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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD ACTING ADMINISTRATOR August 1, 19"5 Honorable llarrir.er S* Eccles Governor, Federal Reserve Board Washington, D. C. Bear !!r* Secies: I thought you would like to know that for the nonth of July the volume of business done by this Administration totaled $53,797,235., which is an increase of approximately 250?$ over llarch and the largest single month since the ineaiguration of the program* The week ending July 27th also reached a new peak with 14,816,126 of modernization and repair notes being insured, and $9,030,170 of mortgages selected for appraisal, the total business for the week being $12,846,296• To date 288,149 modernization and repair notes have been insured representing a total amount of $113,071,642• There have been 31,021 mortgages selected for appraisal for the total sum of $122,518,711* Title I is for repairs and equipment as well as certain small new construction jobs and at present 41^ of the value of all mortgages accepted fox* insurance \inder ?itle II cover the construction of new homes# Figures released by the Bureau of Labor Statistics July 18th, indicated that June 1935 was the largest single month since 1931, and showed an increase of nore than 228$ in residential constriction for June 1935 over June 1934* The above does not include the low cost housing part of our program. To date projects representing $15,678,148 have been tentatively accepted end $99,940,374 additional are now under consideration* The federal Housing Administration loans no government E-oney. The funds are advanced by banks, insurance companies, building and loan associations and other private lending institutions* .Very sincerely yours, Stewart McDonald Acting Administrator
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