AMENDMENTS TO S. 2246, TO AMEND THE NATIONAL FOR OTHER PURPOSES JANUARY 12, 13, 16, 17, AND 18, 1950 Printed for the use of the Committee on Banking and Currency 50-60194 60838 UNITED STATES WASHINGTON: 1950 Bryant, Drayton S., housing consultant, on behalf of the Los Angeles Housing Corporation... 227 Foley, Raymond M., Housing and Home Finance Administrator_ Gray, Richard J., president, Building and Trades Department, Amer- Held, Harry, vice president, Bowery Savings Bank, New York, on Javits, Jacob K., a Representative in Congress from the State of New Krooth, David L., National Housing Conference, Inc. 170 Lockwood, Rodney M., president, National Association of Home 194 Monson, Donald, Schoolcraft Gardens, Detroit, Mich.- 137 Reckman, William A., American Bankers Association__ 254 Williamson, John C., assistant director, National Legislative Service, Wilson, Leo B., battalion chief, Washington Fire Department- Letters, statements, exhibits, charts, etc., submitted for the record by- American Institute of Architects: Statement---- American Life Convention and Life Insurance Association of America: 282 281 American Social Workers National Public Social Policies Committee, 287 Chamber of Commerce of United States: Letter from C. R. Miles 273 Letters, statements, exhibits, charts, etc.—Continued Foley, Raymond M., Housing and Home Finance Administrator: Probable rates for financing of cooperative housing projects - - - Proposed amendment to S. 2246_. Table: Distribution by total money income level for families of Table: Comparison of estimated gross monthly rental on $8,000 house under cooperative and privately owned projects--- Letter and statement from Veterans' Administration on avail- Estimates of operating expenses of section 608 projects- Savings in debt service, etc., under section 608- Excerpts from report of Bureau of Labor Statistics_ Table: Distribution of monthly rentals in section 608 veterans' Table: Net effective family income for new home mortgages Johnson, Lyndon B., a United States Senator from the State of Letter to Senator Maybank enclosing letter from C. W. Murchi- Letter to Senator Maybank on sec. 601, S. 2246. Lockwood, Rodney M., president, National Association of Home Average characteristics by mortgagor's monthly income, etc____ Rooms by property valuation_-_ Distribution of monthly rentals in sec. 608 VEH housing projects. Maguire, B. J., Washington, D. C.: Letter on Hollywood Park Co- 330 354 137 Statement of Mr. Reuther, educational director, UAW-CIO. 138 147 National Retail Lumber Dealers Association, H. R. Northup, execu- 283 Sparkman, John J., a United States Senator from the State of Alabama: Thompson, John C., National Association of Real Estate Boards: 119 MIDDLE-INCOME HOUSING THURSDAY, JANUARY 12, 1950 UNITED STATES SENATE, SUBCOMMITTEE ON HOUSING AND RENTS OF THE COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The subcommittee met, pursuant to notice, at 11 o'clock a. m., in Room 301, Senate Office Building, Senator John J. Sparkman, presiding. Present: Senators Sparkman, Maybank, Robertson, Douglas, Long, Cain, and Bricker. Senator SPARKMAN. The subcommittee will come to order. The purpose of these hearings is to consider certain pending amendments to S. 2246. (The amendments referred to follow:) [S. 2246, 81st Cong., 2d sess.] AMENDMENTS Intended to be proposed by Mr. MAYBANK to the bill (S. 2246) to amend the National Housing Act, as amended, and for other purposes, viz, as follows: 1. By striking out the words "Housing Amendments of 1949" wherever they appear therein and inserting in lieu thereof the words "Housing Act of 1950"; 2. By striking out lines 22 through 25, inclusive, on page 63, all of pages 64 through 82, inclusive, and lines 1 through 15, inclusive, on page 83, and inserting in lieu thereof the following: "SEC. 301. The purpose of this title is to provide a means whereby housing of sound standards of design, construction, livability, and size for adequate family life, in well-planned, integrated residential neighborhoods can be produced and made available for families of moderate income: (1) By furnishing technical and other assistance to cooperative ownership or other nonprofit corporations authorized to provide housing; (2) by making financial assistance available to such corporations for housing which is of such design and construction as will promote economies, both in construction and in operation and maintenance, which will be fully reflected in reduced rents or charges; and (3) by facilitating the investment of private capital in the development of such housing. The provisions of this title relating to encouraging and assisting nonprofit cooperative ownership housing corporations shall be administered in a manner which will encourage and assist (1) families of moderate income in acquiring (subject to the right of the cooperative to repurchase) ownership of their individual dwellings where such dwellings are free standing, and (2) the association of persons into such cooperatives who (by reason of their like interests, association together in other fields, or otherwise) will contribute to the sound integral character and success of such cooperatives, provide necessary leadership therein, involve democratic voting principles, and avoid any speculative use of such cooperatives. "TECHNICAL AID TO COOPERATIVES "SEC. 302. To assist in achieving the purposes of this title, the Administrator is authorized and directed to furnish technical advice and assistance in the organization of nonprofit cooperative ownership housing corporations and nonprofit corporations of the character described in section 315 (a) hereof, in the planning, financing, development, construction, acquisition, and operation and management 1 |