dec 1, 1934 - National Housing Act of 1934

Description:

The National Housing Act was signed on June 27, 1934, by President Franklin D. Roosevelt to improve housing conditions, make housing and mortgages more accessible and affordable, and to reduce the foreclosure rate during the Great Depression. The law was part of the New Deal.

The law created the Federal Housing Administration (FHA) and the Federal Savings and Loan Insurance Corporation

Because the federal banking system needed restructuring, Congress enacted the National Housing Act of 1934. Its primary purpose was to improve housing standards and conditions, provide a method of mutual mortgage insurance, and reduce foreclosures on family home mortgages.

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