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FHA Form No. 13 FEDERAL HOUSING ADMINISTRATION MEMORANDUM DATE Jane 12f 1935« TO: Honorable Masiner S # Eecles Federal I?e servo £oar<i SUBJECT: Tashingfcon, !>• C# Dear Mr* Ecoless I know you will be interested in the attached press releasef which shows that last week the Federal Housing Administration went to new high ground* Incidentally, today is the biggest single day on the modernization and repair program; namelyf a total of 3,534 modern-* ization loans for $1,339,659* This is without the effect of the new $50,000 insurable limitf the rales and regulations of which are just now reaching the field and the results of which will probably be apparent in another week or so» We are encouraged to believe that the progress the Federal Housing Administration is making is contributing materially to the recovery program and the effect in the near future will be even more pronounced. Stewart McDonald Acting Administrator For EELEASE to Morning Papers Wednesday, Jane 12, 1935. Press Eelease No. 262 FEDERAL HOUSIK& ADMIKISTBATIOH 1001 Vermont Avenue, H#.W. WASHINGTON D. C* ACTIKG FEDERAL HOUSING ADMIMISII^Q^^Iitiyag McDOMLD BSPORTS BECOBD WEEK, Acting Federal Housing Administrator Stewart McDonald announced today that the week ended Saturday, June 8, was far ahead of all previous weeks since t£e beginning of the Federal Housing Administration's program. A tot&l of $10,272,933 was submitted for insurance according to reports received at the Washington office of the Federal Housing Administration* The progress mn.de by the Federal Housing Administration in the last two months was shown by Mr. McDonald by comparing tnese figures with those for the first week in April, which on the same basis totaled $4,966,228, or an increase of more tnan 100 per cent of the total of $10,272,933. During the first week in June, $7,085,000 of these covered applications for insurance of mortgage loans on dwellings, with approximately 34 per cent specified as covering new construction. The remainder of $3,187,933 applied to the insurance of modernization credit loans made by banks and other financial institutions throughout the United States for 7,770 loans to individual property owners# As Mr. McDonald points out this total amouat for additions, alterations, repairs and improvements is work done almost immediately in the city or town in which the loan is made. And the amount of stimulation to the building industry and local em ployment can readily be measured. In fact a great many committees have reported that there is no longer any idleness whatever in certain building trades in their territories. To this will be added the construction of new dwellings contracted for and covered l>y the horae mortgage insurance, which accounts for 34 per cent of the total sum of $7,085,000, and which is entirely exclusive of the low cost housing projects either insured or under consideration. The activity of Federal Housing Administration as far as contributing to new building is apparent. The Federal Housing Administration does not operate on government capital, but serves as a channel through which private funds may with safety flow back into a normal construction market. ~— oOo-— 8^49
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