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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD June 20* 1935 ACTING ADMINISTRATOR Honorable Marriner S. Eooles Governor, Federal Reserve Board Washington, D. G. Dear Mr* Eooles: The attached figures may interest you* The activities under Title I, "which covers modernization and repairs, were commenced last Pall and continued throughout the Winter• With the opening of Spring the program has gained momentum. A very large amount of work stimulated by nearly 8,000 FHA civic campaigns is done either for cash or uninsured loans • It is estimated that to date a total of 514,472,970 dollar value of jobs have either been completed or are under way. It was about April first before the various states had passed sufficient enabling laws to allow Title II to function properly. Title II deals with the insurance of home mortgages. During the past eleven weeks the weekly average of Title I has been doubled and that of Title II tripled. The Federal Housing Administration itself does not make loans. Those reported are made by private capital either for modernization and repairs; new dwelling construction or refunding of existing mortgages. Yours sincerely, Steviart McDonald Acting Administrator lf'HA Form 12 FEDERAL HOUSING ADMINISTRATION MEMORANDUM DATE June 18, 1935 TO: SUBJECT- Memoran(ium tO showing weekly volume from April 1st 0.9,t»6 « For Week Beginning opo Title I Modernization & Repair. Insured Loans 16—3401 Title II Mortgages submitted with fees paid for Survey_& appraisal i $2,026,512 $2,483,000 ft 8 2,488,528 2,875,500 tt 15 2,551,199 3,364,800 ti 22 2,968,885 4,130,600 ft 29 2,780,865 6,975,200 6 3,247,010 5,984,500 tf 13 3,476,317 5,907,200 If 20 3,496,452 8,139,800 tl 27 3,609,707 5r204,600 June 3 3,187,933 7,085,000 10 4,275,784 7,391,400 April May it 33% of Title II is New Construction Stewart McDonald
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