATE 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 60838 WASHINGTON : 1950 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 IRVING M. IVES, New York A. LEE PARSONS, Clerk SUBCOMMITTEE ON HOUSING AND RENTS JOHN SPARKMAN, Alabama, Chairman JOHN W. BRICKER, Ohio IRVING M. IVES, New York II ? Page 1 G+R 8750 215 227 Maybank amendments to S. 2246_ Barger, Harry S., National Economic Council. Brown, Edgar, director, National Negro Council.. Bryant, Drayton S., housing consultant, on behalf of the Los Angeles 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- Greene, Walter L., First Assistant Commissioner, Federal Housing 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 Karsten, Frank M., a Representative in Congress from the State of Missouri... Kreutz, Oscar R., executive manager, National Savings and Loan Krooth, David L., National Housing Conference, Inc. Lincoln, Murray D., president, Cooperative League of the United Lockwood, Rodney M., president, National Association of Home Miller, Rear Adm. Thornton C., Chaplain Corps, United States Monson, Donald, Schoolcraft Gardens, Detroit, Mich--- O'Grady, Rt. Rev. Msgr. John, secretary, National Conference of 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 Thompson, John C., National Association of Real Estate Boards - Weitzer, Bernard, Jewish War Veterans.. Williamson, John C., assistant director, National Legislative Service, 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: American Social Workers National Public Social Policies Committee, Philip Schiff, chairman: Statement.--- enclosing statement- mony - Epter, Lawrence A., president, Mortgage Bankers Association of Telegram.- Statement. 276 277 Letters, statements, exhibits, charts, etc.-Continued Foley, Raymond M., Housing and Home Finance Administrator: Probable rates for financing of cooperative housing projects ----- Table: Distribution by total money income level for families of 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 Table: Type of institution purchasing and selling all home Table: Type of institution originating and holding all rental- 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 Table: Net effective family income for new home mortgages Johnson, Lyndon B., a United States Senator from the State of son, Dallas, Tex.. Letter to Senator Maybank on sec. 601, S. 2246-- Lockwood, Rodney M., president, National Association of Home 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 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, 242 354 138 119 MIDDLE-INCOME HOUSING THURSDAY, JANUARY 12, 1950 UNITED STATES SENATE, 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 ŚPARKMAN. 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 63, 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 1 |
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