National Housing Act

Federal legislation passed in 1934 to create the Federal Housing Administration (FHA). Its purpose is to make credit more available to lenders for home repairs and construction and to make better housing available to low- and moderate-income families. The National Housing Act also led to the 1937 creation of Fannie Mae, a national mortgage association that provides a secondary mortgage market and further improves the availability of loan money.

To this day, the FHA plays a major role in making home ownership a possibility for greater numbers of people. For example, it facilitates mortgages with down payments as low as 3.5% instead of the 20% traditionally required by conventional lenders. Its lending guidelines also allow banks to consider an applicant's whole financial picture instead of relying solely on strict guidelines and formulas.

Investment dictionary. . 2012.

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  • Housing Act of 1937 — The Housing Act of 1937, aka the Wagner Steagall Act, provided for subsidies to be paid from the U.S. government to local public housing agencies (PHA s) to improve living conditions for low income families. The act builds on the National Housing …   Wikipedia

  • National Housing Agency — (NHA)    The NHA was established in 1942 to bring together the various federal housing bodies, principally the Federal Housing Authority, Federal Housing Administration (FHA), and Federal Home Loan Bank Administration. It was also intended to… …   Historical Dictionary of the Roosevelt–Truman Era

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