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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD ACTING ADMINISTRATOR Q . , - - , rtP,r- Septemher IS, 1935 Honorable Marriner S* Eccles Governor, Federal Eeserve Board Washington, D* C# Dear Mr. Eccles! The enclosed will acquaint you with the home financing plans of the Federal Housing Administration, as well as the progress of the program* The FHA itself does not loan money* However, through its insurance it encourgges private lending institutions to make loans for modernization and repair purposes and for financing home mortgages. In this way it also assists in new home construction* Yours very truly, FEDERAL HOUSING ADMINISTRATION B U I L D I N G P E R M I T S Month o f July Number 1934 1935 Families Provided For 2,570 7,197 180.0 Residential Buildings 1,808 5,124 183.4 Non-Residential Buildings 5.257 6,796 Additions, Alterations and Repairs 22,984 29,150 Total Construction 30,049 4l,O7O * * % of Increase f / / 29.3 26.8 36.7 * Value % of Increase 1934 1935 $ 8,699,863 $ 27,397,689 Non-Residential Buildings 20,968,384 24,836,538 / 18.4 Additions, Alterations and Repairs 16,317,5^ 22,171,151 / 35.9 Total Construction ^5,985,791 74,405,378 / 61.8 Residential Buildings Source: 10643 Bureau of Lat>or Statistics Data released August 20, 1935 / 214.9 $ • BUILDING PERMITS COMPARISONS OF VALUE IN RECENT MONTHS WITH THE CORRESPONDING MONTHS OF PREVIOUS YEAR ADOPTIONS, M.LUO. (MODERNIZATION OOUTA* ALTERATIONS, AND REPAIRS PROGRAM UNDER TITLE I BEGAN SEPT. 1934) IS33 1934 1935 l934 1935 1934 SEPT OCT NOV DEC JAN FEB MAR NEW (MUTUAL •A. MORTGAGE APR MAY RESIDENTIAL INSURANCF JUNE JULY AUG SEPT OCT NOV DEC BUILDING PROGRAM UNDER TITLE I BEGAN JAN. 1935) ^ ^ I9S4 • i I93S 50 - - 1935 40 30 - • •• 1 1 111 + 228 9% - + 214.9*/. + 112 2% + 122 7% M + 130 9% 20 10 - + 1048* +994% J J ri - Ml 0 SEPT OCT Or IAMC OATA: OF 1 A M * * T A T « T « S rl • I M.1I J 1 - NOV DEC JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC FEDERAL HOUSMO ADMINISTRATION ECONOMICS ft STATISTICS DIVISION CHART NO C 5 - 5 I 6 B FEDERAL HOUSING ADMINISTRATION MEMORANDUM September 12, 1935. Title I Modernization & Repair Notes Insured Title II Home Mortgages Selected for Aggraisal with Fees Paid TOTALS Title I Notes Insured and Title II Mortgages Selected For Ap_p_raisal 1954 $ 251,595 251,595 Not in Operation September 3,274,425 due to necessary October 8,834,565 legislative 8,834,565 November 9,852,992 changes 9,852,992 December 8,237,006 August $ $ 3,274,425 129,150 8,366,156 1955 January 6,582,034 2,418,390 9,000,424 February 5,269,524 4,645,684 9,915,208 March 7,814,722 8,991,872 16,806,594 April 11,300,416 14,925,478 26,225,894 May 14,415,746 28,362,676 42,778,422 June 16,154,052 30,332,692 46,486,744 July 21,084,565 32,712,769 53,797,334 August 24,240,035 32,073,949 56,313,984 September (11 days) 10,941,835 8,325,835 19,267,670 $162,918,495 $311,172,007 Totals Thru September 11th $148,253,512 Of the mortgages selected for appraisal under Title II, it is estimated that 29% will be rejected, and the remainder accepted for insurance. Of this remaining amount, approximately 40% will be for new construction. Stewart McDonald Administrator
@FedFRASER