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1950 Washington Report 1 (1950)

handle is hein.tera/wingtore0003 and id is 1 raw text is: 920 Washington Building No 10 Washington 5, D. C. January 30, 1950 ADKINISRATIOFT PUSHES AID FOR MIDDLE ThTOC11E H0USING Administration efforts to expnnd the scope of federal housing aids and controls are currently being concentrated on the Maybank amendment to the Spence-Sparkman middle income housing bill (S. 2246, H.R. 5631), which proposes to provide at least 250,000 homes for families of moderate income through federal aid to co-opgratives and other non-profit organizations. The recently proposed Maybaik m3asure, which is designed to take the sting of direct federal loans out of the original bill has already been the subject of both Senate and House subcommittee hearings, and the program it envisages is apparently scheduled to be the Administration's major housing effort during the Second Session of the 81st Congress. The perding legislation contains several DIRECT LOAN FEATURE major provisions, including those dealing with M1OST CONTROVERSIAL the mortgage insurance feature of the National Housing Act, the disposal of war and veteranst housing, the liberalization of veterans' guarantees under the Servicemen's Readjustment Act, and federal loans for housing at educational institutions. But the chief stumbling block to enactment of the measure during the First Session of the present Congress was Title III, which called for direct govern- ment housing loans of $1 billion to moderate-income groups. Last year the Senate Banking and Currency Committee approved S. 2246 by a 6-5 vote, but the measure appeared to be facing trouble in the Senate it- self, particularly the direct loan Csature of the bill. A test vote in the House also indicated powerful opposition to direct federal loans, and the only part of the housing measure that was enacted was the extension of the Federal National Mortgage Association (Fannie Mae) mortgage program. The Maybank amendment was proposed early in the current session in an effort to meet the major objection to the housing bill. Title III, as amended, now calls for the creation of a quasi-government corporation, called the National Mortgage Corporation for Housing Co-operatives (NMCHC), to provide 50-year loans to middle-income co-operatives at approxi- mately 3 percent interest. The loans, which could total more than $2 billion over a period of years, would cover up to 95 or even 100 percent of devel- opment costs. NOTE: The contents of this report are not for publication or reproduction.

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