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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD ACTING ADMINISTRATOR - - - July 13, 1935 Honorable Marriner S* Eccles Governor of Federal Reserve Board Washington, D# C* Dear Governor Eccles: Knowing your interest in the Federal Housing Administration, I thought you would want to know that the loans under both Titles today crossed $200,000,000* Title I insured loans, which are for repairs, improvements, etc*, aggregate $99,646,760. Title II home mortgages selected for appraisal, of which 32% is new construction, aggregate $103,521,588, or a total of $203,168,348* The above funds are private capital and furnished by banks, insurance companies, building and loan associations and other financial institutions. The attached pink sheet gives the rate of progress in the last quarter* The modernization and repair program started last Fall, but the Winter season necessarily limited these activities* Title II, covering home mortgage insurance, could not operate freely until the various state laws limiting the percent of loans to appraised value were changed* Experience developed that important changes also had to be made in the Act* In forty-five state legislatures meeting since the first of the year, this program was successfully carried out, Illinois and Pennsylvania being the last to qualify and they only in the last fortnight* It was Spring, therefore, before the program could really begin to function properly* Out of the total amount, $145,490,490 has been since March 16, 1935* The attached chart shows graphically the increase in residential building for the first five months of this year* Preliminary figures indicate June will be about the same ratio* s sincerely, Stewart McDonald Acting Administrator July 17, 1935- Mr. Stewart McDonald, Acting Administrator, Federal Housing Administration, Washington, Dear Mr. McDonald: I thank you for your letter of July 13th enclpsing report showing progress made by the Housing Administration in connection with Title I and Title II. HS you know, I have had a great deal of interest in the success of the Federal Housing Administration, and it is very gratifying to me to receive such a favorable report, I think you should be congratulated on the excellent work you are doing afid you have my best wishes for continued progress of thb Housing administration. Sincerely yours, M. S. Steles, Governor. MSE:meb FHA Form No. 12 FEDERAL HOUSING ADMINISTRATION MEMORANDUM DATE July 10, 1935 TO: SUBJECT— Memorandum showing monthly volume 6pe 1Q for second quarter, 1935. ~*401 Title I Title II Modernization & Repair. Insured Loans Home mortgages selected for appraisal with fees paid. $ 11,301,000 $ 14,925,600 May 14,417,000 28,362,600 June 16,154,000 30,332,700 $ 41,872,000 $ 73,620,900 April Total Three Months Stewart McDonald Acting Administrator 9659 BUILDING PERMITS PRINCIPAL CITIES OF THE UNITED STATES MONTHLY AVERAGE 1933-K)O PERCENT NEW ADDITIONS, ALTERATIONS, AND REPAIRS RESIDENTIAL BUILDING PER CENT PER CENT r — 200 200 I 50 150 100 100 50 NUMBER OF FAMILIES PROVDED NUMBER 50 FOR V, ^1934 I 0 I I I I I 1 I i i r i i i i i 0 250 250 200 200 150 150 100 100 50 50 JAN. SOURCE OF BASIC DATA- 7SS1 Rev. 6/22/35 BUREAU OF LABOR STATISTICS SHADED FEB. MAR NOTE AREA INDICATES PERIOD OF F. K. A. ACTIVITY APR MAY JUNE JULY AUG. SEPT. OCT NOV DEC FEDERAL HOUSING ADMINISTRATION ECONOMICS a STATIST CS DIVISION CHART NO. 9 5 - B - 2 o