FIRST ANNUAL REPORT

OF THE

FEDERAL HOUSING ADMINISTRATION

FOR THE PERIOD COMMENCING WITH THE APPROVAL

OF THE ACT ON JUNE 27, 1934, AND

ENDING DECEMBER 31, 1934

د

THE FIRST ANNUAL REPORT OF THE ADMINISTRATION
FOR THE PERIOD COMMENCING WITH THE

APPROVAL OF THE ACT ON JUNE 27, 1934,
AND ENDING DECEMBER 31, 1934

JANUARY 29, 1935.-Referred to the Committee on Banking and
Currency, and ordered to be printed with illustrations

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1935

CONTENTS

Letter of transmittal..

Summary of operations....

General statement..

The home financing problem.

The movement for better housing.

Summary of principal functions___

I. Character loans for modernizing real property.

II. Insured mortgage loans___

III. National mortgage associations.

Modernization credit plan...

Significance of testing period.

Credit plan as a driving force.

The average borrower..

Soundness of loans..

Outline of procedure.

Lowest cost time-financing.

Major objectives attained.

Progress in bank acceptance.

Advantages of plan balanced

Better-housing campaign....

Progress in organization -

Support in reaching the public.

Limited role of Federal Housing Administration...

Far-reaching character of results.

Reemployment in building trades

Rural program

Program benefits all..

Mutual mortgage insurance-

Description of mutual mortgage insurance plan.

System based on sound loans

Problems involved in regulations and administration_

Use of printed matter..

Field organization for mortgage insurance-

Regional and district offices.

Personnel.

Standards of staff performance_

Finances..

Provision of the act..

1. Renovation and modernization loans (sec. 2).

2. Loans to financial institutions (sec. 3).

3. Mutual mortgage insurance fund (sec. 202).

4. Salaries and expenses (sec. 4) -

Financial statement.