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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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